IPO News | Xinqinghe (02206) said to be 2,192 times oversubscribed in public offering, attracting 59,000 subscribers

On November 6, according to relevant market data, Xinqinghe (02206), a supplier of traditional Chinese medicine decoction piece products, was initially expected to record 59,000 subscribers in its public offering, with an oversubscription of 2,192 times, involving HK$72.9 billion. Xinqinghe began its public offering on October 30, with an offer price per share of HK$40.2 to HK$50.55, 50 shares per lot, and an entry fee of HK$2,552.99. The global offering comprised 6.517 million shares, of which 90% were for international placing and the Hong Kong offering portion accounted for 10% of the shares, raising up to HK$329 million. GF SEC and ABC International were joint sponsors. The company expected to price on November 9, announce allotment results on November 10, and list on November 11. According to the prospectus, Xinqinghe is a large supplier of traditional Chinese medicine ("TCM") decoction piece products in China. According to Frost & Sullivan, based on 2025 revenue from TCM decoction piece products, Xinqinghe ranked No. 2 in China, holding a 0.4% market share in a highly competitive market landscape, while the top five market participants together held a 2.7% market share. In terms of financials, the company recorded revenue of approximately RMB1.146 billion, RMB1.249 billion, RMB1.335 billion, and RMB432 million for the years 2023, 2024, and 2025, and for the four months ended April 30, 2026, respectively. During the same periods, the company recorded total comprehensive income for the year of approximately RMB104 million, RMB90 million, RMB107 million, and RMB34 million, respectively.