Tong Ren Tang Unit Postpones HK IPO Aiming $115M

Tong Ren Tang Healthcare Investment, a traditional Chinese medicine healthcare services provider, postponed its Hong Kong IPO on Friday. The company had planned to raise up to US$115 million by offering 108.15 million shares at HK$7.30 to HK$8.30 each.

Tong Ren Tang said it would refund all application funds in full by Monday after citing prevailing market conditions and other factors. The postponement was the first in Hong Kong during the current IPO boom, even as new share offerings had raised about US$11.64 billion as of March 18.

The company had already launched its public offer and collected subscription monies from retail and institutional investors.