Company: Star Sports Medicine Co., Ltd.

Date of Prospectus: April 24, 2026

Star Sports Medicine Co., Ltd. Hong Kong IPO: Growth, Strategy, Risks, and Outlook for Investors

Star Sports Medicine Co., Ltd. launches a high-profile Hong Kong IPO, offering investors a stake in China’s leading sports medicine device company. This in-depth analysis covers IPO pricing, deal structure, cornerstone investor allocations, financial performance, growth trajectory, sector outlook, and risk factors, providing actionable intelligence for market participants.

IPO Snapshot: Key Terms and Offer Details

Star Sports Medicine Co., Ltd. (“Star Sports Medicine”) is debuting on the Hong Kong Stock Exchange under the symbol 1609. The Global Offering consists of 8,421,850 H Shares, with 842,200 H Shares allocated for the Hong Kong Public Offering (subject to reallocation) and 7,579,650 H Shares for the International Offering (subject to reallocation).

Offer Price: HK\$98.50 per H Share

Nominal Value: RMB1.00 per H Share

Post-IPO Outstanding Shares: 54,831,344 H Shares (including 46,409,494 H Shares converted from Unlisted Shares)

IPO Symbol: 1609

Use of Proceeds: Growth-Driven Allocation

Star Sports Medicine is pursuing an aggressive growth strategy with its IPO proceeds. The company expects to net approximately HK\$758.4 million from the offering (after deducting underwriting commissions and expenses of HK\$71.2 million, or 8.6% of gross proceeds). Allocation highlights:

• 30% (HK\$227.5 million): Expand production capacity and enhance efficiency
• 35% (HK\$265.5 million): R&D for patient-oriented products
• 25% (HK\$189.6 million): Commercialization, sales, and marketing (reinforce China leadership, global brand)
• 10% (HK\$75.8 million): Working capital and general corporate purposes

This allocation confirms a strong growth orientation, with significant investment in R&D and expansion.

Placement Breakdown and Investor Participation

Breakdown:

• Hong Kong Public Offering: 842,200 H Shares (retail and professional investors)
• International Offering: 7,579,650 H Shares (institutional and cornerstone investors)
• Cornerstone Investors: Key names include OAP IV (HK) Limited and JSC International Investment Fund SPC (Shenghai SP), among others
• OAP IV (HK) Limited: Exercising anti-dilution rights to subscribe for 397,650 Offer Shares, maintaining its pre-IPO percentage holding (rounded down to nearest board lot)

All cornerstone allocations are at the final offer price, with no preferential rights or side agreements except guaranteed allocation.

Lock-up: Existing shareholders and cornerstone investors cannot dispose of their shares for 12 months (existing shareholders) and 6 months (cornerstone investors) post-listing.

Deal Parties and IPO Structure

Joint Sponsors, Coordinators, Bookrunners, and Lead Managers:

• CLSA Limited
• CCB International Capital Limited
• China Galaxy International Securities (Hong Kong) Co., Limited
• CMBC Securities Company Limited
• CITIC Securities (Hong Kong) Limited

Underwriting: The Hong Kong Public Offering is fully underwritten. The International Underwriting Agreement is expected to be signed on or around April 29, 2026.

Stabilization: No over-allotment option (greenshoe) disclosed. Syndicate members are subject to restrictions against market manipulation.

Company Overview: Business Model and Sector

Star Sports Medicine is a China-based medical device company specializing in clinical sports medicine. It develops, manufactures, and sells sports medicine devices for hospitals and clinics, focusing on patient-oriented innovation.

Revenue Streams: Sales of sports medicine devices and related products to hospitals and clinics.

Customer Segments: Hospitals, clinics, medical professionals.

Geographic Focus: China (primary), with plans to expand global presence.

Industry Overview: Sports medicine device sector in China, with rapid growth and increasing market demand. Industry report available from China Insights Industry Consultancy Limited.

Financial Health and Performance

Multi-year financials showcase operational strength and expansion:

Retained earnings as of December 31, 2025: RMB 267.4 million

Listing expenses: HK\$71.2 million (8.6% of gross proceeds). Underwriting fees: HK\$33.3 million; legal/reporting/accountants: HK\$24.5 million; other fees: HK\$13.4 million.

