APAC IPOs & Placements, Aequitas Research

Hong Jie Seow

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Hangzhou Diagens Biotechnology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hangzhou-diagens-biotechnology" target="_blank" data-smartkarma-citation="entities:45431:1" rel="noopener">Hangzhou Diagens Biotechnology (HDB HK)</a> raised US$101m in its Hong Kong IPO.</li>
<li>Hangzhou Diagens Biotechnology (HDB) is a medical device company focused on developing medical imaging products and services.</li>
<li>We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Hangzhou Diagens Biotechnology (HDB HK) raised US$101m in its Hong Kong IPO.
Hangzhou Diagens Biotechnology (HDB) is a medical device company focused on developing medical imaging products and services.
We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.


Aequitas: Hangzhou Diagens Biotech IPO Trading - Priced At Mid-Range, Weak Insti Demand

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hangzhou-diagens-biotechnology" target="_blank" data-smartkarma-citation="entities:45431:1" rel="noopener">Hangzhou Diagens Biotechnology (HDB HK)</a> is looking to raise US$114m in its Hong Kong IPO.</li>
<li>Hangzhou Diagens Biotechnology (HDB) is a medical device company focused on developing medical imaging products and services. </li>
<li>In this note, we talk about past performances and valuations.</li>
</ul>



Hangzhou Diagens Biotechnology (HDB HK) is looking to raise US$114m in its Hong Kong IPO.
Hangzhou Diagens Biotechnology (HDB) is a medical device company focused on developing medical imaging products and services. 
In this note, we talk about past performances and valuations.


Aequitas: Hangzhou Diagens Biotechnology IPO - Aggressive Pricing Leaves No Room For Error

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The IPO pricing is HK$95.6-112.5 per share. If based on our forecast in 2025 and 2026, P/S is as high as 50x-59x and 21.4x-25.2x, respectively, much higher than peers.</li>
<li>The IPO valuation is far higher than traditional medical device companies, reflecting the extremely optimistic expectations for the potential of Diagens’ AI technology and high growth prospects in the future</li>
<li>The IPO pricing has “overdrawn” the growth expectations for next two years.A more comfortable valuation is 10x-15x P/S. If AI AutoVision achieves rapid growth, then 20x-25x P/S looks more persuasive.  </li>
</ul>


The IPO pricing is HK$95.6-112.5 per share. If based on our forecast in 2025 and 2026, P/S is as high as 50x-59x and 21.4x-25.2x, respectively, much higher than peers.
The IPO valuation is far higher than traditional medical device companies, reflecting the extremely optimistic expectations for the potential of Diagens’ AI technology and high growth prospects in the future
The IPO pricing has “overdrawn” the growth expectations for next two years.A more comfortable valuation is 10x-15x P/S. If AI AutoVision achieves rapid growth, then 20x-25x P/S looks more persuasive.  


Pre-IPO Hangzhou Diagens Biotechnology (PHIP Updates) - The IPO Pricing Is Expensive

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Hangzhou Diagens Biotechnology kicks off HK IPO consisting of 8M H shares. The indicative offer price range is HK$95.60–112.50 per share. The company seeks to raise ~$115M.</li>
<li>The company mainly intends to use IPO proceeds for R&amp;D and commercialization of core product, AI AutoVision, an auxiliary diagnostic software designed to undertake chromosome karyotyping analysis.</li>
<li>During the first three quarters of 2025, the company’s revenue increased 5.6x YoY, driven by medical imaging software and medical devices segment. Gross margin improved, while net loss decreased.</li>
</ul>


Hangzhou Diagens Biotechnology kicks off HK IPO consisting of 8M H shares. The indicative offer price range is HK$95.60–112.50 per share. The company seeks to raise ~$115M.
The company mainly intends to use IPO proceeds for R&amp;D and commercialization of core product, AI AutoVision, an auxiliary diagnostic software designed to undertake chromosome karyotyping analysis.
During the first three quarters of 2025, the company’s revenue increased 5.6x YoY, driven by medical imaging software and medical devices segment. Gross margin improved, while net loss decreased.


