The AI foundation model sector has experienced a strong, independent market trend since the start of 2026, with "dream valuation" becoming a core metric for evaluating related companies. Among the Hong Kong IPO candidates since the beginning of the year, DIAGENS-B (02526) has emerged as one of the few new listings possessing distinct "dream valuation" characteristics, primarily due to its core platform based on a large medical imaging model. It has been reported that 28 new stocks have been listed or begun their offering period in Hong Kong year-to-date, predominantly concentrated in sectors like hardware equipment, semiconductors, and consumer goods. None of the other candidates combine the attributes of an AI large model with high-growth potential and the capacity to support dream valuation expectations. Meanwhile, established large model leaders in Hong Kong, such as MiniMax and Zhipu AI, have seen their share prices strengthen consistently recently, providing clear market evidence of the long-term appeal of "dream valuation" within the AI sector.
1. Resurgence of Dream Valuation Creates Tailwinds for DIAGENS-B The term "dream valuation" is not a traditional valuation metric but rather represents the market's extreme optimism about a company's future growth potential. Even if a company is not yet profitable, it can command a valuation premium far exceeding the industry average, provided it operates in a high-quality sector and possesses strong technological barriers. DIAGENS-B's IPO timing is opportune. The company's offering period is scheduled for March 20 to March 25, 2026, with plans for a global offering of 7.9992 million H shares. It is expected to list on the Hong Kong Stock Exchange on March 30. Its core product, AI AutoVision®, is an AI-powered software for assisting chromosomal karyotype diagnosis. It has demonstrated 100.00% sensitivity and 100.00% specificity in detecting numerical abnormalities, and 94.05% sensitivity with 100.00% specificity in detecting structural abnormalities. In May 2025, this product was designated as a "Class III Innovative Medical Device" by China's National Medical Products Administration (NMPA) and granted access to a "green channel" for accelerated regulatory review. Since the green channel initiative began, over ten assisted diagnosis software products have been approved as innovative medical devices through this pathway, with none having faced rejection or registration failure so far. The company's self-developed iMedImageTM foundation model, a general-purpose medical imaging base model, supports 19 clinical imaging modalities, covering over 90% of clinical medical imaging scenarios. DIAGENS-B reported revenue of RMB 112 million for the first nine months of 2025, a surge of 469.8% year-over-year, with a gross profit margin as high as 75.9%. Revenue from technology licensing accounted for 51.4%, making it the largest revenue source. The Chinese chromosomal karyotype analysis market is projected to grow at a compound annual growth rate (CAGR) of 51.9% from 2024 to 2030, fostering positive market expectations for the company's future growth and contributing to its prominent dream valuation characteristics. In the Hong Kong market, native large model companies have established an independent valuation framework. The market performance of leaders like Zhipu AI and MiniMax validates this new pricing logic: capital is no longer chasing mere concepts but is willing to pay a premium for genuine native large models, focusing on three core elements: native self-developed capabilities, high-barrier application scenarios, and commercial viability. This forms the foundation of the "dream valuation" for large model companies: the market is willing to price technological scarcity and long-term growth potential far beyond traditional valuation metrics. Taking MiniMax as an example, its market capitalization at listing was approximately HKD 51.02 billion, based on its 2025 revenue of $79.04 million USD, resulting in a price-to-sales (P/S) ratio of about 82x at IPO. As of the latest data, its market cap has risen to approximately HKD 312.5 billion, with the P/S ratio soaring to around 510x. Zhipu AI also maintains a P/S ratio in the hundreds: its market cap at listing was around HKD 25.1 billion, based on revenue of approximately RMB 460 million for the twelve months ending June 30, 2025 (compared to the same period in 2024), giving it a P/S ratio of about 49x at IPO. Its current market cap is approximately HKD 276.6 billion, with the P/S ratio jumping to around 550x. Behind this "dream valuation" lies extreme market optimism regarding the future penetration and platform value of native large model assets. Similar to MiniMax and Zhipu AI, DIAGENS-B is deeply entrenched in the medical imaging large model platform sector. Backed by solid capabilities, it demonstrates growth potential comparable to these industry benchmarks: revenue for the first nine months of 2025 reached RMB 112 million, surging 469.8% year-over-year, with an overall gross margin of 75.9%. The gross margin for its technology licensing business was particularly high at 96.5%, acting as the core engine for revenue growth. In 2024, DIAGENS-B held a 30.6% market share in the chromosomal karyotype analysis field in China, ranking first nationally and breaking the long-term monopoly of international giants. As of September 2025, the company's products had been deployed in over 400 medical institutions across China, with an adoption rate of 40% among the country's top ten hospitals, such as Peking Union Medical College Hospital and Zhongshan Hospital Affiliated to Fudan University. Given its current fundamentals, DIAGENS-B has the potential to replicate the valuation trajectory of MiniMax and Zhipu AI, evolving into a benchmark company with "dream valuation" characteristics within the medical AI field.
