Hangzhou Diagens Biotechnology Co., Ltd.

Date of Prospectus: March 20, 2026

Hangzhou Diagens Biotechnology IPO: Comprehensive Investor Analysis, Financials, Risks & Market Outlook

IPO Snapshot: Key Details, Offer Structure, and Opportunity

Hangzhou Diagens Biotechnology Co., Ltd. launches its IPO to list H Shares on the Main Board of the Hong Kong Stock Exchange (HKEX), targeting a new wave of biotechnology investment. This listing follows Chapter 18A of the HKEX Listing Rules, highlighting its biotech credentials and growth ambitions.

• IPO Symbol: Not explicitly disclosed
• Offer Price Range: HK\$95.6 – HK\$112.5 per H Share
• Total Offer Size: 7,999,200 H Shares (approx. 9.0% of post-offer issued share capital)
• Post-IPO Outstanding Shares: 88,879,200 H Shares
• Market Capitalization (Low/High): HK\$8,496.9 million – HK\$9,998.9 million
• Offer Period: March 20–25, 2026
• Listing Date: March 30, 2026

Placement Breakdown: 799,950 H Shares for Hong Kong Public Offering (10%), 7,199,250 H Shares for International Offering (90%), subject to reallocation.

Use of Proceeds: Growth-Driven Capital Allocation

Concrete allocation of proceeds underscores a growth-oriented story:

• Research & Development: Significant portion earmarked for product innovation and expansion of AI AutoVision^® and MetaSight^® platforms.
• Business Expansion: Funds to drive commercialization, market entry, and scaling operations.
• General Working Capital: Supports day-to-day operations and future flexibility.
• Estimated Listing Expenses: HK\$69.8 million (approx. 8.4% of gross proceeds), including underwriting (HK\$29.4 million) and professional fees (HK\$40.4 million).
• Financial Viability: Cash balance as of September 30, 2025, expected to sustain operations for approx. 7.6 months (pre-offer), or 132.8 months (post-offer, low-end estimate).

Dividend Policy & Timetable

No explicit dividend policy or payout ratio targets disclosed. Investors should not expect a dividend commitment at the time of IPO.

Oversubscription Metrics & Allotment Results

Allocation and oversubscription details: Up to 399,900 Offer Shares may be reallocated from International Offering to Hong Kong Public Offering if oversubscribed. Precise subscription multiples not disclosed. Allotment results and successful applicant details will be published on www.diagens.com and www.hkexnews.hk.

Investor Participation: Institutional and Retail Demand

Investor categories:

• Open to public, institutional, and professional investors
• Professional investors include brokers, dealers, fund managers, and corporate entities

Pre-IPO Investments: Ten rounds totaling RMB397 million, with post-money valuation of RMB2.6 billion. Key Pre-IPO investors include Hangzhou Zicheng, Hangzhou Zizhou, Deqing Technology, Diagens Nuoxin, Hangzhou Zizheng.

Book Quality Implication: Large allocation to institutional investors, substantial pre-IPO capital, and strategic investors suggest strong listing-day demand.

Deal Structure: Global Coordinators, Underwriters, and Sponsors

Key IPO parties:

• Sole Sponsor & Overall Coordinator: Huatai Financial Holdings (Hong Kong) Limited
• Joint Global Coordinators/Bookrunners/Lead Managers: Named parties in prospectus, including Huatai Financial Holdings, with full underwriting for both Hong Kong and International tranches
• Underwriters: Hong Kong Underwriters, International Underwriters
• Stabilization/Greenshoe: Syndicate members may conduct stabilization activities; subject to SFO market conduct rules.

Reputations and underwriting arrangements point to robust post-listing support and potential volatility management.

Company Overview: Business Model, Products, and Industry Position

Hangzhou Diagens Biotechnology: Founded in 2016, Diagens is a medical device company specializing in AI-powered diagnostic systems. Its core product, AI AutoVision^®, is currently at the registration stage, targeting automated karyotype diagnostics. MetaSight^® is another advanced platform in its portfolio.

• Revenue Streams: Medical device sales, diagnostic service fees, and potential licensing
• Customer Segments: Hospitals, clinical labs, medical professionals
• Geography: PRC-focused, with global aspirations

Industry Definition: Biotechnology – medical device diagnostics leveraging AI and big data. Diagens claims to have developed the world’s first AI karyotype diagnostic system.

Market Position & Brand: Steady growth, first-mover technology, high gross margins, and significant R&D investment.

Financial Health: Multi-Period Performance & Key Ratios

Key observations: High gross margins, strong liquidity ratios, and solid working capital indicate financial robustness.

