New stock news | Beijing Tongrentang's healthcare Hong Kong stock IPO prospectus failed

Beijing Tongrentang Medical Investment Co., Ltd. (referred to as Beijing Tongrentang Medical) submitted its Hong Kong stock prospectus on December 31, 2024, which expired after 6 months on June 30, 2025, with CICC as its exclusive sponsor at the time of submission. According to the prospectus, Beijing Tongrentang Medical is a leading traditional Chinese medical group, with a chain of hospitals, primary healthcare institutions (including outpatient departments, clinics, and community health organizations, all independent medical institutions in China, holding different types of licenses or certificates for practice), and internet hospitals forming its own and managed medical institutions. Combining "medical" and "care", Beijing Tongrentang Medical provides modern and customized traditional Chinese medical services, covering all scenarios with standardized management, utilizing specialized advantages and integrating traditional Chinese medicine and non-drug treatments in order to provide customers with the most suitable solutions. As of December 20, 2024, Beijing Tongrentang Medical has established a tiered medical service network, including 11 self-owned offline medical institutions and one internet hospital, as well as 11 offline management medical institutions. Through its integrated offline and online service network, Beijing Tongrentang Medical reaches and serves customers nationwide. According to Frost & Sullivan data, based on the total outpatient and inpatient visits in 2023, Beijing Tongrentang Medical is the largest traditional Chinese medical group in the non-public sector medical service industry in China, with a market share of 1.8%. According to the same data source, based on the total medical service revenue in 2023, the company ranks second in the non-public sector traditional Chinese medical service industry with a market share of 0.2%, accounting for 41.9% of the total market size in the Chinese traditional Chinese medical service industry in the same year.