DeShi Dark Pool Surges 101%: "DeZhi Mi" Reshapes the Valuation System of Tech Stocks

How will the DeShi case restructure the valuation system for tech stocks?

At the end of March 2026, the Hong Kong stock market is destined to be tumultuous. Major tech giants are entering their earnings disclosure period, and recently, artificial intelligence has become the core focus of capital, with AI companies that have clear practical applications gradually becoming key targets for value reassessment.

The Hangzhou DeShi Biotechnology Co., Ltd. (referred to as “DeShi”), which is set to debut on the Hong Kong Stock Exchange on March 30, is entering the market against this backdrop. Its stock price surged approximately 101% in dark pool trading, sparking discussions about the rationality and sustainability of its valuation.

From a short-term performance perspective, this increase can easily be attributed to a mismatch between supply and demand for new shares and emotional drivers. However, if we observe it within the current AI industry cycle and the regulatory environment of the Hong Kong stock market, it is more necessary to understand the driving factors from the industrial logic and the company’s fundamentals.

From Scarcity to Practical Application: Why DeShi Achieved Market Premium

In recent years, the overall Hong Kong stock tech sector has been under pressure, primarily due to unclear profit models, lengthy commercial realization cycles, and valuation compression caused by tightening global liquidity. Against this backdrop, market preferences have begun to shift; investors are clearly more inclined to invest in companies that already possess commercialization capabilities and can be embedded into real industrial scenarios, rather than those that merely tell distant visions. This preference has been further strengthened as generative artificial intelligence transitions from technology validation to practical application.

The development of AI has also shown a divergence; while most companies remain at the stage of showcasing model capabilities, some have begun to enter specific industries, attempting to solve real problems. The latter naturally finds it easier to gain funding recognition in the current market environment.

DeShi’s positioning precisely aligns with this change; the company has not chosen to compete in the fiercely competitive general large model arena but has instead directly entered the high-barrier field of medical imaging.

For a long time, the Hong Kong stock 18A sector has been dominated by innovative drugs and medical devices, with the valuation system centered around clinical progress and sales conversion. However, there are relatively few medical companies that truly use artificial intelligence as a core driving force. DeShi’s emergence fills this structural gap to some extent.

DeShi’s choice makes it inherently scarce in the current Hong Kong stock market.

More importantly, the healthcare industry itself has high entry barriers. Whether it is data acquisition, professional annotation, or product approval and compliance requirements, all determine that this track is difficult to replicate quickly. For AI companies, even if they have general model capabilities, it is still challenging to achieve deep adaptation to medical scenarios in a short time.

Therefore, the advantages that DeShi has established are not only reflected in technological aspects but also in its long-term accumulation of industry resources and implementation capabilities.

As a result, the premium currently given by the market implicitly reflects expectations of its continued expansion capabilities.

The Tension Between Fundamentals and Valuation: “DeShi” and “ZhiZhiMi” Reaching the Same Goal Through Different Paths

From an industrial perspective, current domestic AI companies are forming different development paths: one type focuses on general models, attempting to build an underlying ecosystem; another focuses on product layers, emphasizing user experience and commercial conversion; and a third delves deep into vertical industries, solving specific problems through technology.

DeShi belongs to the third path, where the core logic is not maximizing scale but achieving higher commercial certainty through high-barrier scenarios. This path is reasonable at the current stage, but its long-term potential still depends on the ability to expand scenarios and the degree of product standardization.

DeShi’s performance over the past two years has also confirmed the feasibility of this path, with the company’s revenue growing from approximately 52.84 million yuan in 2023 to about 70.35 million yuan in 2024, and reaching about 112 million yuan in the first three quarters of 2025, showing a significant acceleration in growth. This typically indicates that the company is transitioning from the early validation phase to the commercial ramp-up phase.

If we look at DeShi in isolation, it is easy to overestimate or underestimate its position. By examining the entire Hong Kong stock market and using companies like ZhiPu AI and MiniMax as reference points, we find that the diversion of AI companies has formed different valuation anchors.

From a business model perspective, ZhiPu AI represents an infrastructure-type path, with its core focusing on building general large model capabilities and outputting those capabilities to various industries through APIs and private deployments. Therefore, its valuation is often based on long-term revenue scale and ecological positioning rather than short-term profits.

MiniMax is closer to a product and business efficiency-first path, emphasizing model stability and cost-effectiveness in actual usage scenarios and focusing more on whether users are willing to continue paying. This strategy helps enhance income quality and cash flow performance, but its ceiling height depends on the product’s ability to continually expand its application boundaries.

In contrast, DeShi’s path leans more towards deep cultivation in vertical industries. It does not attempt to become a provider of general capabilities, nor does it rely on a large-scale C-end user base. Instead, it establishes a relatively closed but stable commercial system by entering the high-barrier field of medical imaging. Relevant data shows that DeShi’s products have covered over 400 medical institutions nationwide, achieving a closed-loop verification system from model development to clinical implementation.

Returning to DeShi itself, the company has built a diversified business matrix covering “medical imaging software + medical devices + reagent consumables + technical licensing,” and this diversified revenue structure has, to some extent, enhanced its risk resistance.

It is worth noting that DeShi, as the first AI-listed company in Hangzhou following the city’s goal of becoming “the first city for AI innovation and development,” has also, to some extent, taken on the external environment of local policies and industrial clusters, becoming one of the reference factors for the market in assessing its growth potential.

In terms of valuation, the current market clearly tends to give it a certain degree of “technology premium,” rather than pricing it entirely according to traditional medical device companies. The current price has to some extent already reflected the market’s optimistic expectations for its future growth, which also means that continued performance realization will be needed to support this valuation level.

Long-Term Proposition: The Pricing Framework for Tech Companies Will Be Restructured

Overall, DeShi’s rise in the dark pool phase is the result of the combined effects of industrial trends, market environment, and the company’s own conditions.

The medical AI track in which the company operates has real demand, and its business model has been preliminarily validated. These factors constitute the basis for the valuation reassessment. However, at the same time, the current price has already partially incorporated expectations for future growth.

In this context, the market’s focus will gradually shift from whether there is imaginative space to whether it can continue to deliver. Investors are not concerned with short-term increases but rather with whether the company can continuously prove its technological barriers and business capabilities over the next few financial reporting cycles.

From a longer-term perspective, DeShi’s case also reflects a shift occurring in the Hong Kong stock market, where capital is beginning to place more emphasis on the combination of technological capabilities and industrial implementation, rather than being driven solely by narrative.

The sensitivity of capital is always acute; when a company simultaneously masters the trends of the times, policy dividends, and insurmountable technological moats, the market will naturally revalue it in the most vigorous manner. If this logic can continue, it will provide a clearer pricing framework for truly innovative tech companies.

For DeShi, its long-term value still needs to be gradually revealed in subsequent development and performance realization.