IPO雷达｜上海生生转战港股！实控人夫妇左手拆借资金，右手卖股套现

Core Viewpoint - Shanghai Shengsheng Pharmaceutical Cold Chain Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, seeking to expand its business internationally after previously withdrawing its A-share IPO application [1][2][3]. Company Overview - Established in 2009, Shanghai Shengsheng focuses on temperature-controlled supply chain services for clinical trials and is the leading provider in China and one of the top ten globally [4]. - The company reported revenues of approximately 614.19 million RMB, 654.49 million RMB, and 538.71 million RMB for the fiscal years 2023, 2024, and the first three quarters of 2025, respectively [5]. Financial Performance - For the fiscal year 2023, the company achieved a profit of 92.03 million RMB, which is expected to decline by 70% in 2024 [5]. - The sales and marketing expenses increased by 56.8%, administrative expenses rose by 96.1%, and R&D expenses grew by 4.6% in 2024 compared to the previous year [5]. Trade Receivables - The company has highlighted potential adverse impacts on its financial performance due to the recoverability of trade receivables, which amounted to approximately 158 million RMB, 192 million RMB, and 221 million RMB at the end of the reporting periods [6]. - The average collection period for trade receivables was 98 days for 2023 and 2024, increasing to 105 days in 2025 [6]. Shareholding Structure - The chairman, Ju Jibing, controls approximately 42.62% of the voting rights in the company, with his family and associated entities forming the controlling shareholder group [6]. Related Party Transactions - Ju Jibing and his spouse have previously engaged in significant borrowing from the company for equity acquisitions, totaling 74.66 million RMB [7][8]. - Notably, the couple's entity, Ningbo Yanjia, has been involved in both borrowing funds from the company and selling shares for cash [9].