Tianxing Medical (01609) is now opening for IPO, with an offer price of 98.5 Hong Kong dollars per share. Institutional investors will subscribe for 37 million US dollars worth of shares.

Tianxing Medical (01609) will be listed from April 24th to April 29th, 2026, planning to globally issue 8.42185 million H shares, with 10% of the shares sold publicly in Hong Kong and 90% sold internationally. The offering price per share is HK$98.50, with a lot size of 50 shares. Trading of the shares is expected to begin on May 5th, 2026 (Tuesday) at 9:00 am on the Stock Exchange. In addition, the company has entered into cornerstone investment agreements with JSC International Investment Fund SPC, AO Asia IV (Hong Kong) Limited, and Big BAY AREA DEV Fund Management (representing Mega Prime and Poly Platinum) with cornerstone investors agreeing to subscribe a total of US$37 million in shares. Assuming an offering price of HK$98.50 per share, the net proceeds from the global offering are expected to be approximately HK$758.4 million. About 30.0% will be used to expand production capacity and improve production efficiency to meet the rapidly growing market demand. About 35.0% will be used to support patient-focused product development strategies. About 25.0% will be used 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. The company is a China-based medical device company specializing in musculoskeletal clinical solutions. Based on sales revenue in 2024, the company is the fourth-largest provider of sports medicine implants and devices in China, with a market share of approximately 6.5% in the Chinese sports medicine implants and devices market, making it the largest domestic supplier in this sector. With independently developed implants, active devices, related consumables, and surgical tools, the company provides comprehensive solutions for the treatment of soft tissue injuries such as shoulder, knee, hip, foot/ankle, elbow, and hand/wrist injuries, as well as sports rehabilitation and prevention. As of the latest feasible date, the company's sports medicine product matrix covers 63 products including implants, active devices, consumables and surgical tools, and regenerative repair products. As of December 31, 2023, the company's products have been used in over 1,000 hospitals, increasing to over 3,000 hospitals by December 31, 2025, including over 1,000 tertiary hospitals. By December 31, 2025, cumulative product sales exceeded 2 million units; in 2023, 2024, and 2025, revenue was RMB 238.5 million, RMB 327 million, and RMB 403 million, with net profits of RMB 57.112 million, RMB 95.389 million, and RMB 137 million respectively.