Hangzhou Diagens Biotechnology IPO: Poised for Scalable Growth from New AI Imaging Software Launch

<ul>
<li>The willingness of hospitals/patients to purchase medical AI products/services is still not strong enough. The real turning point for the commercialization of medical AI hasn’t arrived yet.</li>
<li>The small revenue scale reflects that Diagens’ products have not received widespread recognition from the medical system. Market education cost would be high, leading to increasing selling and distribution expenses</li>
<li>Valuation should be higher than <a href="https://www.smartkarma.com/entities/basecare-medical-device-corporation-limited" target="_blank" data-smartkarma-citation="entities:31086:1" rel="noopener">Basecare (2170 HK)</a> who just focuses on testing kits in assisted reproduction, but should be lower than <a href="https://www.smartkarma.com/entities/xunfei-healthcare-technology" target="_blank" data-smartkarma-citation="entities:40836:1" rel="noopener">Xunfei Healthcare</a>, who has better commercialization performance/channels advantage.</li>
</ul>


The willingness of hospitals/patients to purchase medical AI products/services is still not strong enough. The real turning point for the commercialization of medical AI hasn’t arrived yet.
The small revenue scale reflects that Diagens’ products have not received widespread recognition from the medical system. Market education cost would be high, leading to increasing selling and distribution expenses
Valuation should be higher than Basecare (2170 HK) who just focuses on testing kits in assisted reproduction, but should be lower than Xunfei Healthcare, who has better commercialization performance/channels advantage.


Pre-IPO Hangzhou Diagens Biotechnology - The Turning Point of Medical Imaging AI Has Not Arrived

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Hangzhou Diagens Biotechnology (HDB HK)

Aequitas: Hangzhou Diagens Biotech IPO Trading - Priced At Mid-Range, Weak Insti Demand

Hangzhou Diagens Biotechnology raised US$101m in Hong Kong IPO, focusing on medical imaging products and services with insights on demand and...

Hong Jie Seow

Aequitas: Hangzhou Diagens Biotechnology IPO - Aggressive Pricing Leaves No Room For Error

Hangzhou Diagens Biotechnology aims to raise $114m in Hong Kong IPO, focusing on medical imaging products and services with past performance and...

Hong Jie Seow

Pre-IPO Hangzhou Diagens Biotechnology (PHIP Updates) - The IPO Pricing Is Expensive

Diagens' IPO pricing has "overdrawn" the growth expectation for next two years, with valuation far exceeding peers.Comfortable P/S is 10x-15x,...

Xinyao (Criss) Wang

Hangzhou Diagens Biotechnology IPO: Poised for Scalable Growth from New AI Imaging Software Launch

Diagens Biotechnology kicks off HK IPO consisting of 8M H shares. The indicative offer price range is HK$95.60–112.50 per share. The company seeks...

Tina Banerjee

Pre-IPO Hangzhou Diagens Biotechnology - The Turning Point of Medical Imaging AI Has Not Arrived

Hospital/patients are not yet fully embracing medical AI, hindering commercialization.Diagens faces challenges in gaining recognition considering...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Hangzhou Diagens Biotech IPO Trading - Priced At Mid-Range, Weak Insti Demand

​Hangzhou Diagens Biotechnology raised US$101m in Hong Kong IPO, focusing on medical imaging products and services with insights on demand and...

Hong Jie Seow

Aequitas: Hangzhou Diagens Biotechnology IPO - Aggressive Pricing Leaves No Room For Error

​Hangzhou Diagens Biotechnology aims to raise $114m in Hong Kong IPO, focusing on medical imaging products and services with past performance and...

Hong Jie Seow

Pre-IPO Hangzhou Diagens Biotechnology (PHIP Updates) - The IPO Pricing Is Expensive

​Diagens' IPO pricing has "overdrawn" the growth expectation for next two years, with valuation far exceeding peers.Comfortable P/S is 10x-15x,...

Xinyao (Criss) Wang

Hangzhou Diagens Biotechnology IPO: Poised for Scalable Growth from New AI Imaging Software Launch

Diagens Biotechnology kicks off HK IPO consisting of 8M H shares. The indicative offer price range is HK$95.60–112.50 per share. The company seeks...

Tina Banerjee

Pre-IPO Hangzhou Diagens Biotechnology - The Turning Point of Medical Imaging AI Has Not Arrived

​Hospital/patients are not yet fully embracing medical AI, hindering commercialization.Diagens faces challenges in gaining recognition considering...

Xinyao (Criss) Wang

Hangzhou Diagens Biotechnology raised US$101m in Hong Kong IPO, focusing on medical imaging products and services with insights on demand and...

Hangzhou Diagens Biotechnology aims to raise $114m in Hong Kong IPO, focusing on medical imaging products and services with past performance and...

Diagens' IPO pricing has "overdrawn" the growth expectation for next two years, with valuation far exceeding peers.Comfortable P/S is 10x-15x,...

Hospital/patients are not yet fully embracing medical AI, hindering commercialization.Diagens faces challenges in gaining recognition considering...