STAR SPORTS MEDICINE Co., Ltd. (Beijing Tiansing Medical Co., Ltd., STAR SPORTS MEDICINE CO., LTD., 01609.HK) has initiated its Hong Kong IPO. The subscription period runs from April 24 to April 29, 2026. The company plans to globally offer 8,421,850 H shares at an offer price of HK$98.50 per share. Each board lot consists of 50 shares, with an entry subscription fee of approximately HK$4,974.67. The shares are expected to be listed on the Main Board of the Hong Kong Stock Exchange on May 5. CITIC Securities (Hong Kong) and CCB International Capital are acting as joint sponsors.

STAR SPORTS MEDICINE: China’s Largest Domestic Provider of Sports Medicine Implants and Devices

Offering structure: Hong Kong public offering accounts for approximately 10% (842,200 shares), while the international placing accounts for approximately 90% (7,579,650 shares).

Offer price: HK$98.50 per share; board lot size of 50 shares; entry fee approximately HK$4,974.67.

Offering period: April 24–29.

Listing date: May 5.

Joint sponsors: CITIC Securities (Hong Kong), CCB International Capital.

Company Overview

STAR SPORTS MEDICINE is a China-based medical device company focusing on sports medicine clinical solutions. Its product portfolio covers implants, active devices and consumables, surgical instruments, and regenerative repair products, totaling 63 products. These products address soft tissue injury treatment and sports rehabilitation across multiple body parts, including the shoulder, knee, hip, foot and ankle, elbow, and wrist.According to Frost & Sullivan, based on 2024 sales revenue, the company ranked as the fourth-largest provider of sports medicine implants and devices in China, with a market share of approximately 6.5%, and is also the largest domestic provider in this segment. As of December 31, 2025, its products had been adopted by more than 3,000 hospitals in China (including over 1,000 tertiary hospitals), and had obtained over 200 medical device regulatory approvals in more than 50 countries and regions, including Europe, Southeast Asia, the Middle East, and Latin America.

Financial Information

According to the prospectus, STAR SPORTS MEDICINE recorded revenue of approximately RMB 238.5 million, RMB 327.1 million, and RMB 402.8 million for 2023, 2024, and 2025, respectively. Net profit for the same periods was approximately RMB 57.11 million, RMB 95.39 million, and RMB 137.0 million. Gross profit margins were 74.3%, 69.6%, and 74.1%, respectively.Based on the offer price of HK$98.50 per share, the company expects net proceeds from the global offering to be approximately HK$758.4 million. The proceeds are intended to be used for: approximately 30% to expand production capacity and improve production efficiency; approximately 35% to support patient-oriented research and development; approximately 25% for commercialization and global sales and marketing activities; and approximately 10% for working capital and general corporate purposes.

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

Grey-market trading supported

* 0 % interest applies to margin subscription amounts of HK$20 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 5 December 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for STAR SPORTS MEDICINE via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to public offerings. After logging into the app, tap "Trade" at the bottom-right, go to "IPO Subscription," select STAR SPORTS MEDICINE, tap "Public Offer," enter your subscription quantity, and submit your order.

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