Wang On Group

What Wang On Group does

Wang On Group Limited is a Hong Kong-headquartered diversified conglomerate, listed on the Main Board of the Hong Kong Stock Exchange (stock code 1222) since 1995 and controlled by founding family members Tang Ching Ho (Chairman) and Yau Yuk Yin (Vice Chairman). The group operates across five reported business segments: property development and investment (via Wang On Properties, stock code 1243, spun off in April 2016); commercial management of fresh and wet markets via the Allmart, Day Day Fresh, and Humin brands across 6 Hong Kong locations and 16 Shenzhen markets; pharmaceutical manufacturing and retail through Wai Yuen Tong Medicine Holdings (stock code 897), which owns 125-year-old traditional Chinese medicine brand Wai Yuen Tong and personal healthcare brands Madame Pearl's and Pearl's, distributed via approximately 75 retail outlets with TCM consultation and an international channel spanning Hong Kong, mainland China, Macau, Taiwan, the UK, the US, Canada, New Zealand, and Southeast Asia; treasury/financial services including property mortgages and personal credit; and agricultural produce market management via China Agri-Products Exchange.

The group's revenue model blends one-time transactional property sales and pharmaceutical product sales with recurring leasing income from wet markets, agri-products trading markets, and financial services interest and fees. Its go-to-market is sales-led across physical direct sales (property, ~75 TCM outlets, wet market tenant recruitment, mortgage origination) and channel partners (international pharmaceutical distributors and e-commerce platforms). The proprietary technology stack is essentially nil: this is a traditional operating conglomerate with brand portfolios, GMP-certified manufacturing capacity (PIC/S certified in Yuen Long at a HK$600 million facility), and multi-listed capital structure rather than a technology platform.

The group serves Hong Kong and mainland China resident consumers, property buyers and investors, fresh market shoppers, and TCM healthcare consumers, with cross-border pharmaceutical distribution to overseas Chinese diaspora and TCM markets. Headcount stands at over 1,200. Wang On announced FY2025 revenue from continuing operations of HK$2,740,186 thousand alongside a net loss of HK$1,190,135 thousand for the year ended March 2025, indicating segment-cycle pressure primarily tied to Hong Kong property.

Name

Wang On Group

Legal name

Wang On Group Limited

Website

https://wangon.com

Company type

Public

Founded year

1987

Operating status

Operating

Headcount range

1–10 employees

Short description

Wang On Group is a Hong Kong-listed conglomerate (SEHK: 1222) operating property development, wet market management, traditional Chinese medicine pharmaceutical manufacturing and retail, financial services, and agricultural produce market management across Hong Kong, mainland China, and select international markets.

Ownership category

akta.pro rank

Product category

Diversified Conglomerate (Property, Pharmaceutical, Wet Market, Agri-Products Exchange, Financial Services)

NAICS

Specialty Food Retailers (4452)

SIC

Retail-Grocery Stores (5411)

akta.pro primary industry

East Asian (Chinese/Japanese/Korean) Grocery Stores (CRAHAFAE)

Keywords

• Property development
• Pharmaceutical manufacturing
• Wet market management
• Traditional Chinese medicine
• Real estate investment

Headquarters

HQ city

Kowloon City

HQ country

Hong Kong SAR China

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Property Development and Investment: Development and sale of residential and commercial properties including boutique residential series 'the met.', luxury residential 'Nouvelle' series, and Ginza-styled commercial complex 'LADDER' series. Revenue from property sales and leasing.
2. Fresh Market Leasing and Management: Operation and management of wet/fresh markets under brands 'Allmart', 'Day Day Fresh' in Hong Kong and 'Humin' in mainland China. Revenue from leasing and tenant management.
3. Pharmaceutical Products: Manufacturing and retail of Chinese and Western pharmaceutical products under brands 'Wai Yuen Tong', 'Madame Pearl's', and 'Pearl's'. Products include traditional Chinese medicine, healthcare supplements, cough syrups, and personal healthcare products.
4. Financial Services: Provision of financial services including property mortgages and personal credit services.
5. Agri-Products Market Management: Management and operation of agricultural produce trading markets through China Agri-Products Exchange Limited (stock code: 149), including Wuhan Baishazhou Agricultural and By-products Market.

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

Wang On Group is a diversified Hong Kong-listed conglomerate principally engaged in property development and investment, wet market (fresh market) operation and management, pharmaceutical manufacturing and retail (traditional Chinese medicine and Western medicines), agricultural produce exchange management through China Agri-Products Exchange, and consumer financial services including property mortgages and personal credit. Operations span Hong Kong and mainland China, with pharmaceutical products distributed to multiple international markets including the UK, US, Canada, New Zealand, and Southeast Asia.

Product overview

Wang On Group is a diversified conglomerate listed on the Hong Kong Stock Exchange (Stock Code: 1222) since 1995. The company operates across five main business segments: (1) Property Development and Investment through subsidiary Wang On Properties (Stock Code: 1243), offering boutique residential under the 'the met.' series, luxury residential under 'Nouvelle' series, and commercial properties under 'LADDER' series; (2) Commercial Management through wet market operations under brands Allmart, Day Day Fresh in Hong Kong and Humin in mainland China; (3) Pharmaceutical Business through subsidiary Wai Yuen Tong Medicine Holdings (Stock Code: 897), operating traditional Chinese medicine products under 'Wai Yuen Tong' brand and Western healthcare under 'Madame Pearl's' and 'Pearl's' brands; (4) Treasury/Floor Management providing financial services including property mortgages and personal credit; and (5) China Agri-Products Exchange managing agricultural produce markets in mainland China. The group also expanded into green property management in Beijing in 2025.