Market Position and Competitive Advantages

Star Sports Medicine claims leadership in China’s sports medicine device market. The company’s growth is supported by strong R&D investment, commercial expansion, and brand-building efforts. No direct market share or ranking figures are disclosed.

Brand strength: Reinforced by commercialization and marketing allocation (HK\$189.6 million).

Management Team Overview

Board of Directors: Names, roles, and experience are detailed in the prospectus. The Board includes directors and senior management with deep sector and industry expertise.

Sector, Timing, and Environment

Sector Trends: Rapid expansion in clinical sports medicine devices, with strong demand drivers. The industry is characterized by patient-oriented innovation and rising market needs in China.

Timing:

• IPO Application Opens: 9:00 a.m., Friday, April 24, 2026
• Application Window Ends: 12:00 noon, Wednesday, April 29, 2026
• Listing Expected: 9:00 a.m., Tuesday, May 5, 2026

Economic Environment: No adverse macro indicators disclosed. The company did not carry out major acquisitions, disposals, or mergers during the track record period.

Recent Developments and Corporate Actions

Company converted to joint stock limited liability structure in March 2023. Explored Shanghai Star Market listing in 2023, but shifted to Hong Kong for international investor access.

Pre-IPO Investments: Raised funds from professional investment companies including OAP IV and others. All proceeds have been utilized for business expansion and working capital.

Risk Factors: Key Exposures Highlighted

• Complex and evolving regulatory environment
• Product innovation risk: Delays or interruptions in R&D, failure to achieve market acceptance
• Pricing risk: Downward pressure from government-administered pricing
• Ownership concentration: Controlling shareholders may influence major decisions; possible impact on minority shareholders
• Reliance on official government statistics: Prospectus notes possible inaccuracies
• Forward-looking risks: Actual results may differ from projections due to uncontrollable factors

Growth Strategy and Expansion Plans

Expansion plans:

• Increase production capacity and efficiency (HK\$227.5 million allocated)
• R&D for new sports medicine devices (HK\$265.5 million)
• Commercialization and global branding (HK\$189.6 million)
• Working capital and corporate purposes (HK\$75.8 million)

Strategic direction: Focus on patient-oriented innovation, reinforcing domestic leadership, expanding global presence.

Ownership and Lock-Up Structure

Pre-IPO Shareholding: OAP IV held 9.28% pre-IPO, expected to hold no more than 9.28% post-IPO via anti-dilution rights.

Lock-up: Existing shareholders (including Pre-IPO investors) locked for 12 months post-listing. Cornerstone investors locked for 6 months. Free float expected to be no less than 10% of total share capital at listing.

Valuation and Peer Comparison

No peer company symbols or valuation metrics are disclosed in the prospectus; thus, a comparison table is not included.

Research & Opinions

No analyst coverage, price targets, or opinions are disclosed.

IPO Allotment Result

Final allocation results, including levels of subscription and successful applicants, will be published no later than 11:00 p.m., Monday, May 4, 2026, on starsportmed.com and hkexnews.hk.

Listing Outlook

Based on the disclosed strong cornerstone investor participation, full underwriting, growth-driven use of proceeds, robust financials, and market leadership claims, Star Sports Medicine’s IPO appears to be worth subscribing. The book quality, cornerstone allocations, and institutional involvement suggest probable demand strength on listing day. Given these facts, the first-day trading range is likely to be at or above the offer price of HK\$98.50, with strong support from the syndicate and cornerstone investors.

Prospectus Access and How to Apply

Prospectus and IPO information are available at: www.hkexnews.hk and starsportmed.com

Application channels:

• White Form eIPO service at www.eipo.com.hk
• HKSCC EIPO channel (via brokers/custodians participating in HKSCC’s FINI system)

Eligibility: Applicants must be aged 18+, have a Hong Kong address (for White Form eIPO), and be outside the United States (non-U.S. Persons). Applications are accepted electronically only.

Application Window: Opens 9:00 a.m., April 24, 2026; closes 12:00 noon, April 29, 2026.