Market Position & Competitive Advantages

• First-mover advantage in AI diagnostics
• Strong R&D pipeline
• Brand recognition and clinical partnerships
• Pre-IPO investors bring strategic expertise and funding

Management Team

• Dr. Song (Founder and largest shareholder, 27.33% post-IPO)
• Experienced board and senior management; detailed biographies available in prospectus

Sector Trends & Timing: Biotechnology and Medical AI

Industry Trends: Rapid demand growth for AI-powered diagnostics, increasing healthcare digitization, and favorable regulatory support for biotech innovation.

Timing: IPO window runs March 20–25, 2026, with listing on March 30, 2026. Market draws on strong sector momentum and investor appetite for biotech.

Economic Environment: Prospectus notes resilient healthcare demand, robust funding environment, and ongoing industry transformation driven by technology.

Recent Company Developments: Completion of world’s first AI karyotype diagnostic system, successful registration certificates, major R&D milestones.

Market Conditions: Based on sector and company trends, market conditions appear favorable for the IPO.

Risk Factors: Quantified Exposures and Strategic Challenges

• Product Development Risk: Core product in registration stage; delays or failures could materially impact growth.
• Regulatory Risk: Uncertainties in approval timelines and compliance for AI medical devices.
• Clinical Trial Risk: Enrollment and data collection challenges may delay commercialization.
• Data Quality Risk: Reliability of clinical results critical; external factors may affect outcomes.
• Competition Risk: Rapid innovation and potential for superior products by competitors.
• Strategic Investment Risk: M&A, joint ventures, and investments may not succeed.
• Market Risk: No prior public trading; price and volume may be volatile post-listing.
• Related Party Transactions: All conducted at arm’s length; no distortion of Track Record Period results.

Growth Strategy: Expansion, Innovation, and Market Leadership

• Product Pipeline: Expansion of AI AutoVision^® indications, further R&D investment
• Market Entry: Plans to scale commercialization in China and explore international markets
• M&A/Investments: Open to strategic acquisitions and joint ventures (no specific targets disclosed)
• Capacity Additions: Funding allocated to support growth and operational scaling

Timeline: Immediate use of proceeds post-IPO; ongoing R&D and commercialization expected.

Ownership & Lock-ups: Shareholding Structure and Promoter Stakes

Pre-IPO Shareholders: Dr. Song and affiliated entities collectively hold 47.37% post-IPO.

Lock-up Period: All existing shareholders (including pre-IPO investors) cannot dispose of shares within 12 months post-listing.

Employee Allocation and ESOPs: Not explicitly disclosed.

Valuation & Peer Comparison

Market Capitalization:

• HK\$8,496.9 million (low-end price)
• HK\$9,998.9 million (high-end price)

P/E, EV/EBITDA, ROE, Peer Comparison: Not provided in prospectus. No direct peer metrics available for comparison.

Research & Opinions

Industry Consultant: Frost & Sullivan (Beijing) Inc., Shanghai Branch Co. provided detailed industry analysis.

Reporting Accountants: Ernst & Young

No analyst price targets or external opinions included.

IPO Allotment Result and Listing Day Implications

Allocation Results: Allotment outcome, successful applicants, and ID search function available at www.iporesults.com.hk and www.eipo.com.hk/eIPOAllotment from 11:00 p.m. March 27 to midnight April 2, 2026.

Implications: High allocation to institutional investors and strong pre-IPO investment rounds suggest robust demand and potential positive listing-day performance.

Listing Outlook: Is Diagens Worth Subscribing?

Based on robust financials, high margins, institutional support, strategic pre-IPO investors, and sector momentum, Hangzhou Diagens Biotechnology’s IPO appears attractive for growth-focused investors.

First-day trading range: Based on offer price and market capitalization, initial trading is likely to be at or above the offer price, with volatility driven by institutional participation and sector sentiment.

Subscription Recommendation: The IPO is well-supported, and prospects for strong first-day performance are high, strictly based on information disclosed in the prospectus.

Prospectus Access

Full prospectus and IPO documents can be obtained at:

• www.hkexnews.hk
• www.diagens.com

How to Apply: Application Channels and Timetable

Application Channels:

• White Form eIPO service at www.eipo.com.hk
• HKSCC EIPO channel via brokers or custodians who are HKSCC Participants (application instructions submitted through FINI system)

Application Window: Opens 9:00 a.m. March 20, 2026; closes 12:00 noon March 25, 2026

Eligibility: Applicants must be aged 18+ and have a Hong Kong address (for White Form eIPO). Existing shareholders, directors, supervisors, or close associates are not eligible.

Successful applicants will be notified via the designated results website with ID search functionality.