Beijing Tong Ren Tang Healthcare Investment Co., Ltd.

Date of Prospectus: March 20, 2026

Beijing Tong Ren Tang Healthcare Investment Launches Highly Anticipated Hong Kong IPO: Key Insights for Investors

Beijing Tong Ren Tang Healthcare Investment Co., Ltd. is launching its public offering in Hong Kong, marking a prominent event in the region’s healthcare and capital markets. This comprehensive analysis delivers essential information for institutional and retail investors, including offer structure, pricing, deal parties, company profile, risks, and application details—designed for informed investment decisions.

IPO Snapshot

IPO Symbol: 2667

Subscription Window: March 20, 2026 (9:00 a.m.) to March 25, 2026 (12:00 noon) Hong Kong time
Expected Listing Date: March 30, 2026 (9:00 a.m.)
Listing Venue: Main Board, The Stock Exchange of Hong Kong Limited

Offer Shares are not open to the United States. The offering is structured to comply with Hong Kong and applicable offshore regulations, with no public offer in the U.S. All shares are offered in reliance on Regulation S.

Use of Proceeds: Growth and Expansion Focus

The use of proceeds is growth-driven, with a clear orientation toward expanding business capabilities and enhancing market reach. Specific allocation figures and categories are not explicitly disclosed in the summary provided, but the emphasis on expansion and market development is highlighted as a central narrative for the IPO.

Placement Structure and Allocation

The global offering is divided into two main tranches:

• Hong Kong Public Offering: 10,815,500 H Shares (10% of total)
• International Offering: 97,338,000 H Shares (90% of total), with both tranches subject to reallocation

In the event of high demand, up to 5,407,500 H Shares may be reallocated from the International Offering to the Hong Kong Public Offering, raising the public offer to 16,223,000 H Shares (15% of the total). The over-allotment option allows up to 16,223,000 additional H Shares to be issued to cover excess demand, representing 15% of the initial offer size.

Deal Parties and Offering Structure

Sponsors, Coordinators, and Managers:

• Sponsor, Sole Overall Coordinator, Joint Global Coordinator, Joint Bookrunner, Joint Lead Manager:
  • China International Capital Corporation Hong Kong Securities Limited (CICC)
• Joint Global Coordinators, Joint Bookrunners, Joint Lead Managers: (Additional names not disclosed in this summary)
• Stabilizing Manager: China International Capital Corporation Hong Kong Securities Limited

Stabilization Activities: The stabilizing manager may over-allocate or conduct market stabilization for up to 30 days after the close of the public offer, but is not obliged to do so. Any such activity must comply with Hong Kong’s Securities and Futures (Price Stabilizing) Rules.

Over-allotment (Greenshoe) Option: Up to 16,223,000 H Shares (15% of the offer) may be issued at the sole discretion of the Sole Overall Coordinator, exercisable within 30 days after close of applications.

Business Model and Company Overview

Beijing Tong Ren Tang Healthcare Investment Co., Ltd. is a joint stock company established in the People’s Republic of China with limited liability. The company operates in the healthcare sector, leveraging the strength of the renowned Tong Ren Tang brand. Its principal business lines, key products, revenue streams, and geographic footprint are not detailed in the summary provided, but the company’s brand strength and market presence are emphasized throughout the offering.

The business is positioned within China’s rapidly developing healthcare sector, an industry defined by consistent demand, regulatory oversight, and significant opportunities for growth. The company’s market position, share, and competitive advantages are not quantified, but the established brand and backing by major financial institutions suggest strong market credibility.

Management Team

Key Management:

• Chairman of the Board 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

Trends, Timing, and Environment

Sector and Market Trends: The offering comes amid robust demand for healthcare services in China, with sectoral growth driven by demographic shifts and rising health awareness. Timing is set for late March 2026, aligning with favorable conditions for healthcare listings.

Market Environment: Based on the schedule and company sector, the environment appears constructive for a new listing, with market mechanisms supporting price discovery and robust demand signals.

Risk Factors

Key risks highlighted include:

• Market Volatility: The price of H Shares may fall after stabilization ends, and there is no guarantee of post-listing price support.
• Jurisdictional Restrictions: No offer in the United States; all offers must comply with Regulation S and Hong Kong’s securities laws.
• Termination Risk: The Sole Overall Coordinator may terminate the offer prior to listing under certain adverse events.

Quantified exposures and additional risks (e.g., customer concentration, legal, regulatory, FX, single product/geography) are not specified in the summary provided.

Growth Strategy

The company’s growth strategy centers on leveraging IPO proceeds for business expansion and market development. Specific plans, numbers, or timelines for capex, M&A, or new market entries are not detailed in the summary, but the growth orientation is clear.

Listing Outlook

Based strictly on the disclosed facts:

• Book-building is led by top-tier investment banks, with a stabilization mechanism in place, which can support initial price stability and liquidity.
• The offer structure is flexible, allowing reallocation between public and institutional tranches, and up to 15% over-allotment, which can absorb demand shocks.
• The company leverages a reputable brand and is positioned in a structurally attractive healthcare sector in China, which is likely to attract both institutional and retail interest.

Inference: The IPO appears to be worth considering for subscription, given robust deal structure and sector tailwinds. First-day trading is expected to be relatively stable, with potential for moderate upside, especially if the offer is well-subscribed and the stabilization option is exercised. The likely trading range should be close to the final offer price, with upside bias if demand is strong.

Prospectus Access

The full prospectus is available at: www.hkexnews.hk and http://yiyang.tongrentang.com

How to Apply for the Hong Kong Public Offering

Application Channels:

• HK eIPO White Form service at www.eipo.com.hk – for those who wish to receive a physical H Share certificate in their own name.
• HKSCC EIPO channel – via your broker or custodian who is a HKSCC Participant, using the FINI system (shares allotted in the name of HKSCC Nominees and deposited into CCASS).

Application Window: March 20, 2026, 9:00 a.m. to March 25, 2026, 12:00 noon (Hong Kong time)
Minimum Application: 500 H Shares. Applications must be in the specified multiples as outlined in the offering table.
Results: Allocation results will be available by 11:00 p.m. on March 27, 2026, across multiple platforms, including the issuer’s website, the Stock Exchange website, www.iporesults.com.hk, and telephone enquiry.