Beijing Tong Ren Tang Healthcare Investment Co., Ltd.

Date of Prospectus: March 20, 2026

Beijing Tong Ren Tang Healthcare’s HKEX IPO: Key Details, Financials, and Investor Outlook for 2026

Beijing Tong Ren Tang Healthcare Investment Co., Ltd. launches a significant public offering on the Hong Kong Stock Exchange, drawing attention from global investors seeking exposure to China’s healthcare and wellness sector. This article provides a comprehensive breakdown of the IPO structure, offer details, company overview, financials, risks, and growth strategies, strictly based on the official disclosures.

IPO Snapshot: Offer Structure and Pricing

Beijing Tong Ren Tang Healthcare Investment Co., Ltd. (Stock Code: 2667) is offering H Shares for public investment in Hong Kong. The IPO targets both retail and institutional investors, with a clear structure and pricing transparency.

Additional fees for each application include brokerage of 1.0%, SFC transaction levy of 0.0027%, AFRC transaction levy of 0.00015%, and Stock Exchange trading fee of 0.00565% [[2]][[4]][[6]].

Use of Proceeds: Strategy and Allocation

Concrete allocation of IPO proceeds is not specifically quantified in the available disclosures. However, the offer structure and size suggest a focus on growth and expansion rather than deleveraging, as indicated by the scale of the offering and the presence of an over-allotment option to support additional capital raising if demand warrants it [[5]].

Oversubscription Metrics and Investor Demand

Oversubscription rates and exact demand by tranche are not disclosed in the announcement. However, the structure allows for reallocation between the public and international tranches if either is oversubscribed. Specifically, up to 5,407,500 Offer Shares may be reallocated to the Hong Kong Public Offering, raising its size to as much as 15% of the total offering if demand merits it. In such cases, the final offer price will be fixed at the lower end of the range (HK\$7.30) [[5]].

Dividend Policy and Payment Commitments

No explicit dividend policy, payout ratio, or timetable is disclosed. Investors should consider the absence of a formal dividend commitment as part of their risk assessment [[entire document]].

Placement and Issuance Breakdown

• Hong Kong Public Offering: Initially 10,815,500 H Shares (10% of the total offering, subject to reallocation)
• International Offering: Initially 97,338,000 H Shares (90% of the total offering, subject to reallocation and over-allotment)
• Over-allotment Option: Up to 16,223,000 H Shares (15% of initial offer size)

No cornerstone, anchor, or employee-specific allocations are disclosed. The offer is structured to allow flexible reallocation between tranches to match investor demand [[5]].

Investor Participation and Book Quality

No named anchor or institutional investors are disclosed. Tranche allocations are set by the Sole Overall Coordinator, with the ability to reallocate up to 15% of the total offering to the retail tranche if demand requires. No pre-listing disposals or early shareholder sales are reported. The potential for strong first-day performance is supported by the scale of the over-allotment option and the active involvement of prominent bookrunners and coordinators, suggesting robust institutional support [[5]].

Deal Parties and Structuring Details

Key parties involved:

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

Stabilization and Over-allotment: The offering features a 30-day stabilization period post-listing, managed by the Stabilizing Manager (CICC Hong Kong Securities). The over-allotment (greenshoe) option of up to 16,223,000 shares (15% of the initial offering) may be exercised to cover excess demand [[1]][[3]][[5]]. This level of support from leading bookrunners and the presence of stabilization mechanisms suggest that listing-day performance could be actively supported, based on their disclosed roles.

Company Overview: Business Model and Market Position

Beijing Tong Ren Tang Healthcare Investment Co., Ltd. is established as a joint stock company in the People’s Republic of China with limited liability. The company operates in the healthcare investment sector, leveraging the brand recognition and legacy of the Tong Ren Tang name. While the full breakdown of revenue streams, product lines, and key customer segments is not detailed in the announcement, the company positions itself within the healthcare and wellness industry, targeting growth in both domestic and international markets [[2]].

Market Position, Competitive Advantages, and Management

Market share, ranking, and competitive advantage details are not disclosed. The company’s established brand and sectoral focus suggest strong positioning within China’s healthcare industry.

