- Hangzhou imaging AI developer sets price range for roughly HK$900 million IPO
- Proceeds earmarked for product commercialization and global expansion amidst sector shift toward real‑world adoption
Diagens Biotechnology, a Hangzhou-based medical AI company, has kicked off its Hong Kong initial public offering, setting terms for a share sale that could raise about HK$900 million ($115 million) as the medical imaging AI sector begins to attract broader capital market interest.
According to a Hong Kong Stock Exchange (HKEX) filing, the company plans to sell 7,999,200 H‑shares at HK$95.6 to HK$112.5 apiece, allocating 10% to local public investors and the balance to international buyers.
Diagens is slated to list on the exchange’s main board and begin trading on March 30, following completion of its listing hearing on March 16.
Founded in 2016, Diagens develops a mix of medical imaging software, devices and related services designed to enhance diagnostic efficiency and clinical quality.
Its product lineup includes six imaging software titles — led by flagship AI AutoVision in registration and its commercial version AutoVision — along with three commercial devices, four major reagents and four early‑stage clinical trial candidates.
Its proprietary imaging foundation model, iMedImage, reportedly covers over 90% of clinical medical imaging scenarios.
According to the prospectus, revenue climbed to 70.35 million yuan in 2024 from 52.84 million yuan in 2023, with corresponding gross profit rising to 46.06 million yuan.
The company, like many peers in the medical AI space, remains unprofitable, reporting net losses of 43.38 million yuan last year, narrower than the 56.12 million yuan in 2023.
Diagens plans to channel about 49% of IPO proceeds into advancing its core products and commercialization efforts, with additional funding to help expand its AI software and medical device pipeline, strengthen its domestic market footprint, and support global business development.
Hong Kong’s Chapter 18A and 18C listing rules have made the city an attractive venue for pre‑profit and even pre-revenue technology companies.
In the medical AI field — long dominated by early‑stage research and pilot projects — investors are increasingly focused on companies with real clinical applications and tangible revenue streams, reflecting a broader maturation of the sector.
