The Hong Kong stock market witnessed another milestone in the AI large model sector today. DIAGENS-B officially commenced trading on the Hong Kong Stock Exchange, with its shares priced at HKD 99 each. The stock opened trading up 121%, reaching HKD 219 per share.
Global attention is firmly fixed on AI large language models. This year, companies in the AI large model domain, such as Zhipu AI and MINIMAX, have successively listed in Hong Kong, demonstrating particularly strong stock performance. Among them, Zhipu AI, representing "general-purpose foundation models," is viewed externally as essential infrastructure for the AI era, akin to utilities. MINIMAX excels in breakthroughs for consumer-facing applications and is a large model supplier natively supported by OpenClaw. DIAGENS-B, as the first AI company to list after Hangzhou proposed its concept as a "pioneering city for AI innovation and development," addresses a current gap in the vertical application of large AI models for enterprise and healthcare clients.
Concurrently, the listing of DIAGENS-B signifies that foundational AI models for healthcare are progressively moving beyond the phase of "technological concept hype" and advancing towards genuine commercial realization.
The IPO performance of DIAGENS-B can be described as exceptionally bright. Official disclosures indicate the company planned to issue 7.992 million H-shares, with 10% allocated to the public offering and 90% to international placement. During the international placement phase, it attracted over HKD 1.6 billion in orders within the first half-day, with the subscription size exceeding the offering by more than two times. Ultimately, the public offering portion received applications from 115,017 valid subscribers, with applied shares totaling 858,643,350. Based on the public offering fundraising amount, the oversubscription multiple reached a remarkable 1,073 times.
Notably, unlike some previous listings that arranged cornerstone investors for a "vote of confidence," DIAGENS-B opted to forgo cornerstone backing for this listing. The primary reason is that to attract cornerstone investors, companies often need to offer a discount on the issue price and impose a share lock-up period, which can cause secondary market investors to miss out on the company's growth dividends. DIAGENS-B chose to reserve these growth benefits for secondary market investors.
The significant oversubscription achieved even without cornerstone investor backing is closely linked to the perceived certainty of the sector's development and DIAGENS-B's leading position within the industry. From the perspective of sector certainty, the essential nature of intelligent medical imaging, coupled with policy tailwinds, is driving rapid release of market demand, painting a bright future for the sector. An implementation opinion issued last October explicitly stated the goal of promoting the widespread adoption of intelligent auxiliary diagnosis for medical imaging in secondary-grade and above hospitals by 2030. Official statistics show the number of such hospitals in China reached 16,405 in 2024 and continues to grow. This policy opens up significant imagination for future development. The market opportunity has attracted numerous players, including imaging equipment leaders like United Imaging Healthcare, tech giants' healthcare arms such as Tencent Healthcare, specialized intelligent medical imaging firms like Infervision and Deepwise, and even international manufacturers like Siemens and GE Healthcare. According to Frost & Sullivan data, China's medical imaging diagnostics market is expected to reach a scale of RMB 159 billion by 2030.
As an industry leader, DIAGENS-B is one of the few medical enterprises in China possessing the technical capability for foundational large models, achieving clinical deployment, and generating scaled revenue. Being a core player in this赛道, it naturally attracts widespread investor attention.
Financially, DIAGENS-B is entering a period of commercial realization marked by improving profitability and rapid growth. Financial report data shows that for the first three quarters of 2025, DIAGENS-B's revenue reached RMB 112 million, a surge of 470% year-over-year. Concurrently, benefiting from an optimized profit structure, the company's overall gross margin showed substantial improvement, rising significantly from 42.9% in September 2024 to 75.9% in September 2025, further enhancing the company's future resilience. The revenue growth stems from rapid market expansion of its core businesses. In its core business dimension, DIAGENS-B, based on its medical imaging foundation model, achieved a commercial breakthrough first in the high-growth area of microscopic imaging, gaining market success with its chromosomal karyotype analysis solution. Looking forward, leveraging the generalization capability of its medical imaging large model, DIAGENS-B can expand into applications in other medical imaging fields such as CT, MRI, ultrasound, and endoscopy. Furthermore, DIAGENS-B's medical imaging model is enabling healthcare institutions to customize their own proprietary models through technology licensing and cloud platform delivery models, facilitating faster development and deployment.
In chromosomal karyotype analysis, DIAGENS-B provides an efficient, innovative solution. Traditional analysis is highly reliant on manual operations by technicians, is time-consuming, labor-intensive, and subject to interpreter subjectivity, with an average reporting cycle of 30 days. By introducing automated equipment and intelligent algorithms, DIAGENS-B enhances testing efficiency, result consistency, and standardization. Its flagship product, AI AutoVision®, supports case-level karyotype abnormality detection, achieving 100% sensitivity and specificity in detecting numerical abnormalities, and 94.05% sensitivity with 100% specificity in detecting structural abnormalities. This superior solution has led to outstanding market performance. The prospectus indicates that DIAGENS-B has captured 30.6% market share in China's chromosomal karyotype analysis market, ranking first and breaking the market dominance previously held by overseas companies like ZEISS and Leica.
