Tianxing Medical's stock opened over 192% higher on its first trading day, with Futu acting as the joint global coordinator

May 5, 2026,$STAR SPORTS MED (01609.HK)$ Successfully listed on the Main Board of the Hong Kong Exchange. This IPO was highly sought after by the market, with the public offering receiving 7,823.13 times oversubscription, clearly demonstrating the capital market's strong recognition of the company’s long-term value.Futu acted as the joint global coordinator, joint bookrunners, and joint lead manager for this IPO.Leveraging its technology-driven trading platform advantages, Futu reached a vast number of high-quality investors during the public offering phase, laying a solid foundation for Tianxing Medical's post-listing market liquidity and trading activity.

In this IPO, Tianxing Medical brought in cornerstone investors including JSC International (representing Shenghai SP) under Beijing Finance, which has a Beijing state-owned capital background, OrbiMed's Orbimed Asia IV, and Greater Bay Area Homeland Investment, with an investment amount of 37 million US dollars (approximately 290 million Hong Kong dollars).

Tianxing Medical is a China-based medical device company focused on clinical solutions for sports medicine. According to data from CIC Consulting, based on 2024 sales revenue, the company ranks as the fourth-largest provider of sports medicine implants and devices in China, with a market share accounting for approximately 6.5% of China's sports medicine implant and device market, making it the largest domestic provider of sports medicine implants and devices.

Financially, according to the prospectus, the company's revenue increased from RMB 238.5 million in 2023 to RMB 327.1 million in 2024, and further rose to RMB 402.8 million in 2025. In 2023, 2024, and 2025, the company’s gross profit amounted to RMB 177.3 million, RMB 227.6 million, and RMB 298.6 million respectively, with gross margins of 74.3%, 69.6%, and 74.1% respectively.

Regarding the use of proceeds, according to the prospectus, Tianxing Medical plans to allocate the proceeds from the global offering for the following purposes:

- Approximately 30.0% will be used to expand the company’s production capacity and improve production efficiency to meet rapidly growing market demand;

- Approximately 35.0% will be used to support the company's patient-oriented product strategy through research and development efforts;

- Approximately 25.0% will be allocated for commercialization, sales, and marketing activities to consolidate the company’s leading position in China and establish a global market presence and brand image.

Approximately 10.0% will be used for working capital and general corporate purposes.

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As a leading digital financial technology company, Futu, supported by an investor ecosystem of over 29.18 million and a comprehensive corporate service system, is able to provide companies with end-to-end services throughout the pre-IPO, IPO, and post-IPO phases. These include a one-stop ESOP option management solution, Hong Kong and US stock IPO distribution, investor relations (IR) and public relations (PR), financial public relations services, international placement, secondary trading services, and other core services.

As of Q4 2025, more than half of the top ten companies in terms of Hong Kong IPO fundraising amounts have collaborated with Futu. Nearly half of the Hong Kong IPO projects in Q4 were in cooperation with Futu. The total subscription amount for Hong Kong IPOs on the Futu platform reached 3.5 trillion Hong Kong dollars in Q4, firmly ranking first in the market. Futu’s capabilities in US IPOs have attracted attention, as all retail clients who subscribed to popular new stocks such as Bullish, Figure, and Gemini were successfully allocated shares.

As of Q4 2025, Futu's corporate services have reached 1,161 clients, providing IPO distribution and IR services to 600 enterprises. It has assisted 387 companies, including Meituan, Kuaishou, Xiaomi, Baidu, KE Holdings, JD Health, and Bilibili, in successfully listing in Hong Kong and the United States. Futu has cumulatively signed contracts with 830 ESOP clients, and a total of 1,300 listed companies are now hosted on the Futu platform.

In the future, Futu will fully leverage its resources and market influence to provide more professional and efficient services to a larger customer base!

*Securities-related businesses such as IPO distribution are provided by licensed subsidiaries under Futu.

*Data source: Market cap as of the first day of listing

*Data source: Futu's Q4 2025 earnings report

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