The initial public offering for STAR SPORTS MED (01609), a supplier of sports medicine medical devices, concluded after being open from April 24 to April 29. Market sources indicate that by noon on April 29, the company had recorded HKD 530.47 billion in margin financing subscriptions. Based on a public offering size of HKD 82.96 million, this represents an oversubscription of approximately 6,393.3 times.
STAR SPORTS MED plans to issue 8.422 million H-shares, with 10% offered to the public in Hong Kong. The final offer price has been set at HKD 98.5 per share, aiming to raise HKD 830 million. Each board lot consists of 50 shares, with an entry cost of HKD 4,974.7 per lot. The company is expected to begin trading on May 5. CITIC Securities and CCB International are acting as the joint sponsors.
The IPO has attracted cornerstone investments from JSC International (representing Shenghai SP), a subsidiary of the Beijing state-owned Beijing Financial; OrbiMed's OrbiMed Asia Partners IV; and the Greater Bay Area Homeland Investments. These cornerstone investors have committed a total of USD 37 million (approximately HKD 290 million).
Regarding the use of proceeds, 30% is allocated for expanding production capacity and enhancing efficiency. Another 35% will support research and development focused on a patient-oriented product strategy. A further 25% is designated for commercialization, sales, and marketing activities, while the remaining 10% will be used for working capital and general corporate purposes.
According to its prospectus, STAR SPORTS MED is a China-based medical device company specializing in clinical solutions for sports medicine. Data from CIC indicates that based on 2024 sales revenue, the company is the fourth-largest provider of sports medicine implants and instruments in China, holding approximately 6.5% of the market share. It is also the largest domestic provider in this segment.
Leveraging its self-developed implants, active equipment, related consumables, and surgical instruments, the company offers comprehensive solutions for treating soft tissue injuries—such as rotator cuffs, ligaments, and meniscus—affecting the shoulder, knee, hip, foot/ankle, elbow, and hand/wrist. It also provides full-spectrum solutions for sports rehabilitation and prevention.
As of December 31, 2023, the company's products had entered over 1,000 hospitals. This number increased to more than 3,000 hospitals by December 31, 2025, including over 1,000 tertiary hospitals. Cumulative product sales surpassed 2 million units by the end of 2025.
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