Beijing Tong Ren Tang Healthcare Investment Co., Ltd.

Date of Prospectus: March 20, 2026

Beijing Tong Ren Tang Healthcare Investment Co., Ltd. Launches Ambitious Hong Kong IPO: Investor Analysis and Key Details

Beijing Tong Ren Tang Healthcare Investment Co., Ltd. is offering investors a significant opportunity with its upcoming Hong Kong IPO. This article provides a comprehensive, investor-focused analysis of the offering, including offer structure, deal parties, company fundamentals, competitive positioning, key risks, and the outlook for listing day performance.

IPO Snapshot

Investor Summary of the Beijing Tong Ren Tang Healthcare Investment IPO

• IPO Symbol: 2667 (Hong Kong Stock Exchange)
• Offer Price Range: HK\$7.30 to HK\$8.30 per H Share
• Maximum Offer Price: HK\$8.30 per H Share
• Number of Offer Shares: 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)
• Stock Code: 2667
• Nominal Value: RMB1.00 per H Share
• Over-allotment Option (Greenshoe): Up to 16,223,000 additional Offer Shares (around 15% of initial offer)
• Board Lot Size: 500 H Shares

Allotment and Application: The offering is open to Hong Kong public investors and international/institutional investors, with electronic-only application processes available.

Timetable:

• Application Period: March 20, 2026 (9:00 a.m.) – March 25, 2026 (12:00 noon)
• Expected Listing Date: March 30, 2026 (9:00 a.m.)

Maximum Subscription (HK Public): 5,407,500 H Shares per applicant

Stock Exchange: Hong Kong Stock Exchange

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

Offer Shares are being offered and sold outside the United States in offshore transactions in reliance on Regulation S.

Payment on Application: Includes brokerage (1.0%), SFC transaction levy (0.0027%), AFRC transaction levy (0.00015%), and Stock Exchange trading fee (0.00565%).

**Note:** No printed prospectuses are provided—applications are made electronically only.

**Use of Proceeds:** The prospectus does not provide a detailed breakout of the use of proceeds. (Inferred: The absence of this information precludes a growth/deleveraging assessment.)

**Dividend Policy:** No explicit dividend policy, payout ratio, or timetable is provided in the prospectus.

Placement and Issuance Breakdown

Public and Institutional Allocation:

• Hong Kong Public Offering: Initially 10,815,500 H Shares (10% of total offer, subject to reallocation)
• International Offering: Initially 97,338,000 H Shares (90% of total offer, subject to reallocation and Over-allotment Option)

Reallocation Mechanism: Up to 5,407,500 H Shares may be reallocated from the International Offering to the Hong Kong Public Offering (up to 15% of total offer) if demand warrants, with Offer Price fixed at the low end (HK\$7.30) if such reallocation occurs [[5]].

Over-allotment Option: Up to 16,223,000 additional H Shares (15% of Offer) may be issued at the Offer Price to cover over-allocation.

Investor Participation & Book Quality

Bookrunner and Stabilization: China International Capital Corporation Hong Kong Securities Limited (CICC) acts as Sole Overall Coordinator, Joint Global Coordinator, Joint Bookrunner, and Joint Lead Manager, with stabilization powers. No obligation to stabilize, but may do so for up to 30 days post-offer [[1]].

Anchor/Institutional Investors: Not specifically disclosed in the prospectus.

Pre-listing Share Disposals: No pre-listing disposals/sales by existing shareholders are disclosed.

Inferred Book Quality: The presence of leading underwriters and a clear stabilization mechanism, along with a significant overallotment option, suggests a strong institutional framework to support first-day performance (inferred from the roles and mechanisms disclosed).

Deal Parties & Structure

Key Deal Parties:

• Global Coordinator, Bookrunner, Lead Manager, Sponsor: China International Capital Corporation Hong Kong Securities Limited (CICC)
• Joint Global Coordinators, Joint Bookrunners, Joint Lead Managers: Not individually named in the excerpt provided.