2. DIAGENS-B Accelerates Global Expansion, Targeting the International Medical Imaging Market While solidifying its leading domestic market share in chromosomal karyotype analysis, DIAGENS-B has simultaneously initiated a global strategic layout. Leveraging the capital raised from its Hong Kong IPO, it aims to bring its "Intelligent Manufacturing from China" AI medical imaging technology to the global stage. Securing international certifications first is key to obtaining the "admission ticket" for global markets. Core products from DIAGENS-B, such as the MetaSight® automated cell microscopy image scanning system, have already obtained authoritative international certifications, including from the US FDA and the EU CE mark. This signifies that the company's products meet the entry requirements for European and American markets, laying a solid regulatory foundation for expansion into developed economies. The company is not solely focused on developed markets but is also targeting high-growth potential emerging markets. In November 2025, DIAGENS-B participated in the inaugural "Smart Healthcare Zone" at the 134th Canton Fair. Its iMedImage™ general medical imaging large model attracted procurement delegates from Belt and Road Initiative countries, including Mexico, Peru, India, and Georgia, for business discussions. Song Ning, founder of DIAGENS-B, expressed confidence at the event in providing the global market with precise, advanced, and cost-effective technology and equipment. Furthermore, the company has established a subsidiary in Singapore and was featured as a benchmark enterprise for China-Singapore cooperation at the 2025 World Green Development Investment and Trade Expo, signaling a clear intent to actively develop the Southeast Asian market. DIAGENS-B's confidence in global expansion stems from the differentiated advantages of its core technology. According to an NVIDIA report, 70% of global healthcare technology organizations are actively deploying AI technologies, with medical imaging being one of the most significant areas for AI implementation and tangible economic benefits. The company's self-developed iMedImage™ trillion-parameter general medical imaging large model supports 19 imaging modalities and covers over 90% of clinical scenarios. Its technical features of "fewer samples required, lower computing power needs, and faster training" can compress the traditional AI model development cycle from 24 months to just over 2 months and reduce development costs from over RMB 20 million to just over RMB 2 million. This technological breakthrough enables DIAGENS-B to offer "low-cost, high-efficiency, high-precision" intelligent diagnostic solutions to emerging markets, perfectly aligning with the urgent demand for cost-effective AI products in primary healthcare settings across Asia-Pacific, Latin America, and the Middle East. Capital raised from the IPO will fuel its global expansion. Approximately 5% of the proceeds from DIAGENS-B's Hong Kong IPO are earmarked for expanding its global business. The company plans to leverage post-listing capital advantages to focus on expanding into emerging markets, particularly along the Belt and Road Initiative, promoting domestically developed AI medical imaging technology worldwide. In January 2026, DIAGENS-B received the "full circulation" filing notice from the China Securities Regulatory Commission for its overseas listing, paving the way for smoother global capital operations. Ahead of its listing, the international placement portion of its IPO attracted over HKD 1.6 billion in orders within the first half-day, with the subscription size exceeding two times the offered amount, demonstrating strong international capital recognition of its global growth potential. From obtaining FDA and CE certifications to deepening its presence in Belt and Road markets and establishing a Singapore subsidiary to serve Southeast Asia, DIAGENS-B is accelerating its transition from "import substitution" in China to "global leadership," powered by its technology and capital. Amid the ongoing expansion of the global intelligent medical imaging market, DIAGENS-B's global expansion path carries not only its own growth aspirations but also represents the ambition of Chinese medical AI technology to participate in global competition and reshape the industry landscape. Transitioning from "import substitution" to potential "global leadership," DIAGENS-B is using its medical imaging large model as a lever to pry open a multi-billion-dollar incremental market. As the first "medical imaging large model platform" stock listed in Hong Kong, DIAGENS-B is positioned in one of the most essential sub-sectors of AI healthcare. It has built a difficult-to-replicate technological moat with its self-developed foundation model and has demonstrated commercial viability through deployments in over 400 hospitals and a 96.5% gross margin in its core licensing business. These three factors collectively form the underlying logic supporting its "dream valuation." During the critical window where AI transitions from concept to practical productivity, the market's valuation logic for native large models has become clear: capital is no longer chasing hype but is pricing technological scarcity and long-term potential. DIAGENS-B's IPO coincides with this restructuring of the valuation system, offering investors a rare opportunity to gain exposure to a genuine "AI + clinical" asset in the specialized vertical of healthcare. As the general large model赛道 becomes increasingly crowded, companies like DIAGENS-B, which deeply cultivate high-barrier application scenarios and possess both technological depth and growth certainty, may well become the protagonists in the next wave of value reassessment.
Comments