Differentiator

Problem solved

Functional benefit

Products and services

• Wang On Properties — Residential and Commercial Property Development Property development subsidiary of Wang On Group, listed on the SEHK (stock code 1243) since 2016, developing boutique residential properties under the 'the met.' series, luxury residences under the 'Nouvelle' series (e.g., maya, Altissimo), and Ginza-styled commercial complexes under the 'LADDER' series. Targeted at homebuyers, residential investors, and commercial tenants in Hong Kong.
• Wet Market Operation and Leasing (Allmart, Day Day Fresh, Humin) Modernized wet market operations and stall leasing business under Allmart and Day Day Fresh brands in Hong Kong and Humin brand in mainland China (Shenzhen). Provides fresh produce, fruit, seafood, and meat retail through 6 Hong Kong markets and 16 mainland China markets. Serves both vendors (B2B leasing) and end consumers (B2C shopping), with a Day Day Fresh membership scheme offering regular discounts.
• Wai Yuen Tong Traditional Chinese Medicine Products Traditional Chinese medicine (TCM) brand offering products including Young Yum Pills, Angong Niuhuang Wan, Hou Tsao Powder, and Wall-Broken Ganoderma Lucidum Spores. Approximately 75 Hong Kong retail outlets provide one-stop TCM consultation by registered Chinese medicine practitioners alongside product sales. Products also distributed internationally to mainland China, Macau, Taiwan, UK, US, Canada, New Zealand, and Southeast Asia. Hou Tsao Powder ranked #1 in Hong Kong sales value and volume for 10 consecutive years.
• Madame Pearl's Cough and Respiratory Medicines Western-style cough syrup and upper respiratory tract medication brand established in 1954 under Luxembourg Medicine. Includes Madame Pearl's Cough Syrup and Madame Pearl's Cough Syrup for Children. Ranked #1 in Hong Kong sales volume for 13 consecutive years. Targets Hong Kong consumers and distributed through approximately 75 Wai Yuen Tong retail outlets plus international distribution channels.
• Pearl's Personal Healthcare Products Personal healthcare products brand launched in 2009, including Pearl's MosquitOut Patch (ranked #1 in Hong Kong sales value for several consecutive years). Sold through Wai Yuen Tong retail outlets and international distribution network.
• ProVet Pet Supplements Pet supplement product range launched in 2020, positioned as Hong Kong's first wellness product developed by professional Chinese Medicine Veterinarians and validated by Wai Yuen Tong's Chinese Medicine Practitioners. Targeted at pet owners seeking TCM-based pet wellness products.
• Treasury Management — Property Mortgage and Personal Credit Services

Quantifiable outcome

• Madame Pearl's Cough Syrup ranked #1 in Sales Volume for 13 consecutive years in Hong Kong
• +3 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered minor, major and core.

• Home Quarantine Assistance ActionminorOthers · 10 March 2022Donated HK$3,000,000 to support home quarantine assistance during COVID-19 pandemic
• CIFI Group (旭輝集團)majorStrategic or Co-development Partner · 1 January 2018Joint development of NOUVELLE series project 'maya 曦臺' in Yau Tong, Hong Kong
• Country Garden (碧桂園)majorStrategic or Co-development Partner · 1 January 2018Joint development of 'Altissimo 泓碧' project in Ma On Shan, Hong Kong
• Whitehead (白石) Land DevelopmentmajorStrategic or Co-development Partner · 1 January 2017Joint development of seaview land lot at Whitehead, Ma On Shan for luxury residential project
• Kam Wah Holdings (錦華實業集團)coreStrategic or Co-development Partner · 1 January 2014Multiple joint property development projects in Ma On Shan including Hang Kwong Street and Ma Kam Street residential sites

Scale indicators11 records

Recent moves10 records

Expansion highlights5 records

Broad incumbents

• Hopewell Holdings: Hong Kong-listed property and infrastructure company with a focus on toll roads and property development. Comparable as a Hong Kong family-controlled diversified group with property development as its core activity, operating at a similar mid-cap scale to Wang On.
• Henderson Land Development: Major Hong Kong property developer with extensive residential and commercial portfolios plus utility and hotel operations. Comparable as a Hong Kong-listed conglomerate that combines property development with recurring-income assets, similar in structure (though at much greater scale) to Wang On's property-led model.
• Sino Group: Family-controlled Hong Kong property group (the Ng family) with residential, commercial, and hotel operations. Comparable to Wang On as a Hong Kong family-controlled conglomerate with a focus on boutique-to-mid-market residential and commercial property, similar governance and scale profile.
• CK Asset Holdings:
• Sun Hung Kai Properties: One of Hong Kong's largest property developers with diversified real estate, hotel, and infrastructure operations. Comparable as a Hong Kong-listed property conglomerate that mixes residential development (similar to the met. series), commercial property (similar to the LADDER series), and recurring asset management. Significantly larger scale than Wang On Properties.

Direct peers

• New World Development: Hong Kong-listed diversified conglomerate with property development, infrastructure, hotel, and healthcare/pharmacy operations. Most structurally similar peer to Wang On in that it combines HK property with healthcare-adjacent retail (Wai Yuen Tong-like), giving it the closest comparable diversified conglomerate profile.
• China Agri-Products Exchange: Hong Kong-listed agricultural produce market operator, in fact a wholly-owned subsidiary of Wang On Group (SEHK 149). Included as a peer for completeness, but it is the same group's listed vehicle, demonstrating the internal capital structure of the conglomerate.
• China Traditional Chinese Medicine Holdings: Hong Kong-listed pure-play TCM manufacturer and distributor with a national distribution network. Comparable as a publicly listed TCM company with multiple GMP-certified manufacturing facilities, similar to Wai Yuen Tong's positioning within Wang On Group.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/wang-on-group-limited

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Wang On Group