The screengrab taken on March 15, 2022 shows the official website of Chinese medicine brand Wai Yuen Tong.

Hong Kong-listed Wai Yuen Tong Medicine Holdings, the operator of Chinese medicine brand Wai Yuen Tong and Madame Pearl’s, said it will capitalize on its Chinese medicine expertise and digital capabilities in online medical consultations to open up new business segments amid the COVID-19 pandemic.

“The fifth wave of the pandemic has exerted certain effects on Hong Kong’s economy as the number of storefront crowds in shopping malls decreases. We will closely monitor the market situation and make the appropriate response,” Wai Yuen Tong Medicine Holdings Executive Director Vivian Tang Wai-man told China Daily. 

Wai Yuen Tong Medicine Holdings says it will dispatch its product mix prudently, refine its marketing strategy proactively, exercise stringent cost control, enlarge its online sales channel, and enhance customer services at physical stores so as to bolster its market competitiveness and maximize profit levels

“Amid the pandemic, we launch quality products, introduce intimate services, and conduct diversified marketing models to reach customers,” Tang added. “We conduct proactive planning, explore business development channels, and establish the relevant business management system to enhance business revenues and to bring the largest return for shareholders.”

The Chinese medicine retailer says it will dispatch its product mix prudently, refine its marketing strategy proactively, exercise stringent cost control, enlarge its online sales channel, and enhance customer services at physical stores so as to bolster its market competitiveness and maximize profit levels.

Leveraging what is the largest network of Chinese medicine practitioners and pharmacists in Hong Kong, Wai Yuen Tong Medicine Holdings is to deploy its experienced practitioners and pharmacists in its proprietary stores in the city to provide on-site medical consultation services. 

The retailer is also launching Chinese medicine tele-medical consultations, enabling patients to receive consultations without leaving home and to obtain the Chinese medicine prescription on the same day by delivery.

Looking ahead, the company will organize more Chinese medicine online seminars and free body checks by Chinese medicine practitioners to promote its product brands.

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“The rental enforcement moratorium proposal is an unusual tactic by the Hong Kong government to weather the difficult time with the general public in this unusual time period. We believe the proposal can balance different sectoral interests to serve the purpose of securing enterprises and jobs,” Tang said.

Wai Yuen Tong Medicine Holdings is also launching Chinese medicine tele-medical consultations, enabling patients to receive consultations without leaving home and to obtain the Chinese medicine prescription on the same day by delivery

The Hong Kong government proposed legislation on a rental enforcement moratorium for tenants of specific sectors, which forbids landlords from terminating leases and from taking legal action against those who fail to pay their rent on time.

The proposed legislation, which would be in effect for three months, would target specific industries, including the 17 scheduled premises under the Anti-epidemic Fund as well as beleaguered retail outlets and interest-class operators.

The Hong Kong Retail Management Association, the business chamber representing retailers in the city, is pushing for shopping mall landlords to collect turnover rent – calculated as a proportion of business turnover – at this juncture, and RMA also says that landlords of shop premises should slash rent levels by at least 50 percent.

Currently, Wai Yuen Tong Medicine Holdings operates a total of 70 stores in Hong Kong, including 43 shops located within shopping malls and 27 as shop premises. The retailer conducts stringent cost controls while shop rentals are hovering in the range of a healthy cost-to-expense ratio.

Amid the pandemic, the company will deploy a suitable number of staff in every store. If needed, some stores will be closed for a few days.

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Listed on the Hong Kong Stock Exchange, Wai Yuen Tong Medicine Holdings is principally engaged in the production, processing and retailing of pharmaceutical and healthcare products, including Chinese medicinal and healthcare products under the brand name Wai Yuen Tong, and Western pharmaceutical, healthcare and personal care products under the brand names Madame Pearl’s and Pearl’s.