HK Recently Listed Stocks Watch | STAR SPORTS MED (01609.HK): Lock-up Period for 2.9229 Million H Shares Held by Cornerstone Investors to Expire on November 4

NewTimeSpace News: On September 23, 2026, STAR SPORTS MED (01609.HK) closed at HKD 107.60, down 1.47%.

On the news front, according to the Final Offer Price and Allotment Results announcement previously disclosed by the company, four cornerstone investors hold a total of 2.9229 million H shares, with the last day of the relevant lock-up undertaking being November 4, 2026; the shares become tradable from November 5, 2026, corresponding to a market value of approximately HKD 288 million based on the offer price of HKD 98.50 and approximately HKD 315 million based on the closing price on September 23. The cornerstone line-up includes JSC International Investment Fund SPC (for and on behalf of Shenghai SP), OrbiMed Asia Partners IV (Hong Kong) Limited, and Greater Bay Area Development Fund Management Limited (acting respectively for the managed accounts of Mega Prime and Poly Platinum).

According to public information, STAR SPORTS MED (01609.HK) listed on the Main Board of the Hong Kong Stock Exchange on May 5, 2026 at an offer price of HKD 98.50, with a global offering of 8.4219 million H shares, of which 842,200 H shares were offered in the Hong Kong public offering, recording 7,823.13 times subscription, and 7.5797 million H shares in the international offering, recording 10.41 times subscription; total proceeds amounted to approximately HKD 830 million, with net proceeds of approximately HKD 758 million. The number of shares in issue at the time of listing was 54,831,344, all held in the form of H shares, with a board lot of 50 shares. The company's H shares have been included in the Stock Connect (southbound) eligible securities since September 7, 2026.

In terms of shareholding structure, the lock-up period for the company's cornerstone investors is six months from the listing date, and the shares they hold account for 34.70% of the total number of offer shares under the global offering (8,421,850 shares) and approximately 5.33% of the company's total number of shares in issue immediately after completion of the global offering. In addition, the 19,247,862 shares held in aggregate by Mr. Dong Wenxing, the company's controlling shareholder, and three shareholding entities, namely Tianjin Yunkang, Tianjin Puhe and Tianjin Jikang (accounting for 35.10%), together with the 27,161,632 shares held in aggregate by 15 pre-IPO investors (accounting for 49.54%), are separately subject to a 12-month lock-up period under PRC law, with the last day being the same, namely May 4, 2027, and are expected to be released from lock-up on May 5, 2027. OrbiMed Asia Partners IV appears on both lists: the 4,306,666 shares it held pre-listing are subject to a 12-month restriction until May 4, 2027, while the 397,650 shares it subscribed for as a cornerstone investor are subject to a 6-month restriction until November 4, 2026.

In terms of results, the company disclosed its first interim results since listing on August 17, 2026. In the first half of 2026, it recorded revenue of RMB 163 million (the same below), up 21.6% year on year; a gross margin of 74.2%, broadly flat from 74.1% in the same period of the previous year; net profit of RMB 27.402 million, down 26.1% year on year; adjusted net profit of RMB 48.897 million, up 24.3% year on year; and basic earnings per share of RMB 0.57. The company said that the decrease in profit for the period was mainly due to listing expenses increasing by RMB 19.006 million over the same period of the previous year. By business segment, implant revenue reached RMB 125 million, up 26.0% year on year, and revenue from surgical equipment and related consumables reached RMB 37.815 million, up 9.0% year on year; overseas revenue reached RMB 40.698 million, up 70.6% year on year, with its share of total revenue rising to 24.9%. As at June 30, 2026, the company's products had entered more than 3,000 hospitals nationwide, including more than 1,000 tertiary hospitals, and had obtained more than 200 medical device registration certificates in more than 60 countries and regions. From 2023 to 2025, the company's revenue was RMB 239 million, RMB 327 million and RMB 403 million respectively, and its net profit was RMB 57.1 million, RMB 95.4 million and RMB 137 million respectively.

At the industry level, according to information from CIC cited in the prospectus, based on 2024 sales revenue, the company is the fourth largest provider of sports medicine implants and instruments in China and the largest domestic brand, with a market share of approximately 6.5%. The national centralized procurement of sports medicine consumables was implemented at the end of 2023, covering 19 varieties with an average price reduction of approximately 74%, involving a market size of approximately RMB 9 billion, and the share of domestic brands increased markedly after the centralized procurement; on April 30, 2026, the National Joint Procurement Platform for Medical Consumables launched centralized information maintenance for orthopedic spine, intraocular lens and sports medicine products, and the follow-up procurement for sports medicine was accordingly launched. Around the inclusion in Stock Connect (southbound), the company announced on August 24, 2026 that it had been selected for inclusion as a constituent of the Hang Seng Composite Index (effective September 7), and announced on September 10 that it had obtained EU CE MDR certification and product registration approvals in multiple overseas markets.

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