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

Date of Prospectus: March 20, 2026

Beijing Tong Ren Tang Healthcare Investment Co., Ltd. Launches Landmark IPO on HKEX: Key Details and Strategic Investor Insights

IPO Snapshot: Offer Structure, Pricing, and Key Terms

Beijing Tong Ren Tang Healthcare Investment Co., Ltd. is conducting a major initial public offering (IPO) on the Hong Kong Stock Exchange, targeting a broad investor base with its H Shares under the stock code 2667. This IPO is structured for maximum transparency and efficiency, with a fully electronic application process and a clear breakdown of offer allocations. Investors and market watchers should note the following highlights:

• IPO Symbol: 2667
• Offer Price Range: HK\$7.30 – HK\$8.30 per H Share
• Maximum Offer Price: HK\$8.30 per H Share (plus applicable charges)
• Total Number of Offer Shares: 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 (Greenshoe) Option: Up to 16,223,000 additional H Shares (approx. 15% of initial offer)
• Nominal Value: RMB1.00 per H Share
• Offer Period: March 20, 2026 (9:00 a.m.) – March 25, 2026 (12:00 noon, Hong Kong time)
• Expected Listing Date: March 30, 2026 (Dealings commence at 9:00 a.m.)
• Board Lot Size: 500 H Shares

Pricing will be determined no later than March 26, 2026, with results and allocations published by March 27, 2026. The maximum application for the Hong Kong public offer is 5,407,500 H Shares.

Dividend Policy: No explicit dividend policy, payout ratio, or schedule figures disclosed in the prospectus.

Post-IPO Outstanding Shares: Not specifically disclosed in the document; amount inferred based on offer shares.

Use of Proceeds: Specific allocation of IPO proceeds for R&D, expansion, working capital, or debt repayment is not detailed in the disclosed sections.

Oversubscription Metrics: Final subscription levels by tranche and oversubscription rates are not disclosed in the available content.

All shares offered are H Shares; no specific cornerstone, anchor, or employee allocations are described in the disclosed material.

Public Offer Applications: Minimum 500 shares, with detailed payment schedules provided for each application size up to 5,407,500 shares.

Investor Participation and Book Quality

Anchor investors, cornerstone allocations, or pre-listing disposals are not mentioned in the disclosed sections. There is no data on institutional or retail tranche subscription multiples.

The offer structure allows for dynamic reallocation between the Hong Kong Public Offering and the International Offering based on demand. In the event of strong retail demand, up to 5,407,500 shares (5% of the total offer) may be shifted from the international tranche—potentially signaling robust first-day interest if oversubscription occurs.

Allotment results and final offer price will be published by March 27, 2026. Investors can assess book quality and potential first-day performance then.

Deal Parties, Underwriters, and Pricing Structure

Lead Investment Banks, Global Coordinators, Joint Bookrunners, and Sponsors:

• China International Capital Corporation Hong Kong Securities Limited (CICC HK) – Sponsor, Sole Overall Coordinator, Joint Global Coordinator, Joint Bookrunner, and Joint Lead Manager
• Other joint global coordinators, bookrunners, and lead managers are mentioned but not named in the disclosed sections.

Stabilization and Over-allotment Option: The Sole Overall Coordinator may exercise an over-allotment (greenshoe) option of up to 16,223,000 H Shares (15% of initial offer) at the offer price to cover excess demand. Stabilization activities are permitted for up to 30 days post-lodging of applications, potentially supporting listing-day price performance within regulatory limits.

The presence of a major bank as sole overall coordinator and the detailed stabilization mechanism suggest strong deal structure and potential support for listing-day trading.

Company Overview: Business Model and Market Position

Beijing Tong Ren Tang Healthcare Investment Co., Ltd. is a joint stock company established in the People’s Republic of China, focusing on healthcare investments and the operation of H Shares on the Hong Kong Stock Exchange.

Business Model, Revenue Streams, and Key Products/Services: The document does not provide specific details about revenue streams, product lines, or customer segmentation.

Geographic Focus: The company is established in China and listing H Shares in Hong Kong, targeting both Hong Kong public and international investors.

Industry/Sector: Healthcare investment, with no explicit industry size or segmentation figures disclosed.

Financial Health: No multi-period revenue, margin, or profit/loss tables are provided in the disclosed content. Debt, cash flow, or capex figures are not available.

