【New Stock IPO】Tencent Partner, "Hidden Champion" Enterprise Fang De Shi Biological Technology Seeks Listing　　Last Year Mid-Year Valuation Nearly 2.6 Billion Yuan　　Focuses on Chromosome AI Detection Technology

Mainland China specialized and innovative “Little Giant” enterprises, Tencent Holdings (00700)
Partner DeShi Biotechnology is listed on the Hong Kong Stock Exchange for a hearing, with Huatai International as the sole sponsor. According to the earlier filing approved by the China Securities Regulatory Commission, this offering plans to issue no more than 31.004 million overseas-listed ordinary shares.

The company is a biotech firm that has not yet turned a profit, mainly developing medical imaging products and services. It currently has six medical imaging software products, including the core product AI AutoVision in the registration stage, the commercialized product AutoVision, and four preclinical candidate products.

AI AutoVision significantly reduces sample analysis time — each doctor can process about 40 more samples compared to traditional methods

AI AutoVision is an independently developed intelligent chromosome karyotype-assisted diagnosis software that uses artificial intelligence (AI) algorithms for automatic chromosome segmentation, counting, and arrangement, especially for case-level abnormality detection. It is expected to obtain Class III medical device registration in the first quarter of this year and is further developing to expand its use to karyotype analysis of blood malignant tumors using human bone marrow samples.

Traditional birth defect screening and assisted reproductive diagnosis rely on manual chromosome karyotype analysis, which is complex and time-consuming. This product uses proprietary AI algorithms to quickly identify potential abnormalities and provide real-time alerts to doctors, helping improve detection efficiency and standardization. For example, AI AutoVision reduces the analysis time per sample from about 34.1 minutes to about 11.3 minutes, allowing each doctor to process approximately 8 to 12 samples daily with traditional methods, increasing to about 50 samples — an increase of 38 to 42 samples.

Partnership with Tencent in 2025 — integrating AI and cloud computing technology for comprehensive solutions

It is noteworthy that the company has established a strategic partnership with Tencent in 2025, combining its advantages in medical imaging AI with Tencent’s expertise in cloud services, modular AI algorithm output capabilities, and integrated marketing resources.

Valued at nearly 2.6 billion RMB

The company completed a capital increase in June 2025, raising its valuation to 2.559 billion RMB, a 1.32-fold increase from approximately 1.099 billion RMB after the last share activity and the October 2023 share transfer. As of the first three quarters ending September 2025, it reported a loss of 36.649 million RMB, narrowing from a loss of 50.81 million RMB in the same period of 2024; revenue reached 1.11 billion RMB, a year-on-year increase of 4.7 times.

The proceeds from this fundraising will be used for the R&D and commercialization of the core product AI AutoVision; further R&D of other medical imaging software candidate products and medical devices over the next three years; strengthening the iMedImage foundational model and AI technology; enhancing commercialization capabilities and market penetration in China; hiring staff; and strategic cooperation and investment opportunities with upstream and downstream participants in the medical value chain.

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