Tian Yuan's PRC and Hong Kong teams jointly advised Beijing Tong Ren Tang Healthcare Investment Co., Ltd. (Stock Code: 2667.HK) ("Tong Ren Tang Healthcare") on its successful initial public offering and listing on the Main Board of The Stock Exchange of Hong Kong Limited on 7 July 2026.

China International Capital Corporation Hong Kong Securities Limited acted as the Sponsor, Sponsor-overall Coordinator and Sole Overall Coordinator, together with ICBC International Securities Limited and GF Securities (Hong Kong) Brokerage Limited as Joint Global Coordinators.

Tong Ren Tang Healthcare is the strategic healthcare services platform under Tong Ren Tang Group, focusing on traditional Chinese medicine (TCM) healthcare services in China. According to Frost & Sullivan, based on the total number of outpatient and inpatient visits in 2025, Tong Ren Tang Healthcare is the largest traditional Chinese medicine hospital group in China's private TCM hospital services market.

In this transaction, Tian Yuan's PRC and Hong Kong teams acted as the PRC legal counsel and Hong Kong legal counsel to Tong Ren Tang Healthcare, respectively. Leveraging the firm's integrated cross-border service platform, the teams provided comprehensive one-stop legal services throughout the listing process, earning high recognition from the Company and all parties involved.

The PRC team provided legal support on corporate restructuring, business compliance, regulatory communications with PRC authorities, and the filing with the China Securities Regulatory Commission (CSRC). Tian Yuan's Hong Kong team took the lead in drafting the prospectus. Drawing on its in-depth understanding of the Hong Kong capital markets, healthcare regulatory framework and the TCM healthcare services sector, the team assisted the Company in effectively presenting its strengths in healthcare resource integration, standardized operations and integrated online-to-offline service capabilities built upon the century-old "Tong Ren Tang" brand.

Tong Ren Tang Healthcare's successful listing on the Main Board of the Hong Kong Stock Exchange represents another landmark example of Tian Yuan's integrated PRC-Hong Kong legal services, following its representation of clients including Topchoice Medical, Gushengtang Holdings, Simcere Pharmaceutical Group and Hygeia Healthcare Holdings. The transaction further demonstrates Tian Yuan's leading expertise in the Hong Kong capital markets, particularly in the healthcare and pharmaceutical sectors. Going forward, Tian Yuan will continue to leverage its integrated cross-border platform to support more high-quality enterprises in achieving cross-border capital market transactions and global expansion.

In this transaction, Tian Yuan's PRC team was led by Partner Kong Xiaoyan, with support from Partners Wang Lewen and Zhang Zheng. Tian Yuan's Hong Kong team was led by Managing Partner Nan Li, with support from Partners Charles Wang and Isabelle Wu, Counsel Haobo Zhang and Vivi Song, and Associates Connie Chen, Hangyu Li, Jing Zhou and Tongtong Ji.