Dexi-B successfully listed on the Hong Kong Stock Exchange, with Futu serving as the OC to support the company's IPO

On March 30, 2026,the world's leading AI medical imaging large model company— Hangzhou Dexi Biotechnology Co., Ltd. (shortened: Dexi-B, stock code:2526.HK) successfully listed on the Main Board of the Hong Kong Stock Exchange, officially entering a new phase of capital market development.

During this IPO process, Futu Securities International (Hong Kong) Co., Ltd. acted asOverall coordinator, joint global coordinators, joint bookrunners, and joint lead managers (OC)Fully participating in the entire issuance process. Leveraging the advantages of a global technology trading platform and vast resources of high-net-worth and institutional investors, Futu efficiently introduced diverse, high-quality, and actively trading global capital to Deshi, helping the company solidify its investor structure and laying a strong foundation for stock activity and market liquidity post-IPO.

Deshi-B is deeply committed to the medical imaging large model platform sector, launching the iMedImage® general medical imaging large model in 2025, creatingthe world’s first billion-parameter cross-modal medical imaging foundational model. In simple terms, this model breaks through the limitations of traditional single-modality medical imaging AI, covering 19 medical imaging modalities such as CT, MRI, ultrasound, pathology, chromosomes, and more than 90% of clinical medical imaging scenarios, transforming the industry's traditional model of starting from scratch. With billions of parameters, this model has become the world’s largest general-purpose medical imaging foundational model.

According to the prospectus, Deshi is a leading provider of medical imaging AI products and services in China, building an end-to-end solution system encompassing “software + equipment + consumables + technology licensing,” with core coverage in reproductive health, hematological oncology, and other fields.

According to Frost & Sullivan:

- In terms of 2024 revenue, the company holds a 30.6% market share in China’s karyotype analysis field, ranking first in the industry and successfully breaking the long-term monopoly of international manufacturers;

- The company's independently developed iMedImage® medical imaging foundational large model supports 19 medical imaging modalities, covering over 90% of clinical medical imaging scenarios, making it one of the earliest technology enterprises in China to achieve commercial implementation of a foundational model;

- The core product, AIAutoVision®, is the first intelligent chromosome karyotype analysis product in China to enter the innovative medical device green channel, demonstrating excellent performance in clinical trials, with analysis efficiency increasing threefold compared to traditional manual methods.

The company's products have entered the entire country400 medical institutions, covering31 provinces and municipalities, with a 40% adoption rate in the top ten hospitals in China. It is a benchmark enterprise in the domestic medical imaging AI sector replacing foreign brands.

According to a Frost & Sullivan report, the market size for chromosomal karyotyping analysis in China is growing rapidly, with an intelligent penetration rate of only 1.4%, indicating vast room for future growth and providing strong momentum for industry leaders.

Financial data shows that Desh-B’s business scale is expanding rapidly, with continuous improvement in profitability. In 2023 and 2024, the company achieved revenues ofRMB 52.84 million and RMB 70.35 million; in the first nine months of 2025, revenue reachedRMB 112 million, growing by469.8%, with overall gross margin increasing significantly from 42.9% in the same period of 2024 to75.9%, while losses continued to narrow.

The prospectus discloses,Dexi intends to allocate the net proceeds from this IPO for the following strategic purposes:

– 49%: For the research and development and commercialization of its core product, AIAutoVision®;

– 20%: For the base model upgrade of iMedImage® and AI technology enhancement;

– 10%: For further research and development of other medical imaging software candidates and medical devices;

– 8%: For strengthening commercial capabilities and market penetration in China;

– 5%: For expanding global market operations;

– 8%: For pursuing strategic cooperation and investment opportunities in the medical value chain.

This listing on the Hong Kong stock market will further enhance Dexi-B's focus on technology R&D, commercial implementation, and global market expansion, solidifying its position in the AI medical imaging industry and accelerating the high-quality growth of China’s medical AI sector.

As a leading digital fintech company, Futu leverages an investor ecosystem of over 29.18 million and a comprehensive enterprise service system to provide businesses with end-to-end services throughout the pre-IPO, IPO, and post-IPO stages. These include one-stop ESOP management solutions, Hong Kong and US IPO distribution*, investor relations (IR) and PR, financial public relations services, international placements, and secondary trading services as core offerings.

By Q4 2025, more than half of the top ten Hong Kong IPOs by fundraising amount have collaborated with Futu. Nearly half of the Hong Kong IPO projects in Q4 are partnered with Futu. The total subscription amount for Hong Kong IPOs on Futu's platform reached 3.5 trillion HKD in Q4, firmly ranking first in the market. Futu’s capabilities in US IPOs are also notable, achieving full allocation for all retail investors participating in popular new listings such as Bullish, Figure, and Gemini.

As of Q4 2025, Futu's corporate services clientele has reached 1,161 companies, providing IPO distribution and IR services for 600 enterprises. It has successfully assisted 387 companies, including Meituan, Kuaishou, Xiaomi, Baidu, KE Holdings, JD Health, and Bilibili, in going public in Hong Kong and the US. To date, Futu has signed agreements with 830 companies for ESOP services, with 1,300 listed companies having established a presence on Futu’s platform.

In the future, Futu will fully leverage its resources and market influence to provide more professional and efficient services to a wider range of clients!

*Securities-related businesses such as IPO distribution are provided by licensed subsidiaries under Futu.

*Data source: Market value calculated based on the first day of listing.

*Data source: Futu's Q4 2025 earnings report

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