红星冷链(01641)于12月31日至1月8日招股，获基石投资者福慧达香港认购2000万港元

Core Viewpoint - Hongxing Cold Chain plans to conduct a global offering of 23.263 million H-shares at a price of HKD 12.26 per share, with the offering period from December 31, 2025, to January 8, 2026, and trading expected to commence on January 13, 2026 [1] Company Overview - Hongxing Cold Chain is a provider of frozen food storage and rental services, headquartered in Changsha, Hunan Province, China, and has developed a business model that integrates frozen food warehouses with rental services for frozen food stores [1] - The company offers storage services to frozen food wholesalers and retailers, providing warehouse management services and charging service fees [1] Operational Capacity - The self-operated frozen food warehouse in Changsha has a total design capacity exceeding 1 million cubic meters (over 230,000 tons), with an average utilization rate of over 88.0% during the reporting period, serving over 700 clients as of June 30, 2025 [2] - The company rents out over 36,000 square meters of space for frozen food stores, achieving a rental rate of over 94.0%, establishing itself as a core hub in Hunan's frozen food industry [2] Financial Performance - The company has demonstrated stable growth and robust profitability, with revenues of RMB 237 million, RMB 202 million, RMB 234 million, RMB 112 million, and RMB 118 million for the years 2022, 2023, 2024, and the six months ending June 30, 2024, and 2025, respectively, with corresponding gross margins of 50.1%, 57.7%, 52.8%, 54.2%, and 53.3% [3] - Net profits for the same periods were RMB 79.1 million, RMB 75.3 million, RMB 82.9 million, RMB 41.3 million, and RMB 39.7 million, with net profit margins of 33.4%, 37.3%, 35.5%, 36.7%, and 33.6% [3] Investment and Use of Proceeds - The company has entered into a cornerstone investment agreement with Fuhua Hong Kong, committing to subscribe for shares worth RMB 20 million at the offering price, which is expected to enhance the company's image and investor confidence [3] - The estimated net proceeds from the global offering are approximately HKD 252 million, with 57.5% allocated for building a new processing plant and expanding frozen food storage warehouses, 12.8% for upgrading existing equipment and IT infrastructure, 19.7% for seeking strategic acquisitions and partnerships, and 10.0% for working capital and general corporate purposes [4]