HengHong Technology, a China-based distributor of traditional Chinese medicine products, raised the proposed deal size for its upcoming IPO on Monday.
The Chengmai County, China-based company now plans to raise $33 million by offering 5 million shares at a price range of $6 to $7. The company had previously filed to offer 2 million shares at a price range of $4 to $6. At the midpoint of the revised range, HengHong Technology will raise 225% more in proceeds than previously anticipated and command a market value of $163 million.
HengHong Technology distributes traditional Chinese medicines, mostly for cold and cough treatment. We have distribution network in 22 provinces and autonomous regions in China. In 2025, the company sourced 93.6% of its products from one supplier that its Chairman serves as the General Manager of.
HengHong Technology was founded in 2008 and plans to list on the Nasdaq under the symbol HCPC. Kingswood Capital Markets is the sole bookrunner on the deal.
