Company Name: Star Sports Medicine Co., Ltd.

Date of Prospectus: April 24, 2026

Star Sports Medicine Co., Ltd. IPO: A Deep Dive into China’s Leading Sports Medicine Device Company Listing on Hong Kong

IPO Snapshot: Key Offer Details and Growth Story

Star Sports Medicine Co., Ltd. (Stock Code: 1609) is launching its highly anticipated IPO on the Hong Kong Stock Exchange, offering investors unique access to China’s fast-growing sports medicine device sector. The IPO is structured as a global offering, featuring a competitive price, robust allocation, and a growth-oriented use of proceeds.

IPO Symbol: 1609
Offer Price: HK\$98.50 per H Share
Total Offer Size: HK\$829.5 million gross proceeds; net proceeds estimated at HK\$758.4 million
Number of Shares Offered: 8,421,850 H Shares (842,200 Hong Kong Offer Shares; 7,579,650 International Offer Shares)
Post-IPO Outstanding Shares: 54,831,344 H Shares (inclusive of converted Unlisted Shares)

Placement Breakdown: 10% public (Hong Kong Public Offering), 90% international (including cornerstone investors).
Cornerstone Investors: Notable allocations include OAP IV (HK) Limited, JSC International Investment Fund SPC (Shenghai SP), and others.
Minimum Board Lot: 50 H Shares (HK\$4,974.67 per lot including fees).

Use of Proceeds: Accelerating Expansion and Innovation

Star Sports Medicine is pursuing a growth-driven strategy, allocating its net IPO proceeds in the following manner:

• 30% (HK\$227.5 million): Production capacity expansion and efficiency enhancement
• 35% (HK\$265.5 million): R&D initiatives aligned with patient-oriented innovation
• 25% (HK\$189.6 million): Commercialization, sales, and marketing—reinforcing leadership in China and building global brand
• 10% (HK\$75.8 million): Working capital and general corporate purposes

This allocation signals a clear focus on scaling operations, innovating product lines, and expanding market presence, rather than deleveraging or debt repayment [[21]].

Dividend Policy and Timetable

Star Sports Medicine’s Board determines dividend payments based on profits, capital requirements, cash flows, and regulatory constraints. As of December 31, 2025, the Company had retained earnings of RMB267.4 million. No explicit payout ratio or timetable is committed, and future dividends may not reflect historical declarations [[225]].

Placement Breakdown: Public, Institutional, and Cornerstone Allocation

The IPO is divided as follows:

• Hong Kong Public Offering: 842,200 shares (open to Hong Kong public and institutions)
• International Offering: 7,579,650 shares (targeting offshore institutional and professional investors)
• Cornerstone Investors: OAP IV (HK) Limited exercises anti-dilution rights for 397,650 shares; other cornerstone investors subscribe at IPO price with a lock-up period of six months [[62], [226]].

Investor Participation and Book Quality

Cornerstone Investors: OAP IV (HK) Limited, JSC International Investment Fund SPC (Shenghai SP), among others.

• OAP IV (HK) Limited maintains its pre-IPO shareholding of approximately 9.28% via anti-dilution rights, subscribing for 397,650 shares at IPO price [[61], [62]].
• Pre-IPO investors include BEST ALIVE, Suzhou Junlian, OAP IV, and 3W Fund, who have already fully utilized their investment proceeds for business expansion [[108], [110]].
• No pre-listing disposals or sales by early shareholders are disclosed; all existing shareholders, including pre-IPO investors, are subject to a 12-month lock-up period post-listing [[116]].

Based on the participation of reputable anchor investors and robust institutional allocation, the book quality suggests strong first-day performance potential.

Deal Parties: Sponsors, Coordinators, and Underwriters

Overall Coordinators, Joint Global Coordinators, Joint Bookrunners, and Joint Lead Managers:

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

Joint Sponsors: CITIC Securities (Hong Kong) Limited, CCB International Capital Limited, CLSA Limited [[2],[246],[366]].
Underwriting: Fully underwritten by Hong Kong Underwriters; International Underwriting Agreement to be signed on April 29, 2026. No greenshoe or over-allotment option disclosed [[64],[243]].
Listing Expenses: HK\$71.2 million (8.6% of gross proceeds) divided between underwriting fees and professional/legal fees [[225]].

Given the involvement of prominent investment banks and full underwriting, listing-day performance may be well-supported.

Company Overview: Business Model and Market Leadership

Star Sports Medicine Co., Ltd. is a leading China-based medical device company specializing in clinical sports medicine. The company’s business model centers on designing, manufacturing, and commercializing innovative sports medicine devices, targeting hospitals, clinics, and medical professionals across China and global markets [[196]].
Revenue Streams: Sales of sports medicine devices.
Key Products/Services: While product details are not extensively disclosed, the focus is on patient-oriented sports medicine technology.
Customer Segments: Hospitals, clinics, medical professionals.
Geographies: China (leadership position), expanding globally.

