Tongrentang Medical and Wellness delays Hong Kong listing, stating they remain committed to completing the global offering and listing in a timely manner.

On March 27, Beijing Tongrentang Healthcare Investment Co., Ltd. (Tongrentang Healthcare, 2667.HK) announced on the Hong Kong Stock Exchange that, considering multiple factors including the current market environment, the company has now decided to postpone its global offering and the listing plan on the Main Board of the Hong Kong Stock Exchange. The international underwriting agreement corresponding to this international offering will not be signed, and the related underwriting agreement for the Hong Kong public offering will also not take effect.

The announcement stated, “The company is still committed to completing the global offering and listing in due time.”

On January 26, Tongrentang Healthcare submitted a listing application to the Main Board of the Hong Kong Stock Exchange, with China International Capital Corporation as the sponsor. The company stated that it plans to be listed on the Hong Kong Stock Exchange on March 30, 2026, intending to issue 108 million shares, aiming to raise nearly HKD 900 million. Prior to this, Tongrentang Healthcare had submitted multiple listing applications to the Main Board of the Hong Kong Stock Exchange.

Tongrentang Healthcare is a strategically focused subsidiary under Tongrentang, specializing in traditional Chinese medicine services, providing comprehensive TCM medical services for individual clients, standardized management services for institutional clients, and various health products and other products.

Tongrentang, Tongrentang Pension Fund, Tongqing Fund, Tongkang Fund, and Tongrentang Medical Fund Management directly hold approximately 83.98%, 4.93%, 2.36%, 2.19%, and 0.36% of the issued capital, respectively, with the ultimate controlling shareholder being Tongrentang.

The prospectus shows that from 2022 to 2024, the company’s revenue was 911 million yuan, 1.153 billion yuan, and 1.175 billion yuan, respectively, while the net profits during the same period were -9.233 million yuan, 42.634 million yuan, and 46.197 million yuan; in the first three quarters of 2025, its revenue was 858 million yuan, with net profit decreasing by 9.76% year-on-year to 23.997 million yuan, and equity attributable to the parent company owners was 20.693 million yuan, down 8% year-on-year. Regarding the reason for the decline in adjusted net profit in the first three quarters of 2025, Tongrentang Healthcare stated that it was mainly due to the recognition of income of 17.1 million yuan from the sale of Shijiazhuang Tongrentang TCM Hospital recorded in the first nine months of 2024, while there was no such income in the same period of 2025.

The Paper reporter Wu Yuli

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Editor: Hao Xinyu