---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/40198959.md"
description: "Founders cashed out 490 million yuan, former sponsor CICC mysteriously withdrew! Is Tianxing Medical's Hong Kong IPO a 'cash flow miracle' or a 'capital puzzle'? "Giving up the STAR Market for Hong Kong: Behind the 5.4 billion yuan valuation of the 'domestic sports medicine leader', why is it criticized for poor cost-effectiveness?"
datetime: "2026-04-25T07:16:11.000Z"
locales:
  - [en](https://longbridge.com/en/topics/40198959.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/40198959.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/40198959.md)
author: "[特能谱](https://longbridge.com/en/profiles/16280641.md)"
---

# Founders cashed out 490 million yuan, former spons…