New share news | Sky Medical (01609) has ended its subscription. The oversubscription amount reached 530.47 billion Hong Kong dollars, oversubscribed by 6393.3 times.

Sports medicine medical equipment supplier Tianxing Medical (01609) launched its IPO from April 24 to April 29, and the latest IPO has now ended. According to market sources, as of noon on April 29, Tianxing Medical has received subscription orders worth 530.47 billion Hong Kong dollars, with a public offering amount of 82.96 million Hong Kong dollars, oversubscribed by 6393.3 times. Tianxing Medical plans to issue 8.422 million H shares, with 10% to be sold publicly in Hong Kong at a price of 98.5 Hong Kong dollars per share, raising 830 million Hong Kong dollars. Each lot is 50 shares, with an entry fee of 4,974.7 Hong Kong dollars. It is expected to start trading on May 5, with CITIC SEC and CHINA INTERNAT as joint sponsors. Tianxing Medical has introduced Beijing financial-backed JSC International (representing Shenghai SP) from Beijing state-owned assets, OrbiMed's Asia Fund IV, and the Greater Bay Area Joint Home Fund as cornerstone investors, with an investment amount of 37 million US dollars (about 290 million Hong Kong dollars). In terms of the use of funds raised, 30% will be used to expand production capacity and improve production efficiency; 35% will be used to support patient-oriented product strategy research and development work; 25% will be used for commercialization, sales, and marketing activities; and 10% will be used for working capital and general corporate purposes. The prospectus shows that Tianxing Medical is a China-based medical device company, focusing on sports medicine clinical solutions. According to data from Zhoushi Consultancy, based on 2024 sales revenue, the company is the fourth largest sports medicine implant and device provider in China, with a market share of approximately 6.5% in the Chinese sports medicine implant and device market and is also the largest domestic sports medicine implant and device provider. Leveraging its independently developed implants, active devices, related consumables, and surgical instruments, the company provides comprehensive solutions for the treatment of soft tissue injuries such as rotator cuff, ligaments, and meniscus in the shoulder, knee, hip, foot/ankle, elbow, and hand/wrist, as well as sports rehabilitation and prevention. As of December 31, 2023, the company's products have entered over 1,000 hospitals, increasing to over 3,000 by December 31, 2025, with over 1,000 tertiary hospitals. By December 31, 2025, cumulative product sales have exceeded 2 million units.