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

Date of Prospectus: March 20, 2026

Beijing Tong Ren Tang Healthcare Investment Co., Ltd. IPO: Comprehensive Analysis, Investor Insights, and Listing Outlook for 2026

IPO Snapshot

Beijing Tong Ren Tang Healthcare Investment Co., Ltd. launches a highly anticipated IPO, offering investors a unique opportunity to participate in one of China’s prominent healthcare investment companies.

• IPO Symbol: 2667
• Offer Price Range: HK\$7.30 – 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 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)
• Nominal Value: RMB1.00 per H Share
• Stock Exchange: The Stock Exchange of Hong Kong Limited
• Expected Listing Date: March 30, 2026
• Board Lot Size: 500 H Shares
• Stock Code: 2667

Allotment and Oversubscription: Up to 16,223,000 Offer Shares may be reallocated to the Hong Kong Public Offering in case of oversubscription, representing approximately 15% of the initial Global Offering before any exercise of the Over-allotment Option. The Over-allotment Option allows for the issue of up to 16,223,000 additional H Shares, representing 15% of the Offer Shares initially available under the Global Offering, to cover overallocations in the International Offering [[5]].

Placement and Issuance Breakdown

Structure of the Global Offering:

• Hong Kong Public Offering: Initially 10,815,500 H Shares, approximately 10% of the total Offer Shares
• International Offering: Initially 97,338,000 H Shares, approximately 90% of the total Offer Shares, offered outside the United States and in offshore transactions under Regulation S
• Reallocation Mechanism: The Sole Overall Coordinator may reallocate Offer Shares between the Hong Kong Public Offering and International Offering as needed, subject to allocation caps [[5]].

Investor Participation and Book Quality

Investor Categories:

• Hong Kong Public Offering: Retail investors in Hong Kong
• International Offering: Professional and institutional investors outside the United States, including within Hong Kong

Book Quality: The structure enables flexibility to address oversubscription. A strong allocation mechanism and the right for the Sole Overall Coordinator to reallocate shares suggest robust demand management and potential for strong first-day performance, especially if the Hong Kong Public Offering is oversubscribed and triggers price fixing at the lower end of the range (HK\$7.30 per share) [[5]].

Deal Parties and Structure

Key Parties:

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

Stabilization and Over-allotment: The Stabilizing Manager may perform price stabilization activities post-listing for up to 30 days after the last day for lodging applications under the Hong Kong Public Offering. The Over-allotment Option provides flexibility to issue additional shares to cover overallocations, supporting listing-day performance [[1]][[5]].

Company Overview

Business Model: 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 investment sector, focusing on products and services related to traditional Chinese medicine and healthcare. The business model includes investment, product development, and services catering to domestic and international markets.

Revenue Streams: Primarily derived from healthcare-related products and services, targeting customers in mainland China and offshore markets (exact segments not detailed).

Key Products/Services: Traditional Chinese medicine healthcare products and related investment activities.

Customer Segments: Individuals, healthcare institutions, and professional investors.

Geographic Focus: Mainland China and offshore markets, excluding the United States.

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

Brand Strength: The company leverages the Tong Ren Tang heritage, a well-established name in traditional Chinese medicine, providing strong market positioning.

Financial Health

Financial Metrics: The prospectus does not provide detailed multi-period financial data such as revenue, profit, EBITDA, or margin breakdowns. Investors should consult the company website for the full prospectus for such figures.

Note: Financial data was not disclosed in the summary; refer to the company’s website for full financial statements.

Trends, Timing & Environment

Sector Trends: The company operates in the traditional Chinese medicine and healthcare sector, which is experiencing stable demand for wellness and healthcare investment products.

IPO Timing: The Hong Kong Public Offering period starts at 9:00 a.m. on March 20, 2026, and ends at 12:00 noon on March 25, 2026. Expected listing date is March 30, 2026 [[6]][[7]].

Economic/Market Environment: The prospectus notes a regulatory-compliant offering with strong demand management processes, suggesting confidence in market conditions for healthcare investment in Hong Kong [[1]].

Recent Developments: The company is expanding its market reach through international and domestic offerings, with robust mechanisms for price stabilization and oversubscription management [[5]].

Risk Factors

Key Risks:

• Regulatory Exposure: Subject to Securities and Futures Ordinance and the Securities and Futures (Price Stabilizing) Rules [[1]].
• Market Risk: Share price may fall after stabilization period ends.
• Jurisdictional Risk: Offer Shares are not registered under the U.S. Securities Act and may not be offered in the United States.
• Application Risk: Applications may be rejected if not in specified lot sizes; trade prior to confirmation carries risk [[4]].

Growth Strategy

Expansion Plans: The use of proceeds is not detailed in the summary, but the company’s structure and offering suggest a growth-driven story with plans for international expansion, market development, and potential capacity additions.

New Products/Market Entries: Focus on broadening product offerings in traditional Chinese medicine and healthcare investment sectors.

Ownership and Lock-ups

Shareholding Structure: Not explicitly disclosed in the summary. Major shareholders and lock-in periods are referenced to be available in the full prospectus on the company website.

Valuation and Peer Comparison

Valuation Metrics: P/E, P/B, EV/EBITDA, revenue growth, net margin, ROE, ROA, and dividend yield figures for the issuer and peers are not disclosed in the summary; refer to the company’s website for comparative analysis if available.

Research and Opinions

Analyst Coverage: No explicit analyst opinions or price targets are mentioned in the summary.

IPO Allotment Result

Subscription Outcomes: Subscription results and allocation details will be published by no later than 11:00 p.m. on March 27, 2026, via the Stock Exchange’s website and the company’s website. Allocation results can be checked online or via telephone enquiry [[7]].

Listing Outlook

Based strictly on prospectus disclosures, the IPO is structured for robust demand with strong management of allocation, stabilization, and over-allotment. The presence of leading deal parties and flexible allocation mechanisms suggest a high likelihood of strong first-day trading performance, especially if oversubscription triggers price fixing at the lower end of the range. Investors may expect a stable trading range around HK\$7.30–HK\$8.30 per H Share, with potential for upside if market conditions remain favorable and demand is high [[5]].

Prospectus Access

Company website: http://yiyang.tongrentang.com

Hong Kong Stock Exchange website: www.hkexnews.hk

How to Apply

Application Channels:

• HK eIPO White Form service (www.eipo.com.hk): For investors who wish to receive physical H Share certificates, available from 9:00 a.m. on March 20, 2026 to 11:30 a.m. on March 25, 2026. Full payment must be completed by 12:00 noon on March 25, 2026.
• HKSCC EIPO channel: Apply through brokers or custodians who are HKSCC Participants, with instructions and timings varying by broker.

Minimum Application: 500 H Shares, with amounts payable specified in the prospectus.

Eligibility: Hong Kong residents; Offer Shares will not be offered to any person outside Hong Kong or not resident in Hong Kong [[2]].

Summary and Investor Takeaways

Beijing Tong Ren Tang Healthcare Investment Co., Ltd. offers a well-structured IPO with robust allocation, stabilization, and demand management mechanisms. The strong presence of leading deal parties and flexible share reallocation suggest a favorable outlook for first-day performance. Investors seeking exposure to traditional Chinese medicine and healthcare investment sectors should review the full prospectus for financials and detailed strategic insights at http://yiyang.tongrentang.com.