O'Melveny Represents Leading Medical Imaging AI Company Diagens Biotechnology in US$101 Million Hong Kong IPO

O'Melveny represented Hangzhou Diagens Biotechnology Co., Ltd., known as Diagens, in its initial public offering and listing on the Main Board of the Hong Kong Stock Exchange. The total offering size was approximately HK$790 million (approximately US$101 million). O'Melveny acted as Hong Kong and U.S. counsel to Diagens and drafted the prospectus. Huatai Financial Holdings (Hong Kong) Limited acted as the sole sponsor. Futu Securities International (Hong Kong) Limited acted as another key underwriter. The transaction is recognized as the first IPO of a medical imaging AI model. Diagens is a medical device company focused on the development of medical imaging products and services. In 2024 it held the largest market share in China's chromosome karyotype analysis system market by revenue. Its self-developed medical imaging foundation model, iMedImage, features a parameter scale at the hundred-billion level and supports 19 medical imaging modalities, covering over 90 percent of clinical medical imaging scenarios. The company's products have been deployed in over 400 healthcare centers and medical institutions, including China's top hospitals. The public offering was oversubscribed by more than 1073 times. This is the firm's 22nd Chapter 18A listing. O'Melveny has advised on over a quarter of all biotech company IPOs since the Chapter 18A of Hong Kong's Main Board Listing Rules were adopted in 2018. The O'Melveny team was led by partners Ke Zhu, Ke Geng and Vincent Wang. The core team members included associates Alfred Li and Jingwei Huang, legal manager Rachel Peng, legal consultants Ziyan Gao and Xenia Zeng, trainee solicitor Bianca Cheng, and legal consultant intern Willing Lin. Counsel Brian Ge, associate Yirong Du, legal consultant Zheng Li, and legal consultant intern Lifeng Tan also provided support.