Company Name: Beijing Tong Ren Tang Healthcare Investment Co., Ltd.

Date of Prospectus: March 20, 2026

Beijing Tong Ren Tang Healthcare Investment Launches 2026 Hong Kong IPO: Complete Investor Breakdown

Beijing Tong Ren Tang Healthcare Investment Co., Ltd. is set to debut on the Hong Kong Stock Exchange, offering investors a new route into one of China’s most renowned healthcare brands. The IPO is structured for robust institutional and retail participation, with meticulous attention to regulatory compliance and market transparency. Below, we dissect the offering’s essential details, company fundamentals, financials, risk profile, and application mechanics for prospective investors.

IPO Snapshot

Key facts, offer structure, and pricing for Beijing Tong Ren Tang Healthcare Investment’s Hong Kong listing.

• IPO Symbol: 2667
• Offer Price Range: HK\$7.30 to HK\$8.30 per H Share
• Maximum Offer Price: HK\$8.30 per H Share
• Total Offer Size: 108,153,500 H Shares (subject to Over-allotment Option)
• Hong Kong Public Offer Shares: 10,815,500 H Shares (subject to reallocation)
• International Offer Shares: 97,338,000 H Shares (subject to reallocation and Over-allotment Option)
• Over-allotment Option (Greenshoe): Up to 16,223,000 additional Offer Shares (15% of initial offer) [[5]]
• Nominal Value: RMB1.00 per H Share
• Stock Code: 2667
• Indicative Timetable:
  • Offer Period: March 20, 2026 (9:00 a.m.) to March 25, 2026 (12:00 noon)
  • Price Determination Date: March 26, 2026 (by 12:00 noon)
  • Announcement of Allocation Results: March 27, 2026 (no later than 11:00 p.m.)
  • Listing Date: March 30, 2026 (9:00 a.m.)

Applicants must pay, in addition to the offer price, a brokerage fee (1.0%), SFC transaction levy (0.0027%), AFRC transaction levy (0.00015%), and Stock Exchange trading fee (0.00565%). Application must be made in multiples as detailed in the offer table (minimum 500 H Shares per application) [[4]].

Use of Proceeds

Growth-focused deployment of IPO funds.

The offering is positioned to support expansion and development. The document details the use of proceeds, emphasizing investments in business growth, market expansion, and operational capabilities. The structure and size of the offering suggest a strong growth-driven capital raise rather than deleveraging, as there is no mention of debt repayment as a primary objective [[2]].

Oversubscription Metrics and Allotment

Reallocation and subscription dynamics.

• Reallocation Mechanism: If the Hong Kong Public Offering is oversubscribed, up to 5,407,500 shares (approx. 15% of the initial offer) may be reallocated from the International Offering to retail, raising the retail tranche to a maximum of 16,223,000 H Shares [[5]].
• Offer Price Adjustment: If maximum reallocation occurs due to high retail demand, final offer price will be set at the bottom of the range (HK\$7.30 per H Share) [[5]].
• Over-allotment Option: The International Underwriters may exercise a greenshoe option to issue up to 16,223,000 additional shares within 30 days after the close of applications [[5]].

Dividend Policy

Dividend policy and payout ratios.

The prospectus does not detail any explicit dividend policy, payout ratio, or timetable for distributions. Investors should review future announcements or subsequent filings for updates on dividends and yield guidance.

Placement and Issuance Breakdown

Allocation across investor classes.

• Hong Kong Public Offering: Initially 10% of total shares (10,815,500 H Shares)
• International Offering: 90% (97,338,000 H Shares), subject to reallocation and over-allotment
• No mention of cornerstone, employee, or shareholder exclusive allocations in the offer summary.

Investor Participation & Book Quality

Institutional and retail participation structure.

The IPO is open to public investors in Hong Kong and to professional/institutional investors internationally. There are no disclosed anchor investors, institutional tranche allocations, or named cornerstone participants. Allotment quality and first-day performance implications are therefore inferred from the offering structure and reallocation mechanics—suggesting a flexible response to demand surges [[5]].

Deal Parties & Structure

Key transaction parties and market support mechanisms.

• Sponsor: China International Capital Corporation Hong Kong Securities Limited
• Sole Overall Coordinator, Joint Global Coordinator, Joint Bookrunner, Joint Lead Manager: China International Capital Corporation Hong Kong Securities Limited (and others, full list not detailed in summary)
• Stabilizing Manager: China International Capital Corporation Hong Kong Securities Limited
• Stabilization Period: Up to 30 days post-lodgement of applications, with actions at the Stabilizing Manager’s sole discretion [[1]][[2]].

Given the reputations and lead roles of the named parties, and the existence of a greenshoe and stabilization mechanism, the listing-day performance could be supported and volatility may be mitigated in the immediate aftermarket period (inferred from structure and roles) [[1]].

Company Overview

Business model, revenue streams, and market position.

• Business Model: Beijing Tong Ren Tang Healthcare Investment Co., Ltd. operates as a healthcare investment company, leveraging the renowned Tong Ren Tang brand to deliver products and services across the healthcare sector.
• Revenue Streams: Not explicitly detailed in summary, but implied to center on healthcare products and related services.
• Key Products/Services: Healthcare products leveraging the Tong Ren Tang heritage (specific products not detailed in summary).
• Customer Segments: Wide base including retail and institutional customers, with geographic focus on China and international markets.
• Geographies: Headquarters in Beijing, PRC; operational reach is domestic with international exposure through the International Offering [[2]].

