IPO Timeline
Broker Deadline
2026-03-25
Morning deadline
HKEX Deadline
2026-03-25
Noon deadline
Broker Results (T-2)
2026-03-26
Some brokers release in afternoon
Grey Market (T-1)
2026-03-27
Afternoon
HKEX Allotment (T-1)
2026-03-27
Evening
Registrar Allotment (T-1)
2026-03-27
Evening
Listing Day (T)
2026-03-30
First day of trading
Company Overview
| Stock Name | 德適－Ｂ |
|---|---|
| Stock Code | 02526 |
| Company Full Name | 德適－Ｂ |
| Industry | Robotics |
| Principal Activities | medical devices company focusing on developing medical imaging products and services |
| Listing Date | 2026-03-30 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | Chapter 18A |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | No. 609 Hongfeng Road Donghu Sub-district, Linping District Hangzhou, Zhejiang PRC |
| Business Address (Hong Kong) | 香港 銅鑼灣 勿地臣街1號 時代廣場二座31樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | diagens.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | Computershare Hong Kong Investor |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 99.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | To be extracted |
| Entry Threshold | To be extracted |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-03-20 to 2026-03-25 |
| Global Offering Shares | 7,999,200 shares |
| HK Public Offer Shares (Initial) | 799,920 shares (10.0%) |
| Public Offer Lots (Initial) | To be extracted |
| International Placing Shares (Initial) | 7,199,280 shares (90.0%) |
| Offer Ratio | ~9.0% |
| Total Shares Post-IPO | 88,879,200 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 0% |
| Clawback Tiers | To be extracted |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 791,920,800 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 50 | HK$ 4,950 |
| 2 lots | 100 | HK$ 9,900 |
| 3 lots | 150 | HK$ 14,850 |
| 4 lots | 200 | HK$ 19,800 |
| 5 lots | 250 | HK$ 24,750 |
| 6 lots | 300 | HK$ 29,700 |
| 7 lots | 350 | HK$ 34,650 |
| 8 lots | 400 | HK$ 39,600 |
| 9 lots | 450 | HK$ 44,550 |
| 10 lots | 500 | HK$ 49,500 |
| 12 lots | 600 | HK$ 59,400 |
| 14 lots | 700 | HK$ 69,300 |
| 16 lots | 800 | HK$ 79,200 |
| 18 lots | 900 | HK$ 89,100 |
| 20 lots | 1,000 | HK$ 99,000 |
| 30 lots | 1,500 | HK$ 148,500 |
| 40 lots | 2,000 | HK$ 198,000 |
| 50 lots | 2,500 | HK$ 247,500 |
| 60 lots | 3,000 | HK$ 297,000 |
| 70 lots | 3,500 | HK$ 346,500 |
| 80 lots | 4,000 | HK$ 396,000 |
| 90 lots | 4,500 | HK$ 445,500 |
| 100 lots | 5,000 | HK$ 495,000 |
| 120 lots | 6,000 | HK$ 594,000 |
| 140 lots | 7,000 | HK$ 693,000 |
| 160 lots | 8,000 | HK$ 792,000 |
| 180 lots | 9,000 | HK$ 891,000 |
| 200 lots | 10,000 | HK$ 990,000 |
| 400 lots | 20,000 | HK$ 1,980,000 |
| 600 lots | 30,000 | HK$ 2,970,000 |
| 800 lots | 40,000 | HK$ 3,960,000 |
| 1,000 lots | 50,000 | HK$ 4,950,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,200 lots | 60,000 | HK$ 5,940,000 |
| 1,400 lots | 70,000 | HK$ 6,930,000 |
| 1,600 lots | 80,000 | HK$ 7,920,000 |
| 1,800 lots | 90,000 | HK$ 8,910,000 |
| 2,000 lots | 100,000 | HK$ 9,900,000 |
| 3,000 lots | 150,000 | HK$ 14,850,000 |
| 4,000 lots | 200,000 | HK$ 19,800,000 |
| 5,000 lots | 250,000 | HK$ 24,750,000 |
| 6,000 lots | 300,000 | HK$ 29,700,000 |
| 7,999 lots | 399,950 | HK$ 39,595,050 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 8,799,040,800 |
|---|---|
| Pre-IPO Valuation (Last Round) | To be extracted |
| P/E Ratio | 不適用（公司處於虧損狀態） |
| Profit/Loss Status | Net loss (see financial statements) |
| Period-End Cash Balance | To be extracted |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | ~8.4% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 209.6 |
|---|---|
| First Day Open | HK$ 219.0 |
| First Day Change | 111.72% |
| First Day Volume | 2240320.0 |
| First Day Turnover | 446524000.0 |
