Introduction Hangzhou Diagens Biotechnology Co., Ltd. (Stock Code: 02526) is offering an aggregate of 7,999,200 H Shares through a Hong Kong Public Offering (799,950 H Shares) and an International Offering (7,199,250 H Shares), both subject to reallocation. The maximum Offer Price is set at HK$112.50 per H Share, payable in full on application. The final Offer Price will be determined around the Price Determination Date. Upon completion of the Global Offering, the total issued share capital is expected to be 88,879,200 shares, with the new H Shares representing approximately 9.00%. Listing on the Main Board of the Hong Kong Stock Exchange is scheduled for March 30, 2026.
Company Overview Hangzhou Diagens Biotechnology focuses on AI-driven medical imaging software and devices, particularly in chromosome karyotype analysis. Its key product, AI AutoVision®, automates diagnostic workflows for chromosomal analysis. The Company also offers technology licensing, consulting services, and related reagents. It was established in 2016 and converted into a joint stock limited liability company in 2025. Following the Global Offering, Dr. Song and affiliated entities will hold approximately 47.37% of the Company’s total issued shares.
Industry Overview The Company operates within the medical imaging segment, encompassing microscopic imaging for chromosomal, cytological, and histopathological analysis. According to industry data, the global medical imaging test market has demonstrated steady expansion, spurred by growing clinical needs, technological advancements in AI-based diagnostics, and supportive healthcare policies. In China, demand for prenatal, hematological, and other automated solutions is helping drive adoption of intelligent imaging platforms.
Financial Overview During the financial years ended December 31, 2023 and 2024, the Company recorded revenue of RMB52.84 million and RMB70.35 million, respectively. For the nine months ended September 30, 2025, revenue reached RMB111.62 million. Gross margins were 71.0% in 2023, 65.5% in 2024, and 75.9% for the nine months ended September 30, 2025. The Company has incurred net losses across these periods due to ongoing expenditures for research and development, production scale-up, and market expansion, but has maintained sufficient current assets and secured multiple rounds of financing to support operational growth.
Cornerstone Investors No separate cornerstone investors are identified in the disclosed documents. The Global Offering is fully underwritten by syndicate members across the Hong Kong Public Offering and the International Offering, with no additional information provided regarding any cornerstones or specific lock-up arrangements beyond standard underwriting conditions.
Use of Proceeds Assuming a mid-point Offer Price of HK$10.41 per H Share, the Company expects to raise approximately HK$762.90 million in net proceeds. The allocation is as follows: • Approximately 49.0% for R&D and commercialization of AI AutoVision®, including post-approval studies and upgrades. • Approximately 10.0% for enhancing other medical imaging software products and devices. • Approximately 20.0% to develop the iMedImage® foundation model and strengthen AI technologies. • Approximately 8.0% for expanding commercialization capacity within China. • Approximately 5.0% for global market expansion efforts. • Approximately 8.0% for strategic collaborations and potential investments in complementary healthcare AI technologies.
Proceeds not immediately utilized will be placed in short-term interest-bearing deposits with licensed financial institutions. The Company’s management states that this funding strategy aims to accelerate product innovation, broaden market reach, and reinforce its leading position in AI-powered medical imaging solutions.