80 stores, 480K members, S$150M revenue: How Hockhua Tonic became a TCM giant

Your neighbourhood TCM shop is actually a S$150M empireMost Singaporeans have walked past a Hockhua Tonic store without thinking twice. By 1989, there was enough confidence to open the first physical retail outlet, Hockhua Ginseng Birdnest Trading Enterprise in Hougang. Owning the supply chainOne of the products Hockhua is known for is its ginseng./ Image Credit: Hockhua TonicWhat distinguishes Hockhua’s growth from most Singapore retail stories is how much of it was vertical. The process began in 1996 with the formation of SHW Trading Enterprise—later renamed Hockhua Tonic Pte Ltd—to handle direct imports. By 2019, Hockhua operated 15 licensed herbal tea outlets under the Hockhua Herbal Tea and Oriental Herbal Tea brands.