Baoji Yuanhe Submits Hong Kong IPO Application, Ranks First in Chinese Patent Medicine Market with 9.2% Share

According to Zhitong Caijing, Baoji Yuanhe recently submitted an application to list on the Hong Kong Stock Exchange main board, with China Huafu Finance as the sole sponsor. The company ranked first in Hong Kong's Chinese patent medicine market by terminal sales value in 2025, with a 9.2% market share, according to Frost & Sullivan. It also holds the second position in Hong Kong's concentrated Chinese herbal medicine granules market with 25.2% share.

For fiscal years 2024 through 2026, Baoji Yuanhe reported revenues of 339 million, 361 million, and 464 million Hong Kong dollars respectively, with a compound annual growth rate of 17%, while net profit to shareholders was 59 million, 43 million, and 71 million Hong Kong dollars respectively. The company operates 40 Traditional Chinese Medicine clinics and manufactures products including Baoji Wan and Tianxi Wan, leveraging a dual-drive model combining branded Chinese patent medicines with TCM clinic services.