HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

Pre-IPO Guangdong Huayan Robotics (PHIP Updates) - Some Points Worth the Attention

Primer: Hangzhou Diagens Biotechnology (HDB HK) - Mar 2026

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

Pre-IPO Delton Technology (1989 HK) - The IPO Pricing Is Attractive

Equity Capital Markets

Hangzhou Diagens Biotechnology / Equity Capital Markets

<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