Regarding foundational model technology licensing, the DIAGENS-B model offers advantages of "high speed," "low cost," and "broad adaptability," greatly assisting developers in creating intelligent medical imaging products. Traditional development of specialized models typically requires tens of millions of RMB in funding, tens of thousands of labeled images for training, and a development cycle exceeding two years. In contrast, DIAGENS-B's iMedImage® foundation model, with its hundred-billion parameter scale and modular design, supports 19 clinical imaging modalities—including CT, MRI, ultrasound, karyotype analysis, and endoscopy—covering over 90% of medical imaging scenarios, and can reduce development cycles and R&D costs for specialized disease models by up to 90%. Currently, revenue from this business has surpassed that of the karyotype analysis business, becoming the core engine driving DIAGENS-B's growth. This also serves as indirect validation of the industry's high recognition of its foundational model capabilities. Market-wise, while implementing its business nationwide, DIAGENS-B is further increasing its direct sales proportion, which is expected to solidify its commercial closed-loop. Based on clinical acceptance, DIAGENS-B's products have been adopted by top-tier hospitals like Peking Union Medical College Hospital and Zhongshan Hospital Affiliated with Fudan University, with a 40% adoption rate among China's top ten hospitals; over 400 clinical healthcare institutions have deployed its products. Channel-wise, while cooperating with体检centers, medical institutions, and internet healthcare companies nationwide to expand market coverage, DIAGENS-B is also boosting its direct sales ratio: in the first nine months of 2025, direct sales accounted for 68.6% of total revenue.
Recognizing the technical strength of DIAGENS-B's medical imaging foundation model, leading industry players have chosen to enter strategic partnerships with the company. Disclosed strategic partners already include Tencent, H3C, Inspur, ZTE, and Wutongshu, and this list continues to grow.
For DIAGENS-B, collaborating to build new intelligent medical imaging infrastructure and engaging in deep cooperation with partners in areas like computing infrastructure, digital transformation, and scenario-based applications enables significant resource integration and complementary advantages. This joint effort promotes the deep development of large model technology within the healthcare industry chain, advancing AI in healthcare from technological breakthrough towards systematic value creation. These ecosystem partnerships also无形中 construct a robust "protective barrier" for DIAGENS-B, further strengthening its moat.
The collaborations themselves are aimed at better solving current challenges in the medical imaging industry. For instance, the strategic partnership with Tencent aims to build a multi-modal intelligent central system, using a "cloud + edge" architecture to push imaging diagnostic capabilities downstream, accelerating the extension of tertiary hospital-grade diagnostic capabilities to tens of thousands of primary healthcare institutions. Leveraging Tencent's strong cloud computing services, the goal is to provide integrated solutions combining AI and cloud technologies. As the collaboration progresses, DIAGENS-B and Tencent plan to use digital connectivity platforms like WeChat and Tencent Health to build an innovative "equipment + service + data" business model and jointly promote standards for medical imaging AI training and data security. Currently, the intelligent pre-annotation feature based on the iMed MaaS® platform is officially launched, significantly improving medical imaging data processing efficiency and lowering clinical and R&D barriers.
With H3C, DIAGENS-B jointly developed an integrated "storage-computing-training-inference" AI medical imaging solution, addressing the challenge of "localized deployment" for some medical practitioners. This integrated solution allows customers to utilize fully localized multi-disease, multi-modal, and multi-task analysis capabilities to develop and configure AI models customized for research projects. It enables relevant hospitals and clinicians to use their own real-world data to independently develop, optimize, and deploy customized AI imaging models, truly realizing "training their own AI with their own data." This greatly reduces the technical barrier for AI application in medical institutions, providing stronger support for clinical precision diagnosis and treatment.
Through ecosystem partnerships, DIAGENS-B gains not only scenario access, data, and computing support but also embeds its medical imaging foundation model capabilities directly into core links of the current medical intelligence industry chain, ultimately forming a positive cycle of technology-product-scenario-data. This transition is shifting DIAGENS-B's business model from being a mere product provider towards becoming a supplier of "new digital infrastructure," further consolidating its leading industry position.
To further solidify this leading position, capital injection is undoubtedly a key enabler. The funds raised by DIAGENS-B in this IPO are expected to be allocated approximately as follows: 49% for the R&D and commercialization of AI AutoVision® to consolidate its leading position; 20% for iterating the iMedImage® model and expanding the technology licensing business; 13% for strengthening commercial and global expansion domestically and overseas; and the remainder for product research and development.
With its successful listing and capital raised, DIAGENS-B's commercial value is set to become increasingly prominent. Benefiting from multiple tailwinds including policy support, market demand, and capital, DIAGENS-B is poised to maintain its leading position,释放greater value within the hundred-billion-yuan medical imaging market, and become a core benchmark in the AI healthcare field.
Simultaneously, nationwide commercial expansion will not only increase the coverage of DIAGENS-B's solutions in tertiary hospitals but also accelerate their penetration into primary healthcare. By using AI technology to enhance diagnostic efficiency and reduce medical costs, DIAGENS-B ultimately aims to promote the equitable distribution of high-quality medical resources,助力the achievement of the 2030 policy goals, and realize the unification of commercial and social value.
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