Medical Imaging AI Unicorn Diagens Targets Hong Kong Listing

Hangzhou Diagens Biotechnology Co., Ltd. (02526.HK) has launched its Hong Kong IPO, with the offering period running from March 20 to March 25. The company plans to globally offer 7,999,200 H shares at a price range of HK$95.6 to HK$112.5 per share, with a board lot size of 50 shares and an entry fee of approximately HK$5,681.73. The shares are expected to be listed on the Main Board of the Hong Kong Stock Exchange on March 30. Huatai Financial Holdings (Hong Kong) Limited is acting as the sole sponsor.

Diagens: Market Leader in Chromosome Karyotyping Analysis Systems in China

Offering breakdown: Approximately 10% of shares for Hong Kong public subscription (799,950 shares), 90% for international placement (7,199,250 shares).

Pricing: HKD 95.6–112.5 per share; 50 shares per lot; minimum subscription HKD 5,681.73.

Subscription dates: March 20–25 (expected pricing date March 26).

Listing date: March 30.

IPO Sponsor: Huatai Financial Holdings (Hong Kong) Limited.

Company Overview

Diagens is a medical device company focused on the development of medical imaging products and services. It has built a diversified product portfolio, including six medical imaging software products (with its core product, AI AutoVision®, currently in the registration stage), three commercialized medical devices, and four key reagents and consumables.

Its core product, AI AutoVision®, is an AI-assisted diagnostic software designed for intelligent chromosome karyotype analysis. According to Frost & Sullivan, Diagens ranked first in China’s chromosome karyotyping analysis market by revenue in 2024, with a market share of 30.6%.

Financial Highlights

According to the prospectus, Diagens reported revenues of approximately RMB 52.84 million and RMB 70.35 million in 2023 and 2024, respectively, with net losses of approximately RMB 56.12 million and RMB 43.38 million over the same periods. For the nine months ended September 30, 2025, the company recorded revenue of approximately RMB 112 million and a net loss of approximately RMB 36.65 million.

Based on the mid-point offer price of HK$104.1 per share and assuming no exercise of the over-allotment option, Diagens expects to raise net proceeds of approximately HK$763 million. The proceeds will be allocated as follows: approximately 49.0% for the R&D and commercialization of its core product AI AutoVision®; 10.0% for the development of other medical imaging software candidates and medical devices; 20.0% to enhance its iMedImage® foundational model and technology licensing business; 8.0% to strengthen commercialization capabilities and market penetration in China; 5.0% to expand into global markets; and 8.0% for strategic partnerships and investment opportunities.

Tong Ren Tang Healthcare Set to Debut in Hong Kong

Beijing Tong Ren Tang Healthcare Investment Co., Ltd. (02667.HK) has also launched its Hong Kong IPO, with the offering period from March 20 to March 25. The company plans to globally offer approximately 108,153,500 H shares, with a 15% over-allotment option. The offer price ranges from HK$7.30 to HK$8.30 per share, with a board lot size of 500 shares and an entry fee of approximately HK$4,191.85. Listing is expected on March 30 on the Main Board of the Hong Kong Stock Exchange. China International Capital Corporation Hong Kong Securities Limited (CICC) is the sole sponsor.

Tong Ren Tang Healthcare: Leader in Non-Public Traditional Chinese Medicine Hospital Services in China

Offering breakdown: Approximately 10% of shares for Hong Kong public subscription (10,815,500 shares, reallocation possible), 90% for international placement (97,338,000 shares, reallocation and over-allotment applicable).

Pricing: HKD 7.30–8.30 per share; 500 shares per lot; minimum subscription HKD 4,191.85.

Subscription dates: March 20–25 (expected pricing date March 26).

Listing date: March 30.

IPO Sponsor: China International Capital Corporation Hong Kong Securities Limited (CICC Hong Kong).

Company Overview

Tong Ren Tang Healthcare is a strategic subsidiary of the Tong Ren Tang Group, focusing on traditional Chinese medicine (TCM) healthcare services in China. The company provides comprehensive TCM medical services to individual clients and standardized management services to institutional clients.

It has established a tiered TCM healthcare service network comprising 12 self-operated offline medical institutions, one internet hospital, and 12 managed offline medical institutions. According to Frost & Sullivan, the company ranked first in China’s non-public TCM hospital service sector by total outpatient and inpatient visits in 2024, with a market share of 1.7%. By total TCM healthcare service revenue in 2024, it ranked second with a market share of 0.2%.

Financial Highlights

The prospectus shows that Tong Ren Tang Healthcare recorded revenues of approximately RMB 911 million, RMB 1,153 million, and RMB 1,175 million in 2022, 2023, and 2024, respectively. Net profit/(loss) for the same periods was approximately RMB (9 million), RMB 43 million, and RMB 46 million. For the first nine months of 2025, revenue was approximately RMB 858 million, with net profit of approximately RMB 24 million.

Based on the mid-point offer price of HK$7.80 per share and assuming the over-allotment option is not exercised, the company expects to raise net proceeds of approximately HK$771 million. The proceeds will be used for expanding its TCM healthcare service network (approximately 47.5%), enhancing service capabilities (approximately 23.6%), repaying certain outstanding bank loans (approximately 18.9%), and for working capital and general corporate purposes (approximately 10.0%).

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

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* 0 % interest applies to margin subscription amounts of HK$20 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 5 December 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for Diagens&Tong Ren Tang Healthcare via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to public offerings. After logging into the app, tap "Trade" at the bottom-right, go to "IPO Subscription," select Diagens&Tong Ren Tang Healthcare, tap "Public Offer," enter your subscription quantity, and submit your order.

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