NewTimeSpace | Diagens (02526.HK) Stock Price Triples Two Weeks After Listing; Net Losses and Competitive Risks Coexist Under High Valuation

Since April, the "De-Zhi-Mi" trio of Large Language Model (LLM) stocks on the Hong Kong Stock Exchange has performed strongly. Among them, Diagens (02526.HK) saw its stock price triple within approximately two weeks of listing, briefly breaking the HKD 300 mark during intraday trading and reaching a high of HKD 312.

NewTimeSpace has learned that Diagens (02526.HK) was listed on March 30, 2026, becoming the third LLM enterprise to list following Zhipu AI and MiniMax. As of the close on April 10, 2026, the company’s stock was quoted at HKD 300, ending the day with a 0.33% gain.

First Medical Imaging LLM Stock; Gains Exceed 200% Within Two Weeks of Listing

Public records indicate that Diagens is a medical device enterprise focusing on the development of medical imaging products and services. Its core business spans genetic and reproductive health, hematologic oncology diagnosis, and radiological health. By utilizing AI technology to reconstruct the chromosome karyotype analysis workflow, it breaks the traditional industry limitations that rely heavily on manual labor.

NewTimeSpace notes that Zhipu AI, MiniMax, and Diagens—based in Beijing, Shanghai, and Hangzhou, respectively—collectively represent the complete landscape of China’s AI industry, ranging from underlying infrastructure and consumer applications to deep industrial integration.

Among these, Diagens is the "first medical imaging LLM stock" on the Hong Kong Stock Exchange and currently a rare target within the HKEX AI medical track. It debuted on the HKEX on March 30, 2026. As of the close on April 10, 2026...

It is understood that Diagens’ offer price was HKD 99 per share, with a total of approximately 7.9992 million shares issued, raising a total of approximately HKD 792 million. The company's IPO took a "non-mainstream" approach—it did not include cornerstone investors, nor did it introduce a green shoe mechanism (over-allotment option).

Although this is regarded as a high-risk, high-elasticity market-based pricing model that often leads to polarized subscription results, Diagens’ Hong Kong public offering was oversubscribed by 1,073.37 times during the global offering phase, while the international offering was oversubscribed by 3.45 times.

On its first day of trading, Diagens opened high but closed lower at HKD 209.60, representing a 111.72% gain for the day. Since then, the stock price has fluctuated upward. Driven by favorable AI-related sentiment, the price continued to surge; as of the close on April 10, 2026, the stock had risen 203.03% from its issue price, bringing the company's market capitalization to HKD 26.66 billion.

Launch of China's First AI Chromosome Diagnosis System, Covering Over 400 Hospitals

NewTimeSpace has learned that since its founding in 2016, Diagens has built a comprehensive product chain encompassing "algorithm models, intelligent equipment, supporting reagents, and platform services."

Diagens has independently developed the iMedImage® medical imaging foundation model, which supports 19 medical imaging modalities and covers over 90% of clinical scenarios. Based on this proprietary LLM, Diagens' core product, AI AutoVision®, has achieved a historic breakthrough in the field of medical imaging.

Leveraging AI technology breakthroughs, Diagens' core product, the AI AutoVision® chromosome karyotype assisted diagnosis system, received the "Class III Innovative Medical Device" designation from the NMPA in May 2025. It is the first AI chromosome diagnosis system in China to receive this certification. Currently, the product is in the marketing registration and approval stage, with registration expected to be completed in the first quarter of 2026.

The system demonstrates a sensitivity of 95.86% and a specificity of 100.00% in detecting chromosomal abnormalities, with perfect scores in both sensitivity and specificity for numerical abnormality detection. In terms of efficiency, compared to traditional manual analysis—which requires 30 minutes per image and a reporting cycle of 2–3 weeks—AI AutoVision® requires only 2.5 minutes per image analysis and shortens the reporting cycle to 4–7 days. Furthermore, human-machine interaction per case is reduced by over 99.5%, significantly enhancing laboratory operational efficiency.

Currently, the company's products have entered over 400 hospitals nationwide, including a 40% penetration rate among China's top ten hospitals, laying a solid foundation for commercialization.

According to the prospectus, the company holds more than 80 core independent intellectual property rights in China, the U.S., Europe, and other regions. Over 50% of the R&D team hold master’s degrees or higher, and the team has led or participated in multiple national key R&D projects.

Persistent Losses; Price-to-Sales Ratio Exceeds 130x

A report by Frost & Sullivan indicates that the global medical imaging testing market is expected to reach USD 173.9 billion by 2035. In China, this market is projected to reach RMB 219.3 billion by 2035. Within this, the chromosome karyotype analysis segment is poised for explosive growth; the Chinese market size is expected to jump from RMB 165.9 million in 2024 to RMB 2.0379 billion by 2030, representing a compound annual growth rate (CAGR) of 51.9%.

Facing this vast "blue ocean" market, Diagens has secured an absolute leading position through high technical barriers, commanding a 30.6% market share in China’s chromosome karyotype analysis field, ranking first nationwide. Regarding financial performance, Diagens exhibits the phased characteristics of "high revenue growth and narrowing losses."

Financial data shows that from 2023 to September 2025, Diagens’ revenues were RMB 52.84 million, RMB 70.35 million, and RMB 112 million, respectively. Revenue for the first nine months of 2025 increased by 469.8% year-on-year, a growth rate that leads the current AI medical sector.

The company's gross profit margin has risen sharply, increasing from 42.9% in the same period of 2024 to 75.9% in the first nine months of 2025. Notably, the gross margin for the technology licensing business reached 96.5%, nearly hitting the industry ceiling.

Net losses have continued to narrow, recorded at RMB 56.12 million in 2023 and RMB 43.38 million in 2024, with the loss for the first nine months of 2025 further narrowing to RMB 36.65 million.

However, on the day following its listing, Diagens released its full-year 2025 financial report. Annual revenue for 2025 was approximately RMB 164 million, a year-on-year increase of 133.72%. The full-year net loss for 2025 was RMB 67.14 million, indicating an expansion in losses compared to the first three quarters.

Currently, despite an annual revenue of only RMB 164 million and a lack of profitability, Diagens’ market capitalization has exceeded HKD 24 billion. Its price-to-sales (P/S) ratio exceeds 130x, far above the valuation benchmarks of the traditional medical equipment and AI software industries, suggesting significant pressure for a valuation correction.

According to the company's prospectus, 11 similar software products have already been approved for the market. With the increase in market participants, risks such as pricing pressure and shifts in customer preferences cannot be ignored. Furthermore, traditional medical equipment giants are actively positioning AI-assisted diagnostic products, meaning the competitive landscape could shift at any time.

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