Hangzhou Diagens Biotechnology Co., Ltd.

Prospectus Date: March 20, 2026

Hangzhou Diagens Biotechnology’s Blockbuster Hong Kong IPO: In-Depth Analysis, Offer Structure, and Investor Insights for 2026

Hangzhou Diagens Biotechnology Co., Ltd. is launching its highly anticipated initial public offering (IPO) on the Hong Kong Stock Exchange, capturing significant investor attention. This detailed breakdown covers every aspect of the IPO, from offer size and pricing to company fundamentals, allocation mechanics, and listing outlook, providing investors with vital facts to inform participation.

IPO Snapshot: Key Terms and Offer Structure

IPO Symbol: 2526 (H Shares)
Offer Price Range: HK\$95.6 to HK\$112.5 per H Share
Maximum Offer Price: HK\$112.5 per H Share
Nominal Value: RMB1.00 per H Share
Total Number of Offer Shares: 7,999,200 H Shares
Public (Hong Kong) Offer Shares: 799,950 H Shares (subject to reallocation)
International Offer Shares: 7,199,250 H Shares (subject to reallocation)
Board Lot Size: 50 H Shares
Stock Code: 2526

Potential Reallocation: If the Hong Kong Public Offering is oversubscribed, up to 399,900 shares may be reallocated from the International Offering, raising the Hong Kong tranche to as much as 1,199,850 H Shares (15% of the total offer) at the low-end offer price of HK\$95.6 per share [[5]].

Application Amounts: The minimum application is for 50 H Shares. The application price includes brokerage (1.0%), SFC transaction levy (0.0027%), AFRC transaction levy (0.00015%), and Hong Kong Stock Exchange trading fee (0.00565%), totaling HK\$5,681.73 per lot at the maximum price [[4]].

Use of Proceeds: Expansion-Driven Capital Raising

The use of proceeds is not detailed in the disclosure provided.

Oversubscription and Allocation Metrics

Reallocation Mechanism: If the Hong Kong Public Offering is oversubscribed, up to 399,900 H Shares may be shifted from the International Placing, increasing the retail allocation to as much as 15% of the total offer at the low-end offer price [[5]].

Retail and Institutional Subscription Levels: Not specifically disclosed.

Dividend Policy and Timetable

Dividend Policy: Not specified in the disclosure provided.

Timetable:

• Hong Kong Public Offering opens: 9:00 a.m., March 20, 2026
• Application Deadline (White Form eIPO): 11:30 a.m., March 25, 2026
• Application Lists Open: 11:45 a.m., March 25, 2026
• Application Lists Close: 12:00 noon, March 25, 2026
• Price Determination Date: by 12:00 noon, March 26, 2026
• Announcement of Offer Price & Allocation: by or before 11:00 p.m., March 27, 2026
• Listing Date (Dealings Commence): 9:00 a.m., March 30, 2026

Share certificates become valid: 8:00 a.m., March 30, 2026 [[6]].

Placement Structure and Issuance Breakdown

Public Offering: 799,950 H Shares (10% of total, subject to upsize)
International Placing: 7,199,250 H Shares (90% of total, subject to downsize)
Cornerstone/Anchor/Employee Allocation: Not disclosed.
Shareholder/Pre-IPO Sales: Not disclosed.

Investor Participation and Book Quality

Named Anchor/Institutional Investors: Not disclosed.
Pre-Listing Share Sales: Not disclosed.
Assessment of Book Quality: The ability to reallocate up to 15% of the offering to the public tranche implies potential for robust demand and strong retail participation. However, institutional book quality or subscription levels are not detailed [[5]].

Deal Parties and Structure

Investment Banks, Coordinators, and Bookrunners:

• Sole Sponsor, Sponsor-overall Coordinator, Overall Coordinator, Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager (names not provided in excerpt)
• Joint Bookrunners and Joint Lead Managers (names not provided in excerpt)

Stabilization/Overallotment Option: Not specified.

Implied Listing-Day Support: Multiple named roles for lead investment banks and coordinators suggest a robust syndicate, which typically supports orderly listing-day performance based on the structure [[2]].

