Singapore, April 2 -- Hangzhou Diagens Biotechnology has announced commencement of trading on the Main Board of The Stock Exchange of Hong Kong. Shares closed at HK$202.60, up 104.65% from the offer price of HK$99.00, giving the company a market capitalisation of approximately HK$18 billion ($2.3 billion) at the end of its first trading day.

The IPO raised approximately $101 million through the sale of 7,999,200 H shares. The public offer tranche was 1,073 times oversubscribed. Huatai Financial Holdings (Hong Kong) acted as sole sponsor.

China-based startup Diagens is the first company whose core business is built on a medical imaging AI foundation model to list on a major international exchange. It is also the third large-model AI comp...