IPO Timeline Raw facts
Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading
Company Overview
| Stock Name | Star Sports Med |
|---|---|
| Stock Code | 01609 |
| Company Full Name | Star Sports Medicine Co., Ltd. |
| Industry | Biotech & Pharma |
| Principal Activities | China-based medical device company specializing in providing clinical sports medicine |
| Listing Date | 2026-05-05 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | No. 25, Jinghai 2nd Road Beijing Economic and Technological Development Zone Beijing, PRC |
| Business Address (Hong Kong) | 40/F, Dah Sing Financial Centre No. 248 Queen’s Road East Wanchai Hong Kong |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | starsportmed.com |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | Computershare Hong Kong Investor |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 98.50 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 50 shares |
| Entry Threshold | HK$ 4,925 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-04-24 to 2026-04-29 |
| Global Offering Shares | 8,421,850 shares |
| HK Public Offer Shares (Initial) | 842,200 shares (10.0%) |
| Public Offer Lots (Initial) | 16,844lots (Pool A8,422lots，Pool B8,422lots) |
| International Placing Shares (Initial) | 7,579,650 shares (90.0%) |
| Offer Ratio | ~15.36% |
| Total Shares Post-IPO | 54,831,344 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 34.7% |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 829,552,225 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 50 | HK$ 4,925 |
| 2 lots | 100 | HK$ 9,850 |
| 3 lots | 150 | HK$ 14,775 |
| 4 lots | 200 | HK$ 19,700 |
| 5 lots | 250 | HK$ 24,625 |
| 6 lots | 300 | HK$ 29,550 |
| 7 lots | 350 | HK$ 34,475 |
| 8 lots | 400 | HK$ 39,400 |
| 9 lots | 450 | HK$ 44,325 |
| 10 lots | 500 | HK$ 49,250 |
| 12 lots | 600 | HK$ 59,100 |
| 14 lots | 700 | HK$ 68,950 |
| 16 lots | 800 | HK$ 78,800 |
| 18 lots | 900 | HK$ 88,650 |
| 20 lots | 1,000 | HK$ 98,500 |
| 30 lots | 1,500 | HK$ 147,750 |
| 40 lots | 2,000 | HK$ 197,000 |
| 50 lots | 2,500 | HK$ 246,250 |
| 60 lots | 3,000 | HK$ 295,500 |
| 70 lots | 3,500 | HK$ 344,750 |
| 80 lots | 4,000 | HK$ 394,000 |
| 90 lots | 4,500 | HK$ 443,250 |
| 100 lots | 5,000 | HK$ 492,500 |
| 200 lots | 10,000 | HK$ 985,000 |
| 300 lots | 15,000 | HK$ 1,477,500 |
| 400 lots | 20,000 | HK$ 1,970,000 |
| 500 lots | 25,000 | HK$ 2,462,500 |
| 600 lots | 30,000 | HK$ 2,955,000 |
| 700 lots | 35,000 | HK$ 3,447,500 |
| 800 lots | 40,000 | HK$ 3,940,000 |
| 900 lots | 45,000 | HK$ 4,432,500 |
| 1,000 lots | 50,000 | HK$ 4,925,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,200 lots | 60,000 | HK$ 5,910,000 |
| 1,400 lots | 70,000 | HK$ 6,895,000 |
| 1,600 lots | 80,000 | HK$ 7,880,000 |
| 1,800 lots | 90,000 | HK$ 8,865,000 |
| 2,000 lots | 100,000 | HK$ 9,850,000 |
| 3,000 lots | 150,000 | HK$ 14,775,000 |
| 4,000 lots | 200,000 | HK$ 19,700,000 |
| 5,000 lots | 250,000 | HK$ 24,625,000 |
| 6,000 lots | 300,000 | HK$ 29,550,000 |
| 7,000 lots | 350,000 | HK$ 34,475,000 |
| 8,422 lots | 421,100 | HK$ 41,478,350 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 5.27B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 5,400,887,384 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net profit RMB 137 million |
| Period-End Cash Balance | RMB 26.9 million |
| Listing Expenses | ~HK$ 2,000,000 |
| Listing Expenses / Funds Raised | ~8.6% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 0.64 |
|---|---|
| First Day Open | HK$ 0.62 |
| First Day Change | -8.57% |
| First Day Volume | 110035000.0 |
| First Day Turnover | 71691200.0 |
| Use of Proceeds | 1、約30.0%或227.5百萬港元，將用于擴大生產能力并提升生產效率，以便能夠滿足快速增長的市場需求；
2、約35.0%或265.5百萬港元，將用于支持以患者為導向的產品策略的研發工作；
3、約25.0%或189.6百萬港元，將用于商業化、銷售及市場推廣活動，以鞏固在中國的領先地位并建立全球市場存在及品牌形象；
4、約10.0%或75.8百萬港元，將用于營運資金及一般企業用途。 |
Underwriting Syndicate
Sponsor cum Overall Coordinator (1)
CLSA LIMITED CE AAB893
Overall Coordinators (3)
Joint Global Coordinators (4)
Joint Bookrunners (8)
