DLA Piper advises on Star Sports Medicine's Hong Kong IPO and H share listing

Global law firm DLA Piper has advised the joint sponsors, CITIC Securities (Hong Kong) Limited and CCB International Capital Limited, on the initial public offering (IPO) and H share listing of Star Sports Medicine Co., Ltd. (Start Sports Medicine), a China-based medical device company specialising in clinical sports medicine solutions, on the Main Board of the Hong Kong Stock Exchange. The offering raised approximately HKD830 million (c. USD105 million).

The Hong Kong public offering was oversubscribed by 7,823.13 times - the highest oversubscription rate in the history of Hong Kong-listed medical device IPOs - highlighting the exceptionally strong retail investor demand. The IPO attracted strong support from cornerstone investors, including JSC International Investment Fund SPC – Shenghai SP, OAP IV (HK) Limited, Mega Prime Development Limited and Poly Platinum Enterprises Limited.

Star Sports Medicine is the largest domestic provider in the sports medical device sector. The company offers a comprehensive portfolio of implants and instruments designed to support the diagnosis, treatment and rehabilitation of sports-related injuries, underscoring its strong market position and leadership within China’s rapidly expanding sports medicine sector.

The DLA Piper team was led by George Wu, Head of Equity Capital Markets APAC, with support from Sherlyn Lau, Head of Capital Markets and Corporate Finance, APAC. Team members included Evonne Zhong (registered foreign lawyer), Marcus Ng (associate), Maki Han (legal officer) and Dillon Tsang (trainee) from the Hong Kong office; legal assistants Jack Du and Zihan Wu from Shanghai, and Zayn Jiang from Beijing. Additional support was provided by Johnson Yang (consultant) and Kate Shen (legal assistant) from Shanghai Kaiman Law Firm.

Commenting on the listing George said: “The successful listing of Star Sports Medicine marks the official entry of a leading domestic sports medicine company into the international capital market, injecting strong capital momentum into "domestic substitution" and the full-cycle ecosystem development of high-end medical devices.

"At the same time, it demonstrates the recognition by leading international investors of the value of leading companies in China's specialised medical sectors, setting a benchmark for high-quality domestic medical companies to achieve globalization by leveraging Hong Kong as a capital markets hub.”

The listing follows a series of significant Hong Kong IPOs recently led by DLA Piper's Capital Markets team, including Xuanzhu Biopharmaceutical, 160 Health, and Nsing Tech, further demonstrating the firm's extensive experience and strong track record in equity capital markets.