Industry/Sector: Healthcare investment and products, with the prospectus classifying the company as a joint stock company established in the People’s Republic of China with limited liability [[2]].

Financial Health

Key financial metrics and health indicators.

(No detailed multi-period financials, revenue, profit, margin, cash flow, or debt levels are included in the prospectus summary provided. Investors are advised to consult the company’s website or the Stock Exchange portal for the full prospectus to review audited financials.)

Market Position and Competitive Advantages

Brand strength and sector ranking.

• Brand Heritage: The Tong Ren Tang brand is widely recognized across China and internationally for its legacy in healthcare and pharmaceuticals.
• Competitive Advantages: Strong brand recognition, established distribution channels, and a reputation for quality.
• Market Share: Not quantified in the summary, but the company’s stature and offering size suggest significant sector presence [[2]].

Management Team

Leadership and governance.

• Chairman and Executive Director: Rao Zuhai
• Executive Directors: Rao Zuhai, Lu Yan, Gui Shan
• Non-executive Directors: Zhu Feng, Sun Kai, Xing Qian
• Independent Non-executive Directors: Yim Chi Hung Henry, Zhang Xiang, Gao Yanbin [[10]]

Trends, Timing & Environment

Sector, macro, and IPO timing factors.

• Sector Trends: Healthcare demand in China continues to be robust, driven by demographic changes and rising health awareness.
• IPO Timing: The offering is scheduled for late March 2026, with listing on March 30, 2026. The structure supports flexibility and rapid response to market demand [[6]][[7]].
• Market Environment: The offering is positioned in a stable regulatory and trading environment, with robust infrastructure for application and settlement via electronic channels. No adverse macroeconomic commentary is included in the summary [[8]].

The timing and structure of the IPO, along with the sector’s positive tailwinds, suggest favorable market conditions for this listing (inferred from prospectus disclosures and transaction mechanics).

Prospectus Deep Dive

Risks, growth plans, and shareholder structure.

Risk Factors

• Market and Price Risks: No price support beyond the stabilization window; after 30 days post-listing, share price could be volatile [[1]].
• Jurisdictional Limitations: Offer shares are not for sale in the US or other restricted jurisdictions; compliance risks for cross-border investors [[1]].
• Regulatory Risks: All actions subject to applicable laws and Hong Kong securities regulations [[2]].
• Application Risks: Applications not in multiples of 500 H Shares will be rejected; strict adherence required [[4]].
• Settlement Risks: Trading before receipt of share certificates is at investor’s own risk [[9]].

Growth Strategy

Expansion and innovation focus.

• Strategic Use of Proceeds: Growth-oriented, supporting business expansion and market development.
• Product and Market Development: Implied focus on extending the brand’s reach and enhancing operational capacity (details to be reviewed in full prospectus).

Ownership & Lock-ups

• Pre- and Post-IPO Shareholding Structure: Not detailed in provided summary.
• Promoter/Major Shareholder Holdings: Not disclosed.
• Lock-in Periods/ESOPs: Not referenced.

Valuation and Peer Comparison

Comparable company analysis and sector benchmarks.

No peer symbols, peer company metrics, or sector multiples are disclosed in the summary provided. Investors should consult the company’s official channels for peer comparison data if available.

IPO Allotment Result

Final allocation and subscription outcome.

Allocation results and identification document numbers of successful applicants will be published through multiple channels, including the company website, the Hong Kong Stock Exchange portal, and a dedicated results website (www.iporesults.com.hk or www.eipo.com.hk/eIPOAllotment) from March 27, 2026, 11:00 p.m. to April 2, 2026, 12:00 midnight [[7]]. Investors can also check by phone and through their broker/custodian as applicable.

Listing Outlook

First-day trading expectations and investment outlook.

Based on the strong brand, robust offering structure, clear demand-driven allocation mechanisms, and stabilization support, the IPO appears well-positioned for a positive first-day performance. If the retail tranche is oversubscribed and reallocation is triggered, the offer price will be set at the low end (HK\$7.30), potentially enhancing first-day upside. The presence of leading underwriters and a greenshoe option further supports aftermarket stability. The offering is thus attractive for investors seeking exposure to China’s healthcare sector via a reputable issuer (inferred from prospectus structure and facts) [[5]].

Prospectus Access

For the full prospectus and further details, visit:

• Company Website: yiyang.tongrentang.com
• Hong Kong Stock Exchange: www.hkexnews.hk

How to Apply

Application channels and procedures for prospective investors.

• Application Window: March 20, 2026 (9:00 a.m.) to March 25, 2026 (12:00 noon) [[6]][[8]]
• Application Channels:
  • HK eIPO White Form service (www.hkeipo.hk): For investors preferring physical share certificates. Application period: March 20 to March 25, 2026 (11:30 a.m.). Full payment of application monies by 12:00 noon, March 25, 2026.
  • HKSCC EIPO channel: Through broker or custodian who is a HKSCC Participant, with shares credited to CCASS. Application deadlines may vary by broker/custodian; investors should confirm exact cut-off times.
• Minimum Application: 500 H Shares per application. Applications must be in designated multiples as specified in the offer table (see company website or Stock Exchange announcement for full details) [[4]].
• No physical channels for application; all applications must be electronic.

Offer Application Table

For full application multiples and amounts, refer to the company’s official website or Stock Exchange announcement.