【New Stock IPO】Tong Ren Tang Medical and Elderly Care 2667 delays issuance and listing plans, considering multiple factors including current market conditions; application funds will be refunded.

Tongrentang Medical and Healthcare (02667)
Announces that after considering multiple factors, including current market conditions, it has decided to delay the global offering and its listing on the Main Board of The Stock Exchange of Hong Kong Limited, and will refund the application funds. Tongrentang Medical and Healthcare states that the company remains committed to completing the global offering and listing in a timely manner.

Tongrentang Medical and Healthcare was originally scheduled to start trading on March 30 (Monday).

The company states that the international underwriting agreement for the international offering will not be signed, and the Hong Kong underwriting agreement for the Hong Kong public offering will therefore not become unconditional.

According to the notification from the broker after market close on the 26th (Thursday), investors who applied for 4,500 shares or 9 lots have secured a guaranteed allotment; the “top-up” allotment of 167,000 shares or 334 lots.

Tongrentang Group’s subsidiary, engaged in traditional Chinese medicine healthcare services, plans to issue 110 million H-shares, with 10% for Hong Kong public offering. The offering price ranges from HKD 7.3 to HKD 8.3 per share, raising up to nearly HKD 900 million. It has received HKD 440 million in over-subscription, with a public offering fundraising amount of HKD 89.77 million, representing a 3.9 times oversubscription.

Refund of Application Funds

• For applications paid through a single bank account, electronic refund instructions will be sent to each applicant’s paying bank account on March 30 (Monday).
• For applications paid through multiple bank accounts, refunds will be issued by ordinary mail in the form of a refund check made payable to the applicant, sent to the address provided in the application, on or before March 30 (Monday).
• For applicants who instructed their broker or custodian (as Hong Kong Clearing Participants) to submit electronic subscription instructions via the FINI system for Hong Kong offering shares, the application funds will be refunded without interest to their designated bank accounts by the receiving bank on March 27 (Friday).

Source: Tongrentang Medical and Healthcare Announcement