Firstly the diagnosis as always has to establish if the problem is inherited. If it is then treatment is not helpful unfortunately. Baldness from chemotherapy or where there is no family history of baldness can sometimes be helped by TCM.
In TCM theory the hair is ruled by the kidneys, governed by the lungs and nourished by the blood (which is dominated by the liver). Particular emphasis is placed on deficiencies of the liver and kidneys in treating baldness.
Treatment is focused on tonifying both of there organs using acupuncture and herbs. Herbs that are particularly good are fleece flower root, wolfberry fruit, polygonum twigs and mulberry fruit. There can be taken internally, but can also be made up into a trincture, which can be massaged onto the scalp.
Acupuncture is useful in tonifying the organs involved by using points on the relevant meridians. The use of a technique called "plum blossom needle" is used locally on the head to help increase the blood flow to the area. Remember the hair is nourished by blood therefore anything that increases the circulation to the head is useful. That explains why the headstand in yoga is often recommended for hair loss.
Baldness should be regarded differently from Alopecia, as the later is more a sudden rather that a gradual loss of hair. In Alopecia an underlying shock/stress to the system is usually responsible, so treatment is designed to work on this.