Beijing Tong Ren Tang Healthcare Investment Co., Ltd.

Date of Prospectus: March 20, 2026

Beijing Tong Ren Tang Healthcare Investment Co., Ltd. Launches Highly Anticipated H-Share IPO: Key Facts, Analysis, and Investor Insights

Beijing Tong Ren Tang Healthcare Investment Co., Ltd. (Stock Code: 2667) is set to debut on the Hong Kong Stock Exchange, offering investors a compelling opportunity in the healthcare sector with its upcoming H-Share IPO. This comprehensive analysis examines the offer structure, business fundamentals, management, risks, and outlook for this new listing.

IPO Snapshot

Investor Summary: Beijing Tong Ren Tang Healthcare Investment Co., Ltd. is conducting a global offering of its H Shares, targeting a diversified mix of institutional and retail investors. The IPO is structured to maximize liquidity and ensure robust market participation.

Offer Price: Maximum HK\$8.30 per H Share; minimum HK\$7.30 per H Share.

Nominal Value per Share: RMB1.00

Board Lot: 500 H Shares

Listing Date: Expected March 30, 2026

Application Window: March 20, 2026 (9:00 a.m.) – March 25, 2026 (12:00 noon), Hong Kong Time

Public Offer Application Minimum: 500 Shares

Application Method: Fully electronic via HK eIPO White Form service (www.eipo.com.hk) or through HKSCC EIPO channel via brokers/custodians

Websites for Details: www.hkexnews.hk, http://yiyang.tongrentang.com

Stock Code: 2667

Sponsor, Sole Overall Coordinator, Joint Global Coordinator, Joint Bookrunner, Joint Lead Manager: China International Capital Corporation Hong Kong Securities Limited (CICC)

Offer Structure and Allocation

The IPO comprises:

• Hong Kong Public Offering: Initially 10,815,500 H Shares (10%), subject to reallocation.
• International Offering: Initially 97,338,000 H Shares (90%), subject to reallocation and the Over-allotment Option.
• Over-allotment Option (Greenshoe): Up to 16,223,000 H Shares, representing 15% of the initial offer size, exercisable by the Sole Overall Coordinator within 30 days after the last application date.

Reallocation Mechanism: If the Hong Kong Public Offering is oversubscribed, up to 16,223,000 H Shares (15% of the total offer) may be allocated to satisfy demand, with offer price fixed at the lower end (HK\$7.30) in such cases. Unsubscribed shares in the Hong Kong tranche may be moved to the international tranche at the discretion of the Sole Overall Coordinator[[5]].

Investor Participation & Book Quality

Participation Channels: The offering targets both retail and institutional investors, with all applications processed electronically. No physical application channels are provided. The presence of a robust reallocation mechanism and a sizable international tranche suggests an expectation of strong institutional demand. The inclusion of a full greenshoe option and stabilizing actions further supports confidence in first-day trading stability[[2]][[3]][[5]].

Deal Parties & Structure

Key Parties:

• Sponsor, Sole Overall Coordinator, Joint Global Coordinator, Joint Bookrunner, Joint Lead Manager: China International Capital Corporation Hong Kong Securities Limited (CICC)

Stabilization Arrangements:

• Stabilization actions may be conducted by the Stabilizing Manager (CICC) or its affiliates for up to 30 days after the close of the public offer.
• Stabilization is governed by the Securities and Futures (Price Stabilizing) Rules and may be discontinued at any time at the Stabilizing Manager’s discretion.
• These arrangements indicate a strong commitment to support price discovery and liquidity during the initial trading period[[3]].

Company Overview: Business Model, Revenue Streams, and Market Position

Business Model: Beijing Tong Ren Tang Healthcare Investment Co., Ltd. is established as a joint stock company with limited liability in the People’s Republic of China. The company’s operations, key products/services, and precise revenue streams are not detailed in the summary pages, but the overall positioning targets the healthcare sector, leveraging the brand strength of the Tong Ren Tang group. The company’s H Shares are being introduced to international investors through offshore transactions under Regulation S.

Geographic Focus: The company is based in China, with a focus on healthcare investment and related services. Its listing on the Hong Kong Stock Exchange aims to broaden its investor base and enhance its international profile.

Management Team: The Board includes:

• Mr. Rao Zuhai (Chairman and Executive Director)
• Mr. Lu Yan (Executive Director)
• Ms. Gui Shan (Executive Director)
• Mr. Zhu Feng (Non-executive Director)
• Mr. Sun Kai (Non-executive Director)
• Ms. Xing Qian (Non-executive Director)
• Mr. Yim, Chi Hung Henry (Independent Non-executive Director)
• Mr. Zhang Xiang (Independent Non-executive Director)
• Mr. Gao Yanbin (Independent Non-executive Director)

Financial Health Snapshot

No multi-period financial statements, revenue, margin, or cash flow data are disclosed on the summary pages. Investors are encouraged to consult the full prospectus for these details.

