DIAGENS-B (02526), set to list on the Hong Kong Stock Exchange next Monday (March 30), delivered a remarkable performance in pre-market trading on March 27. The stock surged significantly, reaching a high of HK$208, an increase of over 110%. The session was characterized by a strong opening followed by continuous upward momentum, with intense buying interest leaving little room for price pullbacks. The "first medical AI large model platform stock" has powerfully demonstrated its potential, signaling that the "DIAG-ZHI-MI" trio of large models is poised for substantial gains. As of the latest update, data indicated that DIAGENS-B was quoted at HK$196.2 in pre-market trading, a rise of 98.18% from its offer price of HK$99. With each board lot consisting of 50 shares, an investor would have gained HK$4,860 per lot, excluding transaction fees.
Since 2026, the AI foundational large model sector has continued to exhibit independent market trends. DIAGENS Biotech, leveraging its core medical imaging large model platform, has emerged as one of the few new listings in this cycle possessing what is termed "dream valuation" characteristics. This concept refers not to traditional valuation metrics but to the market's extreme expectations for a company's future growth potential. Even without current profitability, companies in superior sectors with strong technological barriers can command valuations far exceeding industry averages.
DIAGENS Biotech has deep expertise in the medical imaging large model platform sector. In 2025, it launched the iMedImage® general-purpose medical imaging large model, creating the world's first trillion-parameter cross-modal foundational model for medical imaging. Essentially, this model overcomes the limitations of traditional single-modal medical imaging AI. It can cover 19 different medical imaging modalities—including CT, MRI, ultrasound, pathology, and chromosome imaging—addressing over 90% of clinical medical imaging scenarios and transforming the industry's conventional model of developing solutions from scratch. With its trillion-parameter scale, it stands as the world's largest general-purpose foundational model for medical imaging.
According to its prospectus, the company's revenue for the first nine months of 2025 surged 469.8% year-on-year to RMB 112 million, with a gross profit margin as high as 75.9%. The technology licensing business segment achieved a gross margin of 96.5%, serving as the core engine for revenue growth. By September 2025, the company's products had been deployed in over 400 medical institutions across the country, with an adoption rate of 40% among China's top ten hospitals, such as Peking Union Medical College Hospital and Zhongshan Hospital Affiliated with Fudan University.
In the Hong Kong market, previously listed large model leaders like MiniMax and Zhipu have seen their stock prices maintain strength, validating the market's logic of paying a premium for native large models with price-to-sales ratios in the hundreds. Historical patterns have strongly confirmed that a combination of extreme oversubscription, a pre-market doubling, and the status of a scarce sector leader creates a powerful setup. Given these factors, a stable and strong performance for DIAGENS-B on its IPO debut on March 30 (Monday) is highly anticipated, with a high probability of a unique upward trajectory for the "DIAG-ZHI-MI" stock.
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