Use of Proceeds
| Use of Proceeds | 1、約49.0%或373.8百萬港元將分配至核心產品AI AutoVision?的研發及商業化； 2、約10.0%或76.3百萬港元將于上市后未來三年分配至其他醫學影像軟件候選產品及醫療器械的進一步研發； 3、約20.0%或152.6百萬港元將分配至加強iMedImage?基座模型及AI技術； 4、約8.0%或61.0百萬港元將分配至加強在中國的商業化能力及市場滲透； 5、約5.0%或38.2百萬港元將分配至透過聘請約兩名初級當地銷售代表、八名中級當地銷售代表及九名資深當地銷售代表擴大在全球市場的業務； 6、約8.0%或61.0百萬港元將分配至尋求醫療價值鏈中的上下游參與者的戰略合作及投資機遇。 |
|---|
Underwriting Syndicate
Sole Sponsor (1)
华泰金融控股（香港）有限公司 CE AOK809(sole)
Sponsor cum Overall Coordinator (1)
华泰金融控股（香港）有限公司 CE AOK809(sole)
Overall Coordinators (2)
华泰金融控股（香港）有限公司 CE AOK809
富途证券国际（香港）有限公司 CE AZT137
Joint Global Coordinators (2)
华泰金融控股（香港）有限公司 CE AOK809
富途证券国际（香港）有限公司 CE AZT137
Joint Bookrunners (11)
华泰金融控股（香港）有限公司 CE AOK809
富途证券国际（香港）有限公司 CE AZT137
农银国际融资有限公司 CE AWL249
中银国际亚洲有限公司 CE AET863
建银国际金融有限公司 CE AJO225
中国银河国际证券（香港）有限公司 CE AXM459
华福国际证券有限公司 CE BQC241
黄河证券有限公司 CE BIX927
元宇宙（国际）证券有限公司 CE BIL855
云锋证券有限公司 CE AYT670
浙商国际金融控股有限公司 CE BGD825
Joint Lead Managers (11)
华泰金融控股（香港）有限公司 CE AOK809
富途证券国际（香港）有限公司 CE AZT137
农银国际证券有限公司 CE ACX411
中银国际亚洲有限公司 CE AET863
建银国际金融有限公司 CE AJO225
中国银河国际证券（香港）有限公司 CE AXM459
华福国际证券有限公司 CE BQC241
黄河证券有限公司 CE BIX927
元宇宙（国际）证券有限公司 CE BIL855
云锋证券有限公司 CE AYT670
浙商国际金融控股有限公司 CE BGD825
Capital Market Intermediaries (12)
华泰金融控股（香港）有限公司 CE AOK809
富途证券国际（香港）有限公司 CE AZT137
农银国际融资有限公司 CE AWL249
农银国际证券有限公司 CE ACX411
中银国际亚洲有限公司 CE AET863
建银国际金融有限公司 CE AJO225
中国银河国际证券（香港）有限公司 CE AXM459
华福国际证券有限公司 CE BQC241
黄河证券有限公司 CE BIX927
元宇宙（国际）证券有限公司 CE BIL855
云锋证券有限公司 CE AYT670
浙商国际金融控股有限公司 CE BGD825
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
美迈斯律师事务所 国浩律师（杭州）事务所 |
| Legal Advisor to Sponsors/Underwriters |
竞天公诚律师事务所有限法律责任合伙 通商律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Compliance Advisor | 迈时资本有限公司 CE BNO600 |
| Receiving Banks |
中国银行（香港）有限公司 渣打银行（香港）有限公司 |
Cornerstone Investors
This stock has no cornerstone investors.
Directors & Management
| Chairman | 宋寧 |
|---|---|
| Company Secretary | 石欣霖 |
執行董事 (2)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 宋宁 | — | 執行董事 |
| 2 | 翁资欣 | — | 執行董事 |
非執行董事 (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 徐晨 | — | 非執行董事 |
| 2 | 邬玲仟 | — | 非執行董事 |
| 3 | 杨泽浩 | — | 非執行董事 |
獨立非執行董事 (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 查扬 | — | 獨立非執行董事 |
| 2 | 张竞 | — | 獨立非執行董事 |
| 3 | 王开峰 | — | 獨立非執行董事 |
Major Shareholders
| Major Shareholders & Holdings | CONTROLLING SHAREHOLDERS (e) our Company will disclose decisions on matters reviewed by the independent non- executive Directors either in its annual reports or by way of announcements as required by the Listing Rules; (f) where our Directors reasonably request the advice o |
|---|
AI
AI Analysis
Market Sentiment
The IPO for Deshi-B (02526) saw an extraordinary oversubscription ratio of 1,073.37x, driven by intense retail enthusiasm for the 18A biotech listing. With a near-zero hit rate and 115,017 valid applications, the offer was heavily oversubscribed, indicating investors were willing to compete fiercely for shares at the HK$99 offer price. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
Given the 1,073x oversubscription, expected allocation lots for the last A-tier (甲尾) and first B-tier (乙头) were likely to be extremely close, potentially eliminating the typical tier advantage. The extreme scale of oversubscription often renders broker fee efficiency negligible, as even top-tier applicants secured only minimal allocations. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Demographic data for this IPO is unavailable; however, 18A biotech listings often attract strong mainland China interest, with Guangdong-based investors typically representing a significant share. Without concrete holder counts, regional and gender trends cannot be assessed. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Offering Structure
Subscription Tiers
IPO Timeline