Stabilization (Greenshoe): CICC (as Stabilizing Manager) may conduct stabilization for up to 30 days after the public offer closes, in compliance with Hong Kong regulations.

Company Overview

Business Model & Revenue Streams:

Beijing Tong Ren Tang Healthcare Investment Co., Ltd. operates as a joint stock company established in the People’s Republic of China with limited liability. It is part of the renowned Tong Ren Tang group, which is historically associated with traditional Chinese healthcare products and services. The company’s business model, key products, revenue streams, customer segments, and geographies are not specified in detail within the provided sections.

Industry/Sector Definition: The company is positioned in the healthcare sector, with a likely focus on traditional Chinese medicine and healthcare investment. No market size or ranking is provided.

Financial Health: The document does not disclose historical revenue, profit, margin, or balance sheet data. Therefore, no financial table is included.

Management Team:

• Chairman 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

(Backgrounds and experience of management are not disclosed.)

Trends, Timing & Environment

Sector and Regional Trends: Not detailed in the provided sections.

IPO Timing:

• Application Opens: 9:00 a.m. March 20, 2026
• Application Closes: 12:00 noon March 25, 2026
• Listing Date: 9:00 a.m. March 30, 2026

Macroeconomic/Market Environment: No macroeconomic indicators or commentary present.

Recent Company or Sector Developments: Not provided.

Inferred Market Conditions: The presence of a major sponsor and the structure of the offering suggest a well-supported IPO. The electronic-only application reflects current market trends in efficiency and digitalization.

Prospectus Deep Dive

Key Risk Factors:

• Stabilization Period: Price support actions are limited to 30 days post-offer; after this, demand and price may fall [[1]].
• Application Rejection: Applications for amounts other than specified table increments will be rejected.
• No Temporary Title Documents: No temporary documents of title or receipts will be issued for sums paid on application; share certificates valid only after 8:00 a.m. March 30, 2026.
• Jurisdictional Restrictions: The offer is not available to US persons or in the United States.
• Termination Rights: The underwriters may terminate obligations upon certain events up to the listing date [[2]].

Growth Strategy: Not detailed in the prospectus excerpt.

Ownership & Lock-ups: Pre- and post-IPO shareholding structure and lock-up details are not provided.

Valuation and Peer Comparison

Valuation Table: No P/E, P/B, EV/EBITDA, or peer comparison data are provided.

Peer IPOs and Sector Performance: Not discussed.

Research & Opinions: No analyst research or price targets are disclosed.

IPO Allotment Result

Final Subscription Outcomes: Not available in the provided sections.

Listing Outlook

Investor Perspective on Beijing Tong Ren Tang Healthcare Investment IPO

Based strictly on the disclosed offering structure, the backing of a reputable sponsor and stabilizer (CICC), and the electronic and transparent application process, the IPO appears well-supported in the Hong Kong market. The presence of a strong stabilization mechanism and over-allotment option may help underpin the share price during the initial trading days. However, the lack of disclosed financial performance, sector data, and use of proceeds means investors must weigh the reputation of the brand and deal parties against the absence of granular fundamentals. Those seeking exposure to a traditional healthcare brand with a strong Hong Kong listing structure may find this IPO attractive, but should remain cautious pending allocation and first-day trading outcomes. (Inferred: Likely first-day trading to be near or slightly above the offer price if market conditions remain stable.)

Prospectus Access

Complete prospectus and further details are available at: www.hkexnews.hk and http://yiyang.tongrentang.com

How to Apply

Application Channels:

• Online via HK eIPO White Form service (www.hkeipo.hk): For those who wish to receive physical H Share certificates in their own name.
• Through your broker or custodian (if they are a HKSCC Participant): Via the HKSCC EIPO channel using HKSCC’s FINI system. Shares will be deposited in your designated HKSCC Participant’s stock account.

Application Window: March 20, 2026 (9:00 a.m.) to March 25, 2026 (12:00 noon).

Minimum Application: 500 H Shares, increasing in fixed increments as set out in the application table below.

Note: The above table includes brokerage, SFC transaction levy, Stock Exchange trading fee, and AFRC transaction levy.