On July 29, 2026, Harbin Yuyantang Traditional Chinese Medicine Outpatient Group Co., Ltd. (hereinafter referred to as "Yuyantang"), headquartered in Harbin, Heilongjiang Province, filed a prospectus with the Hong Kong Stock Exchange, proposing an initial public offering (IPO) on the Main Board of the Hong Kong Stock Exchange. This filing represents a renewed application following the expiration of its previous submission on January 16, 2026.
Core Business
Founded in 2018, Yuyantang operates as a private-chain provider of traditional Chinese medicine (TCM) healthcare services, primarily through a network of self-established and self-operated licensed offline medical institutions, including TCM outpatient departments and TCM clinics. The company maintains a strong and well-established presence in northern China, operating a TCM healthcare service network comprising 61 licensed offline medical institutions and one online platform.
According to Frost & Sullivan:
In 2025, ranked by total revenue generated from TCM outpatient departments and TCM clinics, Yuyantang was the fifth-largest private-chain TCM healthcare service provider in China and the second-largest in northern China.
In 2025, ranked by revenue from customized TCM decoction pastes, Yuyantang ranked first among all private-chain TCM healthcare service providers in China;
In 2025, ranked by revenue from customized TCM decoctions, Yuyantang ranked second among all private-chain TCM healthcare service providers in China.
Yuyantang integrates medical diagnosis and prescription dispensing—including personalized customized TCM decoctions and in-house formulations—with complementary therapies such as therapeutic massage, bone-setting manipulation, gua sha (scraping therapy), cupping, acupuncture, and moxibustion into a single, cohesive treatment plan. Tailored to each patient’s health condition, disease complexity, treatment stage, and geographic location, the company provides personalized healthcare services primarily to patients aged 60 or older suffering from chronic conditions, ensuring a seamless and patient-centered care experience.
Yuyantang operates under an 'offline-first, online-supplementary' framework. Under this model, initial consultations must be conducted in person at one of the company’s licensed offline medical institutions. Follow-up consultations may be conducted either offline or via the online platform. However, online follow-ups are not standalone services and are only available to patients who have completed an initial consultation offline. While online follow-ups offer convenience and mitigate geographical constraints, the majority of patients still opt for in-person follow-up visits at the company’s offline facilities. Physicians at offline institutions handle both initial and follow-up consultations and are responsible for prescribing, refilling medications, and adjusting customized TCM decoctions; physicians on the online platform conduct follow-up consultations and manage prescriptions, medication refills, and adjustments to in-house formulations.
Yuyantang’s revenue is primarily derived from providing TCM healthcare services through its licensed offline medical institutions and online platform across northern China, covering multiple provinces and cities including Heilongjiang, Jilin, Liaoning, Hebei, Shandong, and Tianjin. Additional revenue is generated from ancillary business activities, primarily including the sale of physical therapy experience cards for promotional purposes and the provision of herbal decoction services.
Shareholding Structure
According to the prospectus disclosure, prior to its listing in Hong Kong, Yuyantang’s equity structure was as follows:
Mr. Guo Yang, through his control of Yuyantang Investment, Zhitongdahe Investment, and Zhitongdahe Generation One, held approximately 97.16% of the shares in aggregate, making him the controlling shareholder.
Directors and Senior Management
The Board of Directors of Yuyantang consists of six directors, including:
3 executive directors:
Mr. Guo Yang (Chairman of the Board and General Manager);
Mr. Gao Lifeng (Deputy General Manager);
Ms. Jiang Yujuan (formerly Deputy General Manager of the Office of the General Manager);
3 Independent Non-Executive Directors:
Mr. Zhang Wei (Senior Finance Manager at Hande Industry Promotion, Vice President at Yunyue Investment, and Managing Director at ICS CPA);
Mr. Mei Rongjun (a practitioner of traditional Chinese medicine, formerly awarded the Third Prize for Scientific and Technological Achievements by the Heilongjiang Provincial Government);
Dr. Liu Li (Director of the First Department of Cardiovascular Diseases at the First Affiliated Hospital of Heilongjiang University of Chinese Medicine);
In addition to executive directors, senior management includes:
Mr. Yan Haitao (Chief Financial Officer and Joint Company Secretary).
Company performance
According to the prospectus, Yu Yantang's revenue for the past periods—2023, 2024, 2025, and the first five months of 2026—was RMB 150 million, RMB 215 million, RMB 400 million, and RMB 183 million, respectively, with corresponding net profits of RMB 20.50 million, RMB 27.08 million, RMB 70.47 million, and RMB 26.16 million.
Intermediary Team
The intermediary team for Yu Yantang’s IPO primarily includes:
CMB International and Guoyuan International as joint sponsors;
Ernst & Young as auditor;
Tian Yuan acted as its PRC legal counsel;
Tianyuan (Hong Kong) served as its Hong Kong legal counsel.
Jingtian & Gongcheng acted as its PRC legal counsel for the securities firm;
Zhou Junxuan (Tongshang Alliance) as its Hong Kong legal counsel for the sponsor;
Guoyuan International as its compliance adviser;
Frost & Sullivan served as its industry consultant.