New stock news | Dexin Biosciences re-files with Hong Kong Stock Exchange once again, focusing on the development of medical imaging products and services as medical equipment.

According to the disclosure by the Hong Kong Stock Exchange on January 6th, Hangzhou Desheng Biological Technology Co., Ltd. (referred to as Desheng Biology) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Huatai International as the sole sponsor. The company had previously submitted a listing application to the Hong Kong Stock Exchange on June 29, 2025. According to the prospectus, Desheng Biology is a medical device company focused on developing medical imaging products and services. Company Profile The prospectus mentions that the company has developed a diverse product portfolio that can effectively improve diagnostic efficiency and service quality. This includes: (i) six medical imaging software products, including the core product AI AutoVision, a commercial product AutoVision, and four pre-clinical stage candidate products; (ii) three commercial medical devices; and (iii) four key reagents and consumables. In addition, Desheng Biology provides technical licensing services to meet the wide range of needs of various medical institutions, academic research institutions, and regional medical institutions. The core product AI AutoVision is a chromosome karyotype diagnostic software designed specifically for performing chromosome karyotype intelligent analysis. It is used for chromosome karyotype analysis in the following areas: (i) prenatal diagnosis of birth defects using amniotic fluid samples; and (ii) assisted reproductive diagnosis using peripheral blood samples. The prospectus mentions that Desheng Biology believes the core product AI AutoVision is fully capable of seizing market opportunities driven by this trend. Specifically, according to the officially accepted registration materials from the National Medical Products Administration, AI AutoVision is supported by AI functional modes and can provide timely notifications to doctors regarding the number and structural chromosome anomalies, as well as valuable assistance in clinical diagnosis of related diseases, saving a significant amount of time for doctors in their workflow. Additionally, multi-center clinical trial reports submitted as part of the registration materials show that the product achieved a sensitivity of 100.00% and specificity of 100.00% in detecting numerical abnormalities, and a sensitivity of 94.05% and specificity of 100.00% in detecting structural abnormalities. In addition to the core product, Desheng Biology has developed a comprehensive chromosome karyotype testing analysis software and equipment, covering the entire process from sample collection to result analysis, including medical imaging software. The second type of medical device, AutoVision, is a computer-assisted chromosome analysis software. Unlike the highly intelligent AI AutoVision, it only provides an automated chromosome cutting and arrangement workflow for user chromosome analysis. There are also four pre-clinical stage medical imaging software candidate products, including blood cell analysis software, tissue pathology analysis software, obstetric ultrasound analysis software, and intelligent handheld ultrasound analysis software. Medical devices include KayoFlow automatic cell harvester, KayoFlow slide stainer, and MetaSight automatic cell microscopic image scanning system. Financial Information Revenue In the fiscal years 2023, 2024, and for the nine months ended September 30, 2025, the company achieved revenues of approximately RMB 52,844,000, RMB 70,352,000, and RMB 111,616,000 respectively. Loss for the Year/Period In the fiscal years 2023, 2024, and for the nine months ended September 30, 2025, the company recorded losses for the year/period of RMB 56,116,000, RMB 43,375,000, and RMB 36,649,000 respectively. Gross Profit In the fiscal years 2023, 2024, and for the nine months ended September 30, 2025, the company recorded gross profits of RMB 37,495,000, RMB 46,061,000, and RMB 84,669,000 respectively. Industry Overview Intelligent medical imaging detection refers to the automatic identification and quantitative analysis of medical images using computer and deep learning technologies to provide clinical auxiliary diagnosis. In terms of market size in the intelligent medical imaging detection market, according to Frost & Sullivan data, the global market increased from USD 400 million in 2019 to USD 1.6 billion in 2024, with a compound annual growth rate of 34.6%. It is expected to reach USD 9.3 billion by 2030 and USD 25.1 billion by 2035, with compound annual growth rates of 34.9% and 21.8% respectively. In China, the market has experienced exponential growth, increasing from RMB 100 million in 2019 to RMB 2.4 billion in 2024, with a compound annual growth rate of 80.3%. This momentum is expected to continue, with the market reaching RMB 40.1 billion by 2030, with a compound annual growth rate of 60.2%, and RMB 78.1 billion by 2035, with a compound annual growth rate of 14.2%. Board of Directors Information The board of directors is composed of eight members, including two executive directors, three non-executive directors, and three independent non-executive directors. The board of directors serves a term of three years, with the possibility of reelection and reappointment, and is responsible for managing and operating the group's business with general authority over management and operation. Equity Structure As of the last practicable date, Dr. Song Ning jointly exercised voting rights attached to 42,102,157 shares, accounting for approximately 52.06% of the company's voting rights. This includes (i) personal holdings of 24,293,507 shares, accounting for approximately 30.04% of the total issued share capital; (ii) Desheng Nuohui holding 7,614,901 shares, accounting for approximately 9.42% of the total issued share capital; (iii) Desheng Nuoda holding 4,759,247 shares, accounting for approximately 5.88% of the total issued share capital; (iv) Deqian Technology holding 3,530,834 shares, accounting for approximately 4.37% of the total issued share capital; and (v) Desheng Nuoxin holding 1,903,668 shares, accounting for approximately 2.35% of the total issued share capital. Desheng Nuohui is an employee stock ownership platform managed by Dr. Song as a general partner. Desheng Nuoda, Deqian Technology, and Desheng Nuoxin are investment holding platforms established as limited partnerships under Chinese law and managed by Dr. Song as a general partner. Therefore, as of the last practicable date, Dr. Song, Desheng Nuohui, Desheng Nuoda, Deqian Technology, and Desheng Nuoxin jointly have the right to exercise voting rights attached to 42,102,157 shares, accounting for approximately 52.06% of the total issued shares, and are considered a group of controlling shareholders in accordance with the listing rules and the New Listing Applicant Guide Chapter 1.1C. Intermediary Team Sole Sponsor: Huatai Financial Holdings (Hong Kong) Limited Company Legal Counsel: Mayer Brown, Guohao Law Firm (Hangzhou) Sole Sponsor Legal Counsel: JT&N, Commerce & Finance Law Offices Auditors and Reporting Accountants: Ernst & Young Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch Compliance Consultant: Maish Capital Limited