GANZHICAO IPO Application Lapsed; China’s Largest Online Traditional Chinese Medicine Platform

NewTimeSpace News: The listing application submitted by Hangzhou Ganzhicao Technology Co., Ltd. to the Hong Kong Stock Exchange on 27 January 2026 has lapsed upon the expiry of the six-month validity period. China Securities International and SWHY HK served as the original joint sponsors.

The Company is a leading digitally-driven comprehensive online traditional Chinese medicine service provider in China. Founded in 2015, it is one of the earliest providers of online TCM consultation services in China. The Company independently developed the online medical consultation platformGancao Doctor, enabling TCM physicians to deliver medical services to patients, as well asGancao Manager, a SaaS and supply chain service system specially designed for TCM medical institutions. In collaboration with Zhejiang Chinese Medical University, the Company launchedXuanqi Dialogue, an AI-assisted intelligent consultation dialogue programme embedded within the two systems.

The Company has built an intelligent shared pharmacy network consisting of seven self-operated regional pharmacies, seven joint venture regional pharmacies and 52 outsourced pharmacies across China. As at 30 September 2025, it had around 130,000 registered physicians, approximately 8 million registered users and partnerships with over 11,000 medical institutions, alongside more than 300 SKUs of TCM wellness products.

According to reports from Frost & Sullivan, the top five comprehensive online TCM service providers in China recorded a combined market share of 10.7% based on 2024 revenue, among which the Company secured the leading position with a 4.9% market share. It also ranks first in the online TCM consultation service market with a market share of 16.7%.