CLSA LIMITED CE AAB893
建银国际金融有限公司 CE AJO225
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
CMBC SECURITIES COMPANY LIMITED CE APU820
Futu Securities International (HONG KONG) Limited CE AZT137
Open Securities Limited CE ACS694
ORIENT SECURITIES (HONG KONG) LIMITED CE AVD362
ZHESHANG INTERNATIONAL FINANCIAL HOLDINGS CO., LIMITED CE BGD825
Joint Lead Managers (8)
CLSA LIMITED CE AAB893
建银国际金融有限公司 CE AJO225
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
CMBC SECURITIES COMPANY LIMITED CE APU820
Futu Securities International (HONG KONG) Limited CE AZT137
Open Securities Limited CE ACS694
ORIENT SECURITIES (HONG KONG) LIMITED CE AVD362
ZHESHANG INTERNATIONAL FINANCIAL HOLDINGS CO., LIMITED CE BGD825
Capital Market Intermediaries (8)
CLSA LIMITED CE AAB893
建银国际金融有限公司 CE AJO225
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
CMBC SECURITIES COMPANY LIMITED CE APU820
Futu Securities International (HONG KONG) Limited CE AZT137
Open Securities Limited CE ACS694
ORIENT SECURITIES (HONG KONG) LIMITED CE AVD362
ZHESHANG INTERNATIONAL FINANCIAL HOLDINGS CO., LIMITED CE BGD825
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
Clifford Chance 北京市中伦律师事务所 北京高沃律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
欧华律师事务所 北京市天元律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 灼识行业咨询有限公司 |
| Receiving Banks | 招商永隆银行有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | JSC International Investment Fund SPC | 25,000,000 USD | 1,968,550 | 23.37% | 3.59% | 6 months | 2026-11-05 |
| 2 | 奥博亚洲四期（香港）有限公司 | 5,000,000 USD | 397,650 | 4.72% | 0.73% | 6 months | 2026-11-05 |
| 3 | 大湾区发展基金管理有限公司 | 4,000,000 USD | 318,100 | 3.78% | 0.58% | 6 months | 2026-11-05 |
| 4 | 大湾区发展基金管理有限公司 | 3,000,000 USD | 238,600 | 2.83% | 0.44% | 6 months | 2026-11-05 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | Mr. Dong Wenxing | Mr. Dong Wenxing |
| Company Secretary | Ms. Liang Xiaodan | Ms. Liang Xiaodan |
| Executive Director | 董文兴 | Dong Wenxing |
| Non-Executive Director | 张迪 | Zhang Di |
| Independent Non-Executive Director | 吕振林 | Lyu Zhenlin |
| Executive Director | 和路 | He Lu |
| Non-Executive Director | 常喜 | Chang Xi |
| Independent Non-Executive Director | 邓宇 | Deng Yu |
| Non-Executive Director | 王国玮 | David Guowei Wang |
| Independent Non-Executive Director | 刘宝杰 | Liu Baojie |
| Non-Executive Director | 易琳 | Yi Lin |
| Independent Non-Executive Director | 王春飞 | Wang Chunfei |
| Non-Executive Director | 周瑔 | Zhou Quan |
| Independent Non-Executive Director | 许景涛 | Xu Jingtao |
| Independent Non-Executive Director | 杨腾飞 | Yang Tengfei |
| Independent Non-Executive Director | 王亚丽 | Wang Yali |
Major Shareholders
| Major Shareholders & Holdings | Mr. Dong holds a 33.14% equity interest, and through 天津鉑康 controls 天津吉康 (1.88%), 天津普合 (2.36%) and 天津運康 (4.09%), controlling approximately 41.47% of the voting rights in aggregate. 蘇州君聯 holds 9.71%, 沛昕 holds 5.39%, 廈門德福 holds 10.64%, and 奧博亞洲四期 holds 9.28%. |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
The IPO saw overwhelming demand with an oversubscription ratio of 7,823x, signaling extreme retail enthusiasm. The overall hit rate of just 5.6% underscores the intensity of allocation competition. The fixed offer price of HK$98.5 leaves no pricing range dynamics to assess. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
The A-tail (50,000 lots applied) and B-head (60,000 lots) both received an expected allocation of just 1 lot, rendering the jump to B-tier cost-inefficient due to minimal incremental gain. With such low expected allocations, broker fee and interest costs likely erode any potential return for large applications. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Mainland China investors accounted for 59% of total holders, indicating strong cross-border interest in this medical device stock. Male applicants dominated at 60.4%, while the female share stood at 39.6%. No further regional breakdown is available. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