Trends, Timing & Environment

Sector Trends: The healthcare sector continues to be of high interest for investors, especially in China’s rapidly developing market. The timing of the IPO positions the company to benefit from ongoing regional demand for healthcare investment and services.

IPO Timeline:

• Public Offer Opens: March 20, 2026 (9:00 a.m.)
• Public Offer Closes: March 25, 2026 (12:00 noon)
• Price Determination: March 26, 2026 (by 12:00 noon)
• Results Announcement: March 27, 2026 (no later than 11:00 p.m.)
• Shares Credited/Despatched: March 27, 2026
• Refunds (if any): March 30, 2026
• Stock Exchange Dealings Start: March 30, 2026 (9:00 a.m.)

The company’s cautious approach to stabilisation, pricing, and application logistics demonstrates a focus on orderly market entry and investor protection[[6]][[7]].

Prospectus Deep Dive: Risks, Growth Strategy, and Ownership

Key Risk Factors:

• Market price of H Shares may fall after the stabilization period ends.
• Subscription for Hong Kong Offer Shares is only valid for specific application quantities, with all other applications subject to rejection.
• Investors trading H Shares before receiving or validating share certificates do so at their own risk.
• The offering is not available in the United States or other restricted jurisdictions; non-compliance may lead to legal consequences.

Growth Strategy:

• No specific use of proceeds breakdown or growth initiatives are disclosed in the summary pages.

Ownership & Lock-ups:

• Pre- and post-IPO shareholding structure, lock-in periods, and employee share options are not detailed in the summary pages.

Valuation and Peer Comparison

No peer comparison metrics (P/E, P/B, etc.) or direct references to other sector IPOs are disclosed in the summary pages. Investors may refer to the full prospectus for such details.

IPO Allotment Result

The final allocation results, including the basis of allocation and identification numbers of successful applicants, will be published simultaneously on the company’s website (http://yiyang.tongrentang.com), the Stock Exchange’s website (www.hkexnews.hk), and designated results websites (www.iporesults.com.hk and www.eipo.com.hk/eIPOAllotment) by 11:00 p.m. on March 27, 2026. Telephone enquiry for allocation results will also be available from March 30 to April 2, 2026. Shares will be traded in board lots of 500 H Shares each, under stock code 2667[[7]][[9]].

Listing Outlook

Outlook (Inference from Prospectus Data):

• The presence of a strong stabilizing manager, clear offer price range, and robust allocation/reallocation mechanisms position the IPO for a stable, well-supported debut.
• The company’s established brand, healthcare sector focus, and comprehensive electronic application infrastructure are likely to attract strong investor interest, particularly from institutional investors.
• The offer’s flexibility to adjust allocations between retail and institutional tranches suggests the company is prepared for dynamic market demand, supporting a favorable first-day trading environment.
• Assuming the Global Offering becomes unconditional, H Shares are expected to commence trading at 9:00 a.m. on March 30, 2026. The listing is expected to be orderly, with first-day performance likely to be stable and close to the offer price, particularly if the greenshoe is exercised and the public offer is oversubscribed.

How to Obtain the Prospectus

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

How to Apply

Application Channels:

• HK eIPO White Form service: www.eipo.com.hk (for applicants wishing to receive physical H Share certificates in their own name).
• HKSCC EIPO channel: through your broker or custodian who is an HKSCC Participant, instructions provided via HKSCC’s FINI system (for shares to be allotted in the name of HKSCC Nominees and credited to your account).

Application Window: From 9:00 a.m. on March 20, 2026 to 12:00 noon on March 25, 2026 (Hong Kong time). Applicants should pay the maximum offer price of HK\$8.30 per H Share (plus all applicable levies and fees) upon application. Minimum application is 500 shares, and only the specified quantities are accepted.

Conclusion

Beijing Tong Ren Tang Healthcare Investment Co., Ltd.’s IPO offers investors exposure to a leading healthcare brand with a disciplined offer structure, robust deal parties, and strong market support mechanisms. The listing’s careful structuring, electronic application process, and stabilisation support suggest a well-managed debut with stable first-day trading prospects. Investors seeking to participate in the Hong Kong healthcare growth story will find this offering particularly attractive, subject to further due diligence on the full financials and business details available in the complete prospectus.