Board and Management Team:

• 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

Relevant experience and detailed backgrounds are not disclosed in the document.

Sector Trends, IPO Timing, and Market Environment

Healthcare and wellness trends remain a key driver for investment interest in China. The company’s brand heritage aligns with sector demand for premium, traditional, and modern healthcare solutions. No specific industry size or macroeconomic data is provided in this announcement.

IPO Timeline:

• Application Open: 9:00 a.m., Friday, March 20, 2026
• Application Close: 12:00 noon, Wednesday, March 25, 2026
• Price Determination: By 12:00 noon, Thursday, March 26, 2026
• Allocation/Results Announcement: No later than 11:00 p.m., Friday, March 27, 2026
• Listing/Trading Commence: 9:00 a.m., Monday, March 30, 2026

Recent developments or macroeconomic commentary are not specifically included.

The IPO timing coincides with a period of demand for healthcare sector listings, and the structure allows for robust investor participation.

Key Risk Factors

Specific risk factors are not quantified in the summary announcement. However, general risks for sector and timing are implied, including market volatility post-stabilization period, potential regulatory risks, and the absence of a stated dividend policy. Investors should be aware that stabilizing actions on the H Shares cannot be taken beyond 30 days after the close of the Hong Kong Public Offering, after which share price and demand may fluctuate more freely [[1]][[3]].

Growth Strategy: Expansion and Future Plans

No specific expansion plans, new products, M&A intentions, or capex pipeline are disclosed in the announcement. The use of proceeds and offer scale suggest a growth-oriented strategy, but details are not explicitly stated.

Ownership & Lock-ups

Pre- and post-IPO shareholding structures, promoter holdings, and lock-in periods are not disclosed in the announcement.

Valuation and Peer Comparison

No peer valuation metrics, P/E ratios, or comparable IPO data are provided in the announcement. Therefore, a comparative valuation table is not included.

Research & Opinions

No analyst coverage, price targets, or external opinions are included in the announcement.

IPO Allotment Result

The final subscription outcome by tranche is not disclosed. Allocation results and offer price will be announced on the company’s website and the HKEX news portal no later than 11:00 p.m. on March 27, 2026. Investors can check results via:

• http://yiyang.tongrentang.com
• www.hkexnews.hk
• www.iporesults.com.hk (search by ID)
• By telephone: +852 2862 8555

H Share certificates for successful applicants are expected to be dispatched or deposited into CCASS on or before March 27, 2026. Dealings are set to commence on March 30, 2026 [[7]][[9]].

Listing Outlook

Inference based on prospectus data:

• Strong institutional support is suggested by the presence of a large over-allotment option and stabilization mechanism.
• Active involvement of top-tier bookrunners and coordinators (such as CICC Hong Kong Securities) may underpin share performance in the initial trading period.
• First-day trading is likely to be robust if oversubscription triggers the maximum retail allocation and price is set at the lower end of the range (HK\$7.30), as per reallocation rules. If demand is moderate, the offer price may be closer to the maximum (HK\$8.30).

Overall, based solely on the disclosed facts, the IPO appears structured to support a stable and liquid market debut, with strong mechanisms for price stabilization and flexible allocation. Short-term trading strength is likely, but longer-term performance will depend on post-listing operational deliveries and market sentiment.

Prospectus Access

The full prospectus and further information may be accessed at:

• http://yiyang.tongrentang.com
• www.hkexnews.hk

How to Apply for the IPO

Application Channels:

• HK eIPO White Form service: www.eipo.com.hk for investors seeking physical share certificates. Application period: 9:00 a.m., March 20, 2026 to 11:30 a.m., March 25, 2026. Payment must be completed by 12:00 noon, March 25, 2026.
• HKSCC EIPO channel: Via your broker or custodian (who is a HKSCC Participant) through the FINI system. Contact your broker/custodian for deadlines, as they may vary.

No physical applications are accepted. Applications must be made for a minimum of 500 shares and in multiples as specified in the offer table. The maximum number of Hong Kong Offer Shares an individual may apply for is 5,407,500 [[3]][[4]][[8]].