MDx, Precision Medicine Firm GenePlus Files for IPO on Hong Kong Stock Exchange

Original from: genomeweb

Chinese molecular diagnostics and precision medicine firm GenePlus Technology said on Sunday that it has filed for an initial public offering on the Hong Kong Stock Exchange.

The firm, founded in 2015 by former BGI executives and based in mainland China, has not yet priced the offering or said how many shares it plans to float. According to a spokesperson, it has multiple locations across China including in Shaoxing, where it is registered, and in Beijing.

The company has three business areas: precision diagnostics solutions, which offers clinical testing and in vitro diagnostic products for cancer and other diseases; drug R&D enablement solutions, which provides research and development services to biopharmaceutical companies; and clinical research and translation solutions, which offers omics research and artificial intelligence to science (AI4S) services.

In 2024, it recorded RMB 557.1 million ($79.1 million) in revenue, of which more than three quarters, or RMB 436.4 million, came from precision diagnostics; RMB 92.8 million from clinical R&D; and RMB 28.0 million from drug R&D enablement. Its net loss in 2024 was RMB 424.3 million.

Revenue for the first half of 2025 totaled RMB 285.0 million including RMB 221.6 million from precision diagnostics, RMB 50.3 million from clinical R&D, and RMB 13.1 million from drug R&D enablement. Net loss for H1 of 2025 was RMB 413.8 million.

GenePlus offers a number of cancer diagnostic tests, such as companion diagnostic panels, minimal residual disease monitoring assays, and multi-cancer early detection tests that use its GM-seq methylation technology. Its pan-cancer MRD assay was the first such test to be accepted by China's National Medical Products Administration's Innovative Medical Device Special Review Program, according to the firm.

In addition, GenePlus counts among its products an automated next-generation sequencing system called the GINSuper molecular diagnostics platform, which it has deployed in hospitals in Beijing and Changsha.

GenePlus further offers companion diagnostic and drug development services to biopharmaceutical companies, including biomarker and target discovery, target validation, and patient enrollment and exclusion testing. MGI Tech said earlier this year that GenePlus is among the first customers of its new high-throughput T7+ sequencing platform.

Moreover, it supports single-cell and spatial multiomics translational studies with its AI4S research platform in areas such as oncology, cardiovascular disease, neurological disease, and transplant monitoring. The firm said its AI multiomics infrastructure consists of its so-called "Omics Factory," its bioinformatics cloud and database, and a suite of AI models and agents. 

Specifically, it has developed three AI models: The GenoVision Multi-Modal Large Model for disease classification and molecular interpretation, the IG-NeoTri Immune Prediction Large Model for target and biomarker research with a focus on immunology and neoantigen discovery, and the CellMap Cell Foundation Large Model for the analysis of cell behavior and signaling pathways.

The firm's customers include more than 1,000 hospitals, more than 200 pharmaceutical firms, and over 500 clinical researchers.

GenePlus plans to use the proceeds from the IPO to enhance its AI multiomics infrastructure, accelerate its product development including its MRD and MCED tests, expand its commercial operations domestically and internationally, and pursue strategic collaborations and acquisitions.

As of June 2025, GenePlus had 810 full-time employees, among them 191 in R&D, 282 in sales and marketing, 243 in manufacturing and testing, and 94 in management and administration

Source: MDx, Precision Medicine Firm GenePlus Files for IPO on Hong Kong Stock Exchange