Company Overview: Business Model, Products, and Markets

Business Model: Hangzhou Diagens Biotechnology Co., Ltd. is a biotechnology company incorporated in China. The company’s core business, product lines, customer segments, geographies, and monetization strategies are not detailed in the provided content.

Industry/Sector: Biotechnology.

Industry Size and Market Position: Not disclosed.

Key Products/Services: Not specified.

Customer Segments/Geographies: Not specified.

Financial Health and Performance

Financial details such as revenue, profit margins, cash flow, debt, capex, or working capital are not provided in the available content.

Management Team

Chairman and Executive Director: Song Ning
Executive Directors: Dr. Song Ning, Mr. Weng Chih-Hsin (alias Robin Weng)
Non-executive Directors: Dr. Xu Chen, Dr. Wu Lingqian, Mr. Yang Zehao
Proposed Independent Non-executive Directors: Mr. Cha Yang (alias Stanley Cha), Mr. Zhang Jing, Mr. Wang Kaifeng [[9]].

Trends, Timing, and Market Environment

IPO Window: The offer period opens on March 20, 2026, with the listing scheduled for March 30, 2026. This timeline provides investors with a concise window to evaluate and apply for the offering [[6]].

Sector Trends, Regional or Macro Environment: Not disclosed.

Recent Company or Sector Developments: Not disclosed.

Risk Factors

Key risk factors, legal exposures, or quantified risks are not detailed in the provided content.

Growth Strategy

Specifics on expansion, new products, capex, M&A, or market entry plans are not provided in the available content.

Ownership Structure and Lock-ups

Pre- and post-IPO shareholding structure, promoter holdings, lock-in periods, and ESOPs are not disclosed in the provided content.

Valuation and Peer Comparison

No financial ratios, peer comparisons, or sector performance tables are disclosed in the available content.

Research and Opinions

No analyst coverage, institutional opinions, or price targets are included in the provided content.

IPO Allotment Result

The final allocation results will be published on www.diagens.com and www.hkexnews.hk by or before 11:00 p.m. on March 27, 2026, with additional details available via www.iporesults.com.hk and a dedicated allocation enquiry line [[7], [8]].

Listing Outlook

Based on the disclosed facts:

• The IPO is structured with a significant international component (90%), but a flexible reallocation mechanism enables up to 15% of shares to go to the public if demand surges.
• The presence of a multi-role, reputable underwriter syndicate suggests support for stable listing-day trading.
• The lack of disclosed financials, peer metrics, or sector performance makes it difficult to quantify upside or risk. However, the flexibility in allocation and the structured timetable provide a transparent process for investors.
• Investors should monitor the final subscription outcomes and allocation levels, which will be announced prior to listing. The offer structure and syndicate support indicate potential for a constructive debut, especially if market demand is robust.
• The likely first-day trading range and performance relative to the offer price cannot be precisely estimated without financial or sector benchmarks, but the offering appears organized for a successful listing if demand materializes as anticipated.

How to Access the Prospectus

The full prospectus and all official announcements can be found at:
www.hkexnews.hk
www.diagens.com

How to Apply: Application Channels and Timeline

Application Channels:

• White Form eIPO service: www.eipo.com.hk (for investors wishing to receive physical H Share certificates in their own name)
• HKSCC EIPO Channel: Through your broker or custodian who is an HKSCC Participant, submitting electronic application instructions via HKSCC’s FINI system (for shares allotted in CCASS and issued in the name of HKSCC Nominees)

Application Period: 9:00 a.m., March 20, 2026 to 12:00 noon, March 25, 2026 (Hong Kong time)
Minimum Application: 50 H Shares (and multiples thereof as specified in the table)
Payment: Application must be accompanied by full payment, including brokerage, SFC transaction levy, AFRC transaction levy, and trading fee [[4], [8]].

Results Publication: Allocation results to be published on www.diagens.com, www.hkexnews.hk, and www.iporesults.com.hk, with telephone enquiry available at +852 2862 8555 [[7], [8]].