Dexter-B (02526) has launched its public offering from March 20, 2026, to March 25, 2026, planning a global sale of 7.9992 million H shares. Approximately 10% of the shares will be offered in Hong Kong, with the remaining 90% allocated to international investors. The price range for the shares is set between HK$95.6 and HK$112.5 per share. Each board lot consists of 50 H shares, and trading on the Stock Exchange is expected to commence at 9:00 a.m. on Monday, March 30, 2026.
The group is a medical device company focused on developing medical imaging products and services. It has built a diversified product portfolio, which includes six medical imaging software products—one core product in the registration phase (AI AutoVision®), one commercialized product (AutoVision®), and four other medical imaging software candidates in the preclinical stage—alongside three commercial medical devices, four main reagents and consumables, and two technology licensing products.
The core product, AI AutoVision®, is a chromosome karyotyping-assisted diagnostic software designed for intelligent chromosome karyotype analysis. The group plans to sell the software in China and globally through the sale of customized computers pre-installed with the software. The anticipated indications for AI AutoVision® include (i) prenatal diagnosis of birth defects using amniotic fluid samples and (ii) chromosome karyotype analysis for assisted reproductive diagnosis using peripheral blood samples. It is intended for approval in areas such as birth defect prevention, premarital and preconception screening, and assisted reproduction.
Assuming a final offer price of HK$104.1 per H share (the midpoint of the indicative price range), and after deducting underwriting commissions, fees, and estimated expenses related to the global offering, the group expects to receive net proceeds of approximately HK$763 million.
If the final price is set at the midpoint of the indicative range, the group currently intends to allocate the net proceeds as follows: approximately 49.0% will be directed toward the research, development, and commercialization of its core product AI AutoVision®; about 10.0% will be used over the next three years post-listing for further R&D of other medical imaging software candidates and medical devices; around 20.0% will be allocated to enhancing the group’s iMedImage® foundational model and AI technology; roughly 8.0% will be used to strengthen the group’s commercialization capabilities and market penetration in China; about 5.0% will be devoted to expanding the group’s global market presence by hiring approximately two junior local sales representatives, eight mid-level local sales representatives, and nine senior local sales representatives; and approximately 8.0% will be used to pursue strategic collaborations and investment opportunities with upstream and downstream participants in the healthcare value chain.
The group believes that its financial performance and future growth depend on the overall expansion of the intelligent medical imaging market. Driven by rising demand, advances in AI technology, the development of hospital information systems, and favorable policies, the intelligent medical imaging market in China is projected to grow to RMB 40.1 billion by 2030, representing a compound annual growth rate (CAGR) of 60.2% from 2024 to 2030. It is further expected to reach RMB 78.1 billion by 2035, with a CAGR of 14.2% from 2030 to 2035.
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