IPO Timeline Raw facts
Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading
Company Overview
| Stock Name | Tongrentangcare |
|---|---|
| Stock Code | 02667 |
| Company Full Name | Beijing Tong Ren Tang Healthcare Investment Co Ltd |
| Industry | Biotech & Pharma |
| Principal Activities | We are a subsidiary of Tongrentang that is strategically focused on traditional Chinese medicine medical services in China, providing comprehensive traditional Chinese medicine medical services to individual customers, standardized management services to institutional customers, and various health products and other products. |
| Listing Date | 2026-07-07 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Headquarters and 5th Floor, Tower A, Yonggui Center, No. 47 Guangqumennei Principal Place Street, Dongcheng District, Beijing, PRC of Business in the PRC Principal Place of 40/F, Dah Sing Financial Ce |
| Business Address (Hong Kong) | 香港灣仔皇后大道東248號大新金融中心40樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | yiyang.tongrentang.com |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | Computershare Hong Kong Investor Services Limited |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 5.50 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 500 shares |
| Entry Threshold | HK$ 4,150 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-06-26 to 2026-07-02 |
| Global Offering Shares | 108,153,500 shares |
| HK Public Offer Shares (Initial) | 10,815,500 shares (10.0%) |
| Public Offer Lots (Initial) | 21,631lots (Pool A10,815lots，Pool B10,816lots) |
| International Placing Shares (Initial) | 97,338,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 465,362,049 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 46.8% |
| Clawback Tiers | Mechanism B: no clawback mechanism |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 594,844,250 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 500 | HK$ 2,750 |
| 2 lots | 1,000 | HK$ 5,500 |
| 3 lots | 1,500 | HK$ 8,250 |
| 4 lots | 2,000 | HK$ 11,000 |
| 5 lots | 2,500 | HK$ 13,750 |
| 6 lots | 3,000 | HK$ 16,500 |
| 7 lots | 3,500 | HK$ 19,250 |
| 8 lots | 4,000 | HK$ 22,000 |
| 9 lots | 4,500 | HK$ 24,750 |
| 10 lots | 5,000 | HK$ 27,500 |
| 12 lots | 6,000 | HK$ 33,000 |
| 14 lots | 7,000 | HK$ 38,500 |
| 16 lots | 8,000 | HK$ 44,000 |
| 18 lots | 9,000 | HK$ 49,500 |
| 20 lots | 10,000 | HK$ 55,000 |
| 30 lots | 15,000 | HK$ 82,500 |
| 40 lots | 20,000 | HK$ 110,000 |
| 50 lots | 25,000 | HK$ 137,500 |
| 60 lots | 30,000 | HK$ 165,000 |
| 70 lots | 35,000 | HK$ 192,500 |
| 80 lots | 40,000 | HK$ 220,000 |
| 90 lots | 45,000 | HK$ 247,500 |
| 100 lots | 50,000 | HK$ 275,000 |
| 120 lots | 60,000 | HK$ 330,000 |
| 140 lots | 70,000 | HK$ 385,000 |
| 160 lots | 80,000 | HK$ 440,000 |
| 180 lots | 90,000 | HK$ 495,000 |
| 200 lots | 100,000 | HK$ 550,000 |
| 400 lots | 200,000 | HK$ 1,100,000 |
| 600 lots | 300,000 | HK$ 1,650,000 |
| 800 lots | 400,000 | HK$ 2,200,000 |
| 1,000 lots | 500,000 | HK$ 2,750,000 |
| 1,200 lots | 600,000 | HK$ 3,300,000 |
| 1,400 lots | 700,000 | HK$ 3,850,000 |
| 1,600 lots | 800,000 | HK$ 4,400,000 |
| 1,800 lots | 900,000 | HK$ 4,950,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 1,000,000 | HK$ 5,500,000 |
| 4,000 lots | 2,000,000 | HK$ 11,000,000 |
| 6,000 lots | 3,000,000 | HK$ 16,500,000 |
| 10,815 lots | 5,407,500 | HK$ 29,741,250 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 349M |
| Est. Threshold | HK$ 9.44B |
| Analysis Result | HK market cap below threshold, need +2606% |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 3,862,505,006 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 1,200,608,882 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net profit RMB 46.2 million |
| Period-End Cash Balance | RMB 287.7 million |
| Listing Expenses | ~HK$ 69,700,000 |
| Listing Expenses / Funds Raised | ~11.0% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | Loading... |
|---|---|
| First Day Open | HK$ -- |
| Use of Proceeds | 1、約47.5%（或366.2百萬港元）將用于擴充公司的中醫醫療服務網絡；
2、約23.6%（或182.1百萬港元）預期將于2025年至2029年用于提升公司的中醫醫療服務能力；
3、約18.9%（或145.6百萬港元）預期將用于償還若干未償還銀行貸款；
4、約10.0%（或77.1百萬港元）將用作營運資金及其他一般企業用途。 |
Underwriting Syndicate
Sole Sponsor (1)
China International Capital Corporation Hong Kong Securities Limited CE AEN894(sole)
Overall Coordinators (1)
China International Capital Corporation Hong Kong Securities Limited CE AEN894(sole)
Joint Global Coordinators (3)
Joint Bookrunners (6)
Joint Lead Managers (9)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
GF Securities (Hong Kong) Brokerage Limited CE AOB364
ABCI Securities Company Limited CE ACX411
WEST BULL SECURITIES LIMITED CE BHT553
PATRONS SECURITIES LIMITED CE BPQ161
Futu Securities International (HONG KONG) Limited CE AZT137
Livermore Holdings Limited CE BJN764
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
天元律师事务所（有限法律责任合伙） Tian Yuan Law Firm 通商律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
海问律师事务所有限法律责任合伙 汉坤律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司 |
| Compliance Advisor | Rainbow Capital (HK) Limited CE BPB716 |
| Receiving Banks |
中国银行（香港）有限公司 中国工商银行（亚洲）有限公司 |
| H Share Registrar | 香港中央证券登记有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 航空港科技资本 | 219,000,000 HKD | 37,435,500 | 34.61% | 8.04% | 7 months | 2027-02-07 |
| 2 | Aurora SF | 49,600,000 HKD | 8,471,500 | 7.83% | 1.82% | 7 months | 2027-02-07 |
| 3 | CICCFT（与场外掉期有关） | 27,500,000 HKD | 4,700,500 | 4.35% | 1.01% | 7 months | 2027-02-07 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | Mr. Rao Zuhai | Mr. Rao Zuhai |
| Company Secretary | 喬雅楠 | — |
| Executive Director | 饶祖海 | Rao Zuhai |
| Non-Executive Director | 朱峰 | Zhu Feng |
| Independent Non-Executive Director | 严志雄 | Yim Chi Hung |
| Executive Director | 鲁喦 | Lu Yan |
| Non-Executive Director | 孙恺 | Sun Kai |
| Independent Non-Executive Director | 张翔 | Zhang Xiang |
| Executive Director | 桂嬗 | Gui Shan |
| Non-Executive Director | 邢茜 | Xing Qian |
| Independent Non-Executive Director | 高彦彬 | Gao Yanbin |
Major Shareholders
| Major Shareholders & Holdings | Tongrentang directly holds 83.98% of the unlisted shares and indirectly holds 9.85% of the unlisted shares through 同仁堂康養, 同仁堂傳承基金管理, 同仁堂醫療基金管理, 同仁堂養老基金, 同康基金 and 同清基金, in total controlling 93.83% of the voting rights. |
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