IPO Timeline Raw facts
Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading
Company Overview
| Stock Name | Diagens-B |
|---|---|
| Stock Code | 02526 |
| Company Full Name | Hangzhou Diagens Biotechnology Co., Ltd. |
| Industry | Robotics |
| Principal Activities | medical devices company focusing on developing medical imaging products and services |
| Listing Date | 2026-03-30 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | Chapter 18A |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | No. 609 Hongfeng Road Donghu Sub-district, Linping District Hangzhou, Zhejiang PRC |
| Business Address (Hong Kong) | 香港 銅鑼灣 勿地臣街1號 時代廣場二座31樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | diagens.com |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | Computershare Hong Kong Investor |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 99.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 50 shares |
| Entry Threshold | HK$ 4,950 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-03-20 to 2026-03-25 |
| Global Offering Shares | 7,999,200 shares |
| HK Public Offer Shares (Initial) | 799,920 shares (10.0%) |
| Public Offer Lots (Initial) | 15,998lots (Pool A7,999lots，Pool B7,999lots) |
| International Placing Shares (Initial) | 7,199,280 shares (90.0%) |
| Offer Ratio | ~9.0% |
| Total Shares Post-IPO | 88,879,200 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | No cornerstone investors |
| Clawback Tiers | To be extracted |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 791,920,800 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 50 | HK$ 4,950 |
| 2 lots | 100 | HK$ 9,900 |
| 3 lots | 150 | HK$ 14,850 |
| 4 lots | 200 | HK$ 19,800 |
| 5 lots | 250 | HK$ 24,750 |
| 6 lots | 300 | HK$ 29,700 |
| 7 lots | 350 | HK$ 34,650 |
| 8 lots | 400 | HK$ 39,600 |
| 9 lots | 450 | HK$ 44,550 |
| 10 lots | 500 | HK$ 49,500 |
| 12 lots | 600 | HK$ 59,400 |
| 14 lots | 700 | HK$ 69,300 |
| 16 lots | 800 | HK$ 79,200 |
| 18 lots | 900 | HK$ 89,100 |
| 20 lots | 1,000 | HK$ 99,000 |
| 30 lots | 1,500 | HK$ 148,500 |
| 40 lots | 2,000 | HK$ 198,000 |
| 50 lots | 2,500 | HK$ 247,500 |
| 60 lots | 3,000 | HK$ 297,000 |
| 70 lots | 3,500 | HK$ 346,500 |
| 80 lots | 4,000 | HK$ 396,000 |
| 90 lots | 4,500 | HK$ 445,500 |
| 100 lots | 5,000 | HK$ 495,000 |
| 120 lots | 6,000 | HK$ 594,000 |
| 140 lots | 7,000 | HK$ 693,000 |
| 160 lots | 8,000 | HK$ 792,000 |
| 180 lots | 9,000 | HK$ 891,000 |
| 200 lots | 10,000 | HK$ 990,000 |
| 400 lots | 20,000 | HK$ 1,980,000 |
| 600 lots | 30,000 | HK$ 2,970,000 |
| 800 lots | 40,000 | HK$ 3,960,000 |
| 1,000 lots | 50,000 | HK$ 4,950,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,200 lots | 60,000 | HK$ 5,940,000 |
| 1,400 lots | 70,000 | HK$ 6,930,000 |
| 1,600 lots | 80,000 | HK$ 7,920,000 |
| 1,800 lots | 90,000 | HK$ 8,910,000 |
| 2,000 lots | 100,000 | HK$ 9,900,000 |
| 3,000 lots | 150,000 | HK$ 14,850,000 |
| 4,000 lots | 200,000 | HK$ 19,800,000 |
| 5,000 lots | 250,000 | HK$ 24,750,000 |
| 6,000 lots | 300,000 | HK$ 29,700,000 |
| 7,999 lots | 399,950 | HK$ 39,595,050 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 20.73B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 8,799,040,800 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 43.4 million (year ended December 31, 2024) |
| Period-End Cash Balance | RMB 20.4 million |
| Listing Expenses | ~HK$ 69,800,000 |
| Listing Expenses / Funds Raised | ~8.4% |
| Total Pre-IPO Investment | approximately RMB 397 million |
| First Day Close | HK$ 209.6 |
|---|---|
| First Day Open | HK$ 219.0 |
| First Day Change | 111.72% |
| First Day Volume | 2240320.0 |
| First Day Turnover | 446524000.0 |
| Use of Proceeds | 1、約49.0%或373.8百萬港元將分配至核心產品AI AutoVision?的研發及商業化；
2、約10.0%或76.3百萬港元將于上市后未來三年分配至其他醫學影像軟件候選產品及醫療器械的進一步研發；
3、約20.0%或152.6百萬港元將分配至加強iMedImage?基座模型及AI技術；
4、約8.0%或61.0百萬港元將分配至加強在中國的商業化能力及市場滲透；
5、約5.0%或38.2百萬港元將分配至透過聘請約兩名初級當地銷售代表、八名中級當地銷售代表及九名資深當地銷售代表擴大在全球市場的業務；
6、約8.0%或61.0百萬港元將分配至尋求醫療價值鏈中的上下游參與者的戰略合作及投資機遇。 |
Underwriting Syndicate
Sole Sponsor (1)
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809(sole)
Sponsor cum Overall Coordinator (1)
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809(sole)
