De-Suitable Biotechnology Passes Hong Kong Stock Exchange Hearing, Targets "First Stock for Medical Imaging Large Model"

Ask AI · How Will Becoming the First Stock Reshape Investment Logic in AI Healthcare?

Cover News Reporter Fu Wenchao

March 16 News, Hangzhou Desi Biotechnology Co., Ltd. (hereinafter referred to as “Desi Biotech”) has recently passed the Hong Kong Stock Exchange hearing and plans to list on the Main Board under Chapter 18A of the Listing Rules, with Huatai International as the sole sponsor. If the listing proceeds smoothly, it will become the “First Stock in Medical Imaging Large Models” on the Hong Kong Stock Exchange.

According to a report by Frost & Sullivan, in 2024, Desi Biotech will hold a 30.6% market share in the chromosomal karyotyping analysis market, ranking first nationwide and achieving independent innovation with domestically developed technology. It is understood that Desi Biotech was founded in 2016 and is a medical device company focused on developing medical imaging products and services. It is also one of the early Chinese tech companies to commercialize medical imaging foundational models.

In terms of commercialization and operations, Desi Biotech demonstrates strong revenue capabilities and healthy financial fundamentals. According to financial data disclosed in the post-hearing prospectus, in the first nine months of 2025, the company achieved operating revenue of 112 million yuan, a 470% increase compared to the same period in 2024 (20 million yuan). The overall gross profit margin reached 75.9%, with the technical licensing business gross margin as high as 96.5%, highlighting the high value-added nature of its technical model business. Currently, Desi Biotech is still in the stage of ongoing R&D investment. As of September 30, 2025, the company’s cash and cash equivalents totaled 396 million yuan, with solid financial reserves that can fully support future R&D and business expansion needs.

Regarding the listing process, it is understood that Desi Biotech received a “full circulation” offshore listing filing notice from the China Securities Regulatory Commission in January 2026. The proposed issuance is no more than 31.04 million offshore ordinary shares. With the hearing officially passed, the company’s Hong Kong listing has entered the final issuance and listing stage.

Industry insiders believe that from an industry development perspective, Desi Biotech provides a new reference paradigm for the capital market to evaluate the value of AI healthcare companies. The focus has shifted from purely technological advancement to a comprehensive assessment of core technology commercialization, sustainable growth potential, and clinical value realization.