Tong Ren Tang Healthcare (02667.HK), Targets Hong Kong IPO
HONG KONG, Jun 26, 2026 – (ACN Newswire) – On June 26, 2026, Beijing Tong Ren Tang Healthcare Investment Co., Ltd. (“Tong Ren Tang Healthcare”) stands on the eve of its Hong Kong itemizing. Backed by the 357-twelve months-aged time-honored stamp “Tong Ren Tang”, this TCM healthcare services provider today announced the open of its Global Offering under the inventory code 02667.HK. The Provide Label vary is HK$5.forty eight to HK$6.21 per Fragment, representing a exiguous downward adjustment from the outdated offering and a corresponding downward adjustment in the fundraising scale of roughly HK$226 million in protecting with the utmost Provide Label, which demonstrates the Firm’s more pragmatic pricing technique in the current market ambiance. CICC acts because the sole sponsor, and dealings in its shares are expected to commence on July 7. The Global Offering comprises a filled with 108,153,500 H Shares, of which 10% are under the Hong Kong Public Offering and 90% under the Global Offering. Cornerstone investments legend for roughly 46.seventy 9% of the offering.
The Firm launched an offering in March this twelve months. Therefore, it announced that, after comprehensively fascinated with multiple unprejudiced elements including the then-current market ambiance and total capital market stipulations, and in recount to fully defend the interests of traders and safeguard the long-time length actual pattern of its stamp, it had determined to lengthen the Global Offering and its proposed itemizing on the Predominant Board of the Hong Kong Stock Alternate. With the offering now relaunched, the competitiveness of this time-honored stamp in the TCM healthcare sector stays compelling. From stamp obstacles and earnings quality to fat-industry-chain synergies and low-fee expansion, Tong Ren Tang Healthcare has accumulated advantages that invent a solid foundation for its long-time length pattern.
The First Listed TCM Group: 0.16% Promotion Expense Ratio A ways Under Company, with 20.5% Annual Membership Enhance
Tong Ren Tang is truly apt one of China’s few nationwide manufacturers with a historical past of larger than three centuries. As the very finest subsidiary of TRT Group strategically pondering about TCM healthcare services, Tong Ren Tang Healthcare combines the essence of conventional Chinese medication with up to date healthcare management services. By blueprint of standardized chain operations and modernized management systems, it affords one-pause, personalized TCM healthcare services.
The vitality of the emblem is most straight away mirrored in customer acquisition prices. In accordance with its prospectus, in 2025, the Firm’s promotion charges (integrated in selling and distribution charges) hold been RMB1.844 million, representing a promotion expense ratio of upright 0.16%, a good deal decrease than the industry moderate of 0.5% to 2.0%. While quite lots of companies speak heavily to acquire possibilities, Tong Ren Tang naturally attracts organic traffic. This stamp top rate is the head outcomes of centuries of accumulation and represents a barrier that is refined for any competitor to copy.
When it comes to market region, in protecting with whole out-patient and in-patient visits in 2025, Tong Ren Tang Healthcare ranked first in China’s non-public TCM health center healthcare carrier industry, with a market half of 1.5%. The cumulative assortment of individuals grew from 530,691 in 2023 to 770,174 in 2025, representing a CAGR of 20.5%. In an extraordinarily fragmented TCM healthcare services market, securing the main region itself demonstrates the vitality of the Firm’s stamp heritage being fully realized.
Pioneer in Tiered Healthcare: Complete Patient Visits Soar 94% in Two Years, with Buyer Return Rate as High as 86%
The Firm is truly apt one of many pioneers in deploying a tiered, online-offline integrated healthcare community. Taking advantage of the synergies of this community, whole patient visits grew by 94% in two years, from 1.78 million in 2023 to three.45 million in 2025. Furthermore, the Firm demonstrates extraordinarily high customer stickiness. For example, its SXT Health center recorded a customer return rate as high as 86.0% in 2025, indicating distinctive stamp loyalty and restore recognition. The Firm’s offline scientific institutions are working in an orderly system, its carrier community continues to bag bigger all over core city clusters, and its Files superhighway healthcare services are advancing step by step. Core companies corresponding to power illness management, post-operative rehabilitation and TCM wellness are extremely diagnosed by the market.
Reaching Replicable Enhance: Win Earnings spherical RMB1.17B and RMB120M in Working Money Circulate Beget Virtuous Cycle
Financial files affords basically the most compelling proof. For the years ended December 31, 2023, 2024 and 2025, the Firm’s income remained actual at RMB1.153 billion, RMB1.175 billion and RMB1.171 billion, respectively. The Firm’s working cash waft has remained in fetch inflow, reaching roughly RMB120 million in 2025, with a actual noxious profit margin of 18.9%. As of December 31, 2025, cash and cash equivalents stood at roughly RMB287.7 million. These figures depict a company that has moved past the validation stage and entered a virtuous cycle of “development and profitability.”
Beefy-Alternate-Chain Synergies: 13 Self-owned + 13 Managed Medical Institutions with a Proprietary Provide Chain
Tong Ren Tang Healthcare advantages from the industrial obstacles built by TRT Group in all places in the fat TCM industry fee chain. Its self-owned healthcare carrier community covers hospitals, out-patient healthcare centers, clinics and neighborhood healthcare institutions. When mixed with Tong Ren Tang’s nationwide pharmacy and clinic community, the density of institutions and restore capacity might per chance perhaps well bag bigger exponentially. The Firm has begun offering online healthcare services by its self-owned Files superhighway health center for Tong Ren Tang’s offline pharmacies and physicians, with nationwide protection. As effectively as, leveraging the sources of the Group, the Firm bought the routine gorgeous in January 2024 to sell the Tong Ren Tang-branded Angong Niuhuang Tablets series to retailers in Zhejiang province. This “prescription tablets–retail–healthcare” fat-industry-chain synergy represents a audacious structural advantage that pure-play healthcare carrier services can typically match.
Trillion-RMB Market Opportunity: TCM Service Market Reached RMB1.07 Trillion in 2025, to Attain RMB1.69 Trillion by 2030
From an industry fundamentals standpoint, the Frost & Sullivan document displays that the market size of China’s TCM healthcare carrier industry reached RMB1,072.1 billion in 2025 and is projected to grow to RMB1,690.6 billion by 2030, at a CAGR of 9.5%. By whole TCM healthcare carrier income in 2025, this market represents a famous half of China’s healthcare expenditure. Taking advantage of both protection attend and market search files from, the TCM healthcare sector is believed to be truly apt one of many core tracks of the “silver economic system.” Furthermore, the concentration of China’s non-public TCM healthcare carrier industry is extraordinarily low, with the head five gamers accounting for simplest 5.4% of the market half. This means that Tong Ren Tang Healthcare, as a sector chief with stamp advantages and scalable operations, naturally possesses a indispensable-mover and market integration advantage.
Conclusion
With inhabitants rising older accelerating, with the assortment of oldsters feeble 60 and above exceeding 320 million, and nationwide insurance policies strongly supporting the integrated healthcare industry, the TCM-featured healthcare sector enjoys substantial possibilities and hectic capacity. Tong Ren Tang Healthcare possesses exceptional stamp obstacles, a veteran industry mannequin and huge market search files from. Its long-time length fundamentals are solid, its development logic is undeniable, and the ecosystem fee created by its stamp top rate and Group-level industry-chain synergies has but to be fully priced in. For this 357-twelve months-aged time-honored stamp, itemizing is a truly indispensable opportunity for pattern—now not the final fling deliver.
Reprinted from Ejinsight.
Topic: Press open summary
Sectors: Healthcare & Pharm
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