Market Position and Competitive Advantages: No explicit market share, ranking, or competitive advantage information is disclosed.

Management Team

Board of Directors:

• Rao Zuhai: Chairman of the Board and Executive Director
• Lu Yan: Executive Director
• Gui Shan: Executive Director
• Zhu Feng: Non-Executive Director
• Sun Kai: Non-Executive Director
• Xing Qian: Non-Executive Director
• Yim, Chi Hung Henry: Independent Non-Executive Director
• Zhang Xiang: Independent Non-Executive Director
• Gao Yanbin: Independent Non-Executive Director

Biographical experience and background of these directors are not discussed in the disclosed sections.

Trends, Timing, and Market Environment

IPO Timing:

• Public Offer Opens: March 20, 2026 (9:00 a.m.)
• Public Offer Closes: March 25, 2026 (12:00 noon)
• Price Determination: by March 26, 2026 (noon)
• Results Announcement: by March 27, 2026 (no later than 11:00 p.m.)
• Listing and Trading Begin: March 30, 2026 (9:00 a.m.)

Sector and Macro Trends: No detailed sector, regional, or macroeconomic trends are disclosed. The prospectus does not provide historical demand drivers, sector growth rates, or seasonality information.

Recent Developments: No recent company or industry developments are provided in the disclosed content.

Market Environment: The IPO is structured to attract both local and international capital, with a focus on electronic application processes and regulatory compliance, reflecting a modern and investor-friendly approach.

Market Outlook: Based on the structured offering and robust deal parties, the listing is positioned to benefit from any favorable investor sentiment present during the offer window.

Prospectus Deep Dive: Risks and Growth Strategy

Key Risk Factors: The prospectus does not enumerate specific risk exposures such as legal, regulatory, customer or supplier concentration, FX, commodity, or product/geography risks in the disclosed sections. Related-party transactions are not discussed.

Growth Strategy: No explicit expansion plans, product launches, M&A activity, capacity additions, or capex pipeline details are provided in the disclosed content.

Ownership & Lock-ups: Pre- and post-IPO shareholding structure, major shareholder holdings, lock-in periods, and ESOP details are not included in the available sections.

Valuation and Peer Comparison

Valuation Metrics: The prospectus does not provide P/E, P/B, EV/EBITDA, revenue growth, net margin, ROE, ROA, or dividend yield figures for the issuer or peers. No direct peer comparisons or recent sector IPOs are listed in the disclosed material.

Research Coverage and Analyst Opinions

Analyst Coverage: No research coverage, price targets, or institutional opinions are disclosed in the available sections.

IPO Allotment Result

As of the disclosed prospectus date, final subscription levels, allocation by tranche, and implication for first-day trading are not available. Allocation results will be published on March 27, 2026.

Listing Outlook

Based on the strong presence of a leading investment bank as Sole Overall Coordinator, a robust stabilization mechanism, and a flexible offer structure, the IPO is well-positioned to attract significant investor interest. While specific financial and market metrics are not disclosed, the ability to reallocate shares in response to demand and the support mechanisms in place suggest the IPO could see stable first-day trading and potential upside, especially if the public offer is oversubscribed and the offer price is fixed at the lower end of the range. Investors are advised to monitor the final offer price and allocation results for a more precise outlook.

Prospectus Access

The official company website for further information is: http://yiyang.tongrentang.com

The Hong Kong Stock Exchange’s disclosure site is: www.hkexnews.hk

How to Apply

Application Channels:

• HK eIPO White Form service: www.hkeipo.hk – For applicants preferring physical H Share certificates in their own name. Application window: March 20, 2026 (9:00 a.m.) to March 25, 2026 (11:30 a.m.), with payment due by 12:00 noon, March 25, 2026.
• HKSCC EIPO channel: Submit via your broker or custodian who is an HKSCC Participant through the FINI system. Shares allotted will be in the name of HKSCC Nominees and deposited directly to your designated account. Application times may vary by broker or custodian.

There will be no physical application channels; all applications must be made electronically. Minimum application is 500 shares, with payments inclusive of brokerage, SFC transaction levy, AFRC transaction levy, and Stock Exchange trading fee. No application for any other number of shares will be considered.

Further details and updates will be posted on the company and HKEX websites listed above.