Group 1 - The core viewpoint of the article highlights the successful IPO of three companies on the Hong Kong Stock Exchange, with Red Star Cold Chain experiencing significant market interest and a strong first-day performance [2] - Red Star Cold Chain's IPO involved a global offering of 23.263 million shares, with a public offering in Hong Kong of 2.3265 million shares at an issue price of HKD 12.26 per share, raising approximately HKD 252 million after expenses [2] - The company plans to allocate about 57.5% of the net proceeds to build new processing plants and expand cold storage warehouses, while approximately 12.8% will be used to upgrade existing equipment and IT infrastructure [2] Group 2 - The market showed strong subscription demand for Red Star Cold Chain, with the Hong Kong public offering receiving a subscription rate of 2,309.25 times and the international offering achieving a subscription rate of 1.65 times [2] - The shareholding structure indicates a high concentration, with the top 25 shareholders holding 90.2% of the issued shares post-IPO [2][3] - Red Star Cold Chain provides cold storage services and rental services for frozen food stores, connecting wholesalers and retailers in the frozen food supply chain, serving over 700 clients as of June 30, 2025 [4] Group 3 - The company's revenue figures for the years 2022 to 2025 show fluctuations, with revenues of RMB 237 million, RMB 202 million, RMB 234 million, and RMB 118 million for the respective years, while profits have varied, with a decline to RMB 39.68 million in the first half of 2025 [4] - Notably, Red Star Cold Chain has distributed approximately RMB 240 million in dividends from 2022 to the first half of 2025, representing about 86.6% of net profits during the same period, with a 100% dividend payout ratio in the first half of 2025, raising discussions about its "dividend-first, financing-later" strategy [4]