Overall Coordinators (2)
Joint Global Coordinators (2)
Joint Bookrunners (11)
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
Futu Securities International (HONG KONG) Limited CE AZT137
ABCI CAPITAL LIMITED CE AWL249
BOCI ASIA LIMITED CE AET863
建银国际金融有限公司 CE AJO225
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
Huafu International Securities Limited CE BQC241
Yellow River Securities Limited CE BIX927
Yuen Meta (International) Securities Limited CE BIL855
Yunfeng Securities Limited CE AYT670
ZHESHANG INTERNATIONAL FINANCIAL HOLDINGS CO., LIMITED CE BGD825
Joint Lead Managers (11)
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
Futu Securities International (HONG KONG) Limited CE AZT137
ABCI Securities Company Limited CE ACX411
BOCI ASIA LIMITED CE AET863
建银国际金融有限公司 CE AJO225
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
Huafu International Securities Limited CE BQC241
Yellow River Securities Limited CE BIX927
Yuen Meta (International) Securities Limited CE BIL855
Yunfeng Securities Limited CE AYT670
ZHESHANG INTERNATIONAL FINANCIAL HOLDINGS CO., LIMITED CE BGD825
Capital Market Intermediaries (12)
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
Futu Securities International (HONG KONG) Limited CE AZT137
ABCI CAPITAL LIMITED CE AWL249
ABCI Securities Company Limited CE ACX411
BOCI ASIA LIMITED CE AET863
建银国际金融有限公司 CE AJO225
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
Huafu International Securities Limited CE BQC241
Yellow River Securities Limited CE BIX927
Yuen Meta (International) Securities Limited CE BIL855
Yunfeng Securities Limited CE AYT670
ZHESHANG INTERNATIONAL FINANCIAL HOLDINGS CO., LIMITED CE BGD825
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
美迈斯律师事务所 国浩律师（杭州）事务所 |
| Legal Advisor to Sponsors/Underwriters |
竞天公诚律师事务所有限法律责任合伙 通商律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Compliance Advisor | 迈时资本有限公司 CE BNO600 |
| Receiving Banks |
中国银行（香港）有限公司 Standard Chartered Bank (Hong Kong) Limited |
Cornerstone Investors
This stock has no cornerstone investors.
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 宋寧 | — |
| Company Secretary | 石欣霖 | — |
| Executive Director | 宋宁 | SONG Ning |
| Non-Executive Director | 徐晨 | XU Chen |
| Independent Non-Executive Director | 查扬 | CHA Yang |
| Executive Director | 翁资欣 | WENG |
| Non-Executive Director | 邬玲仟 | WU Lingqian |
| Independent Non-Executive Director | 张竞 | ZHANG Jing |
| Non-Executive Director | 杨泽浩 | YANG Zehao |
| Independent Non-Executive Director | 王开峰 | WANG Kaifeng |
Major Shareholders
| Major Shareholders & Holdings | Dr. Song may, through his personal capacity and controlled entities (德適諾輝, 德適諾達, 德仟科技 and 德適諾鑫), exercise the voting rights attached to 42,102,157 shares, representing approximately 52.06% of the voting rights of the Company. Immediately after the completion of the Global Offering, Dr. Song, 德適諾輝, 德適諾達, 德仟科技 and 德適諾鑫 will jointly be entitled to exercise the voting rights attached to 42,102,157 H shares, representing approximately 47.37% of the total number of issued shares. |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
The IPO for Deshi-B (02526) saw an extraordinary oversubscription ratio of 1,073.37x, driven by intense retail enthusiasm for the 18A biotech listing. With a near-zero hit rate and 115,017 valid applications, the offer was heavily oversubscribed, indicating investors were willing to compete fiercely for shares at the HK$99 offer price. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
Given the 1,073x oversubscription, expected allocation lots for the last A-tier (甲尾) and first B-tier (乙头) were likely to be extremely close, potentially eliminating the typical tier advantage. The extreme scale of oversubscription often renders broker fee efficiency negligible, as even top-tier applicants secured only minimal allocations. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Demographic data for this IPO is unavailable; however, 18A biotech listings often attract strong mainland China interest, with Guangdong-based investors typically representing a significant share. Without concrete holder counts, regional and gender trends cannot be assessed. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
