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Hengyuanxiang was founded in 1927 in Shanghai, China. On December 22, 2005, Hengyuanxiang Group officially became a sponsor of the 2008 Beijing Olympic Games. On November 30, 2008, Hengyuanxiang became a partner of the Chinese Olympic Committee. On November 20, 2012, Hengyuanxiang became a sponsor of the 2013-2016 Chinese Olympic Committee. Hengyuanxiang has successfully created ceremonial clothes for the Chinese sports delegation at the Beijing, London and Rio Olympic Games. On November 18, 2019, Hengyuanxiang officially became an official sponsor of the Beijing 2022 Olympic and Paralympic Winter Games. On September 16, the IOC officially announced that Hengyuanxiang would provide official formal attire