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Leidi Network, Lei Jianping, March 30
Hangzhou DIAGENS Biotechnology Co., Ltd. (abbreviated as &#34;DIAGENS&#34;, stock code: &#34;02526&#34;) was listed on the Hong Kong Stock Exchange today.
DIAGENS' issue price is HKD 99, positioned at the lower end of the issue range of HKD 95.6 to HKD 112.5, issuing 8 million shares, with a total fundraising amount of HKD 792 million; after deducting the issuance expenses of HKD 72.11 million, the net fundraising amount is HKD 720 million.
DIAGENS' opening price was HKD 219, up 121% from the issue price; as of now, the company's stock price has risen over 100%, with a market capitalization of HKD 18 billion.
9 months revenue of 112 million, loss of 36.65 million
DIAGENS was established in 2016 and is a medical device company focused on developing medical imaging products and services. With deep insights into the medical imaging industry and clinical needs, DIAGENS has developed a diversified product portfolio that effectively enhances diagnostic efficiency and service quality.
This includes: six medical imaging software products, including the core product AI AutoVision?, which is in the registration stage, a commercialized product AutoVision?, and four candidate products in the preclinical stage; three commercialized medical devices; and four main reagents and consumables.
In addition, DIAGENS provides technology licensing services to meet the broad needs of various medical institutions, academic research institutions, and regional medical institutions.
DIAGENS' core product AI AutoVision? is a chromosome karyotype auxiliary diagnostic software designed for intelligent analysis of chromosome karyotypes.
The prospectus shows that DIAGENS' revenue for 2023 and 2024 is projected to be HKD 52.84 million and HKD 70.35 million, respectively; gross profit is projected to be HKD 37.50 million and HKD 46.06 million, respectively; and net profit for the period is projected to be -HKD 56.12 million and -HKD 43.38 million.
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DIAGENS' revenue for the first 9 months of 2025 is HKD 112 million, gross profit is HKD 84.67 million, and net loss is HKD 36.65 million
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As of September 30, 2025, DIAGENS held cash and cash equivalents of 39.6 million yuan.
Song Ning controls 52% of the voting rights.
The executive directors of DIAGENS are Dr. Song Ning and Weng Zixin (alias: Robin WENG), the non-executive directors are Dr. Xu Chen, Dr. Wu Lingqian, and Yang Zehao; the independent non-executive directors are Cha Yang (alias: Stanley CHA), Ms. Zhang Jing, and Wang Kaifeng.
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Before the IPO, Dr. Song Ning exercised voting rights attached to a total of 42,102,157 shares, accounting for approximately 52.06% of the voting rights. Among them, he can hold 24,293,507 shares in his personal capacity, accounting for approximately 30.04% of the total issued share capital; DIAGENS Nuohui holds 7,614,901 shares, accounting for approximately 9.42% of the total issued share capital; DIAGENS Nuoda holds 4,759,247 shares, accounting for approximately 5.88% of the total issued share capital; Deqian Technology holds 3,530,834 shares, accounting for approximately 4.37% of the total issued share capital; and DIAGENS Nuoxin holds 1,903,668 shares, accounting for approximately 2.35% of DIAGENS's total issued share capital.
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DIAGENS-B is an employee stock ownership plan platform managed by Dr. Song Ning as the general partner. DIAGENS-D, DIAGENS Technology, and DIAGENS-Xin are all investment holding platforms managed by Dr. Song Ning as the general partner.
Hangzhou Zijin Port holds 5.8% through Hangzhou Zhizhou, 3.14% through Hangzhou Zhicheng, and 1.91% through Hangzhou Zhizheng, totaling 10.86%. Shanghai Meihong holds 5.55% through HeTu Liuhao and 2.66% through Hangzhou Hefu, totaling 8.22%.
YuanWing Investment holds 2.4% through Binhai YuanWing and Tianjin YuanWing, totaling 4.8%; Liyuan Investment holds 3.66% through Liyuan Jiankun and 0.8% through Liyuan Jianxiao, totaling 4.46%.
Ningbo Jiayuan holds 4.33%, Guozhong Investment holds 3.66%, and Shenzhen Wuming Investment holds 1.22% through Jiaxing Weixin and Qingdao Juncheng; Hangzhou Yuxi Jin holds 1.83%, Yuhang Economic Development holds 1.6%, and Nanjing Huarui and Lishui Jingan hold 1.22% each;
Huarui Ruiyin and Hongshiliang Group hold 1.17% each, Jiaxing Qingyu Lan holds 0.47%, and Hangzhou Huayun and Tianjin Yonggan hold 0.24% each.
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After the IPO, Dr. Song Ning holds 27.33%, DIAGENS-B holds 8.57%, DIAGENS-D holds 5.35%; DIAGENS Technology holds 3.97%; DIAGENS-Xin holds 2.14%, totaling 47.37%.
Hangzhou Zijin Port holds 5.28% through Hangzhou Zhizhou, 2.86% through Hangzhou Zhicheng, and 1.74% through Hangzhou Zhizheng, totaling 9.88%. Shanghai Meihong holds 5.05% through HeTu Liuhao and 2.42% through Hangzhou Hefu, totaling 7.48%.
YuanWing Investment holds 2.19% through Binhai YuanWing and Tianjin YuanWing, totaling 4.38%; Liyuan Investment holds 3.33% through Liyuan Jiankun and 0.73% through Liyuan Jianxiao, totaling 4.06%.
Ningbo Jiayuan holds 3.94%, Guozhong Investment holds 3.33%, and Shenzhen Wuming Investment holds 1.11% through Jiaxing Weixin and Qingdao Juncheng; Hangzhou Yuxi Jin holds 1.67%, Yuhang Economic Development holds 1.46%, and Nanjing Huarui and Lishui Jingan hold 1.11% each;
Hua Rui Rui Yin and Hong Shi Liang Group hold 1.07% of the shares respectively, Jiaxing Qing Yu Lan holds 0.43%, Hangzhou Hua Yun and Tianjin Yong Gan hold 0.22% respectively, and public shareholders hold 9%.
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02526

DIAGENS Biotechnology Co., Ltd. was listed on the Hong Kong Stock Exchange on March 30, with an issue price of HKD 99 and a market capitalization of HKD 18 billion. The company's revenue over the past 9 months was HKD 112 million, with a loss of HKD 36.65 million. DIAGENS Biotechnology focuses on the development of medical imaging products, with its core product being AI AutoVision?, and plans to achieve revenues of HKD 52.84 million and HKD 70.35 million in 2023 and 2024, respectively

DIAGENS goes public in Hong Kong: Market value of HKD 18 billion, 9-month revenue of HKD 110 million, loss of HKD 36.65 million