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Leidi Network, Jianping Lei, March 23
Beijing Tongrentang Medical and Health Investment Co., Ltd. (abbreviated as &#34;Tongrentang Medical and Health&#34;, stock code: &#34;02667&#34;) has recently opened its subscription and is preparing to list on the Hong Kong Stock Exchange on March 30, 2026.
Tongrentang Medical and Health has an issuance range of HKD 7.3 to HKD 8.3, planning to issue 108 million shares, with a maximum fundraising of nearly HKD 900 million.
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The cornerstone investors of Tongrentang Medical and Health are Aviation Port Technology Capital and Aurora SF, who have subscribed for a total of HKD 389 million, of which Aviation Port Technology Capital subscribed for HKD 219 million and Aurora SF subscribed for HKD 170 million.
9 Months Revenue of HKD 858 Million, Profit Down 9.7%
Tongrentang Medical and Health is a traditional Chinese medicine healthcare group, consisting of self-owned and managed medical institutions at three levels: chain hospitals, grassroots chain medical institutions (including outpatient departments, clinics, and community health institutions, all independent medical institutions holding different types of licenses or certificates for practice), and internet hospitals.
Tongrentang Medical and Health has established a hierarchical medical service network, including 12 self-owned offline medical institutions and one internet hospital, as well as 10 offline managed medical institutions. Through an integrated service network of offline and online, Tongrentang Medical and Health reaches and serves customers across the country.
Relying on the well-known brand &#34;Tongrentang&#34; and supported by high-quality medicines, Tongrentang Medical and Health gathers and integrates online and offline medical resources.
The prospectus shows that the revenue of Tongrentang Medical and Health for 2022, 2023, and 2024 is expected to be HKD 910 million, HKD 1.153 billion, and HKD 1.175 billion, respectively; gross profit is expected to be HKD 143 million, HKD 217 million, and HKD 222 million, respectively; and net profit is expected to be -HKD 9.23 million, HKD 42.63 million, and HKD 46.2 million, respectively.
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In the first 9 months of 2025, Tongrentang Medical and Health reported revenue of HKD 858 million, compared to HKD 833 million in the same period last year; net profit was HKD 24 million, a decrease of 9.7% compared to HKD 26.59 million in the same period last year
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Tongrentang Medical Care's adjusted net profits for 2022, 2023, and 2024 are -9.23 million, 47.87 million, and 61.73 million respectively; the adjusted net profit for the first 9 months of 2025 is 24.22 million yuan.
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As of September 30, 2025, Tongrentang Medical Care holds cash and cash equivalents of 225 million yuan.
Tongrentang controls 94% of the equity.
The executive directors of Tongrentang Medical Care are Rao Zuhai, Lu Yan, and Ms. Gui Shan; the non-executive directors are Zhu Feng, Sun Kai, and Ms. Xing Qian; the independent non-executive directors are Yan Zhixiong, Zhang Xiang, and Gao Yanbin.
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Before the IPO, the ultimate controlling shareholder of Tongrentang Medical Care, Tongrentang, has the right to directly and indirectly exercise approximately 93.83% of the voting rights of the total issued share capital of Tongrentang Medical Care through Tongrentang Health, Tongrentang Heritage Fund Management, Tongrentang Medical Fund Management, Tongrentang Pension Fund, Tongkang Fund, and Tongqing Fund.
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Before the IPO, the equity structure of Tongrentang Medical Care
Among them, Tongrentang holds 83.98%, the Tongrentang Pension Fund holds 4.93%, the Tongkang Fund holds 2.19%, the Tongrentang Medical Fund Management holds 0.36%, the Tongqing Fund holds 2.36%, Mr. Zhu holds 2.13%, Ms. Pan holds 1.74%, Bozhou Yipinde holds 1.07%, Jining Yinling holds 0.73%, and Bingrong Investment holds 0.5%.
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Tongrentang Group is mainly engaged in (i) the pharmaceutical industry, (ii) commercial retail, (iii) health and wellness, and (iv) the medical and elderly care industry. Currently, the listed member companies of Tongrentang Group include (i) Tongrentang Co., Ltd. (stock code: 600085), (ii) Tongrentang Technology (stock code: 1666), and (iii) Tongrentang Guoyao (a Hong Kong Stock Exchange listed company and a subsidiary of Tongrentang Technology, stock code: 3613), all of which are primarily engaged in the production and sales of traditional Chinese medicine health products.
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Post-IPO, the equity structure of Tongrentang Medical and Elderly Care
Post-IPO, Tongrentang holds 64.47%, the Tongrentang Elderly Care Fund holds 3.78%, the Tongkang Fund holds 1.68%, the Tongrentang Medical Fund Management holds 0.28%, the Tongqing Fund holds 1.82%, Mr. Zhu holds 1.64%, Ms. Pan holds 1.34%, Bozhou Yipinde holds 0.82%, Jining Yinling holds 0.56%, Bingrong Investment holds 0.38%, and public shareholders hold 23.24%.
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Tongrentang Medical Care will open its initial public offering (IPO) on March 23, with plans to list on the Hong Kong Stock Exchange on March 30, 2026, aiming to raise HKD 900 million, with an issuance range of HKD 7.3 to 8.3. Cornerstone investors include Airport Technology Capital and Aurora SF, collectively subscribing for HKD 389 million. In the first nine months of 2025, revenue was HKD 858 million, with a profit decline of 9.7%. Tongrentang Medical Care is a traditional Chinese medicine healthcare group, owning multiple offline and online medical institutions

Tongrentang Medical and Health has opened its IPO: plans to raise HKD 900 million and list on March 30, with a 10% decline in profits over 9 months