Tianxing Medical, a medical equipment provider from Beijing (Stock Code: 01609.HK), commenced its initial public offering today until next Wednesday (April 29). It is expected to be listed on the Hong Kong Stock Exchange on May 5, 2026, jointly sponsored by CITIC Securities and CCB International.
Tianxing Medical plans to globally issue 8,421,850 H shares (representing 15.36% of the total share capital post-issuance), with 90% allocated for international placement and 10% for public offering. The issue price per share is HKD 98.50, with a board lot of 50 shares, an entry fee of HKD 4,974.67, and a maximum fundraising amount of approximately HKD 830 million.
For this offering, Tianxing Medical has adopted Mechanism B, with an initial allocation ratio of 10% for the Hong Kong public offering and no clawback mechanism in place.
At an issue price of HKD 98.50 per share, Tianxing Medical expects total listing expenses to be approximately HKD 71.2 million, including a 3% underwriting commission, a 1% discretionary bonus, as well as other costs such as listing fees on the Stock Exchange of Hong Kong, SFC transaction levies, exchange trading fees, Financial Reporting Council transaction levies, legal and other professional fees, printing, and miscellaneous expenditures.
In this IPO, Tianxing Medical has introduced three cornerstone investors, who collectively subscribed to approximately USD 37 million (equivalent to HKD 290 million) worth of offered shares. The cornerstone investors include JSC International (representing Shenghai SP, Yitang Shenghai), Orbimed Asia Partners IV, and Greater Bay Area Homeland (representing Mega Prime and Poly Platinum).
Through this IPO, Tianxing Medical aims to raise net proceeds of approximately HKD 758 million: around 30.0% will be used to expand production capacity and improve efficiency; about 35.0% will support patient-oriented product strategy R&D efforts; approximately 25.0% will fund commercialization, sales, and marketing activities to consolidate its leading position in China while establishing a global market presence and brand image; and roughly 10.0% will be allocated for working capital and general corporate purposes.
According to the prospectus, following Tianxing Medical’s listing in Hong Kong, Mr. Dong Wenxing will directly and indirectly hold a combined stake of 35.10% through several holding platforms, making him the controlling shareholder. Other shareholders include Xiamen Defu, Legend Capital, OrbiMed, Yahui Assets, Jianxing Healthcare, Galaxy Securities, Tianjin Haida, 3W Fund, and Langmafeng Venture Capital. Public shareholders will hold 15.36% of the shares.
Founded in 2017, Tianxing Medical is a China-based medical device company specializing in sports medicine solutions. It provides treatments for soft tissue injuries such as rotator cuffs, ligaments, and menisci in shoulder, knee, hip, foot/ankle, elbow, hand/wrist joints, along with comprehensive rehabilitation and preventive solutions. By adopting a patient-centric R&D approach, it has built a substantial customer base, supplying products to over 3,000 hospitals in mainland China and more than 50 countries across Europe, the Middle East, and Southeast Asia. According to CIC Consulting, Tianxing Medical ranked fourth among Chinese sports medicine equipment providers by revenue in 2024 and is the largest domestic provider in the sector, commanding approximately 6.5% of China's sports medicine implants and devices market.
Link to Tianxing Medical's prospectus:
https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0424/2026042400054_c.pdf