Industry Definition: Sports medicine device sector; market size and share figures are not specified.

Financial Health: Multi-Year Performance Overview

Star Sports Medicine demonstrates robust growth, strong cash flows, and prudent financial management.

Gross margin, EBIT/EBITDA, net margin, and debt levels are not directly disclosed in the document.

Market Position and Competitive Advantages

Star Sports Medicine holds a leadership position in China’s sports medicine device sector, with robust R&D, expanding production, and a growing international footprint. The company’s brand, industry confidence from pre-IPO investors, and strategic lock-ups underpin its competitive strength [[110],[116]].

Management Team and Experience

The management team’s names, roles, and experience are not explicitly disclosed, but the Board is responsible for all prospectus content and corporate strategy [[63]].

Sector Trends, IPO Timing, and Market Environment

Sector Trends: Sports medicine is experiencing rapid growth, driven by increased healthcare awareness and demand for advanced medical devices.
IPO Timing:

• Offer Period: April 24, 2026 (9:00 a.m.) to April 29, 2026 (12:00 noon)
• Listing Date: May 5, 2026 (9:00 a.m.)
• Announcement of Allocation: May 4, 2026 (no later than 11:00 p.m.)

Market Environment: The company highlights favorable macro conditions and completed regulatory filings with the CSRC, with no material adverse changes since December 31, 2025 [[63],[225],[368]].

Recent Developments and Sector Updates

The company converted into a joint stock limited company in March 2023 and received regulatory approval for listing on the Hong Kong Stock Exchange in February 2026. Previous A-share listing efforts on Shanghai STAR Market were discontinued without negative comments from regulators [[108],[119],[120]].

Risk Factors: Quantified Exposures and Strategic Concerns

Key risks outlined:

• Complex and evolving legal/regulatory landscape
• Uncertain R&D outcomes; delay or failure to launch new products
• Downward pricing pressure from government-administered pricing
• Market acceptance risk of new products
• Reliance on Pre-IPO Investors and cornerstone investors for capital
• Potential concentration of control among major shareholders, possibly limiting minority shareholder influence [[20],[56],[57]]

The company has not experienced major litigation or adverse developments as of the date of the prospectus [[366]].

Growth Strategy: Expansion, Innovation, and Market Entry

• Production Expansion: HK\$227.5 million allocated for capacity growth
• R&D Pipeline: HK\$265.5 million for innovative, patient-oriented products
• Global Brand Building: HK\$189.6 million for commercialization and international presence
• Working Capital: HK\$75.8 million for operational flexibility

Plans include scaling manufacturing, deepening R&D, and increasing international market entries. The company’s capex pipeline and expansion plans are robust, with funds earmarked for immediate deployment [[234]].

Ownership Structure and Lock-Up Arrangements

Pre-IPO Shareholding: OAP IV (HK) Limited holds 9.28% pre-IPO, to maintain its stake post-IPO via anti-dilution rights.
Post-IPO Shareholding: Public float is expected to be 52.12%; free float of not less than 10% at listing.
Lock-Up Periods:

• All existing shareholders (including pre-IPO investors): 12 months post-listing
• Cornerstone investors: 6 months post-listing
• Controlling shareholders: 6 months, plus another 6 months with restrictions [[116],[239],[240],[241],[242]]

No ESOPs or employee allocations are disclosed.

Valuation and Peer Comparison

No peer company metrics, sector trading multiples, or direct comparisons are disclosed in the prospectus.

Research Coverage and Analyst Opinions

No analyst coverage, price targets, or explicit opinions are included in the document.

IPO Allotment Results and Implications

Final allocation results, including successful applicants, will be published no later than May 4, 2026, with full transparency via www.iporesults.com.hk and www.eipo.com.hk/eIPOAllotment.

Listing Outlook: Investor Perspective and First-Day Expectations

Based on the strong institutional anchor, robust book quality, growth-focused use of proceeds, leadership position, and regulatory compliance, Star Sports Medicine appears well-positioned for a successful IPO. First-day trading is likely to be strong relative to the offer price, with significant investor interest and a solid foundation for future expansion.

Prospectus Access

For full details, visit:
www.hkexnews.hk
starsportmed.com

How to Apply

Application Channels: Online via White Form eIPO (www.eipo.com.hk), or through brokers/custodians participating in HKSCC’s FINI system.
Eligibility: Applicants must be 18 years or older, have a Hong Kong address, and be outside the United States.
Offer Period: April 24, 2026 (9:00 a.m.) to April 29, 2026 (11:30 a.m. for White Form eIPO, 12:00 noon for HKSCC EIPO).
Minimum Board Lot: 50 H Shares.
Steps: Apply online or via your broker/custodian, complete payment, and await allocation announcements (see www.iporesults.com.hk for results).