Core Viewpoint - Hongxing Cold Chain (01641.HK) has officially launched its IPO, aiming to raise funds for expanding its cold storage and processing capabilities, enhancing technology infrastructure, and seeking strategic partnerships to strengthen its position in the cold chain ecosystem [3][7]. Company Overview - Hongxing Cold Chain is a provider of cold storage services and cold food store leasing, headquartered in Changsha, Hunan Province, China [3][9]. - The company has developed a business model that integrates cold storage with cold food store leasing, connecting wholesalers and retailers in the cold food supply chain [3][10]. - As of December 21, 2025, Hongxing Cold Chain operates two cold storage bases in Changsha with a total designed capacity exceeding 1 million cubic meters, or over 230,000 tons of usable capacity [3][10]. - The average utilization rate of the cold storage facilities has exceeded 88% during the reporting period [3][10]. Client Relationships - Hongxing Cold Chain has provided cold storage services to over 700 clients, with operations extending across Hunan Province and eight other provinces in China [3][11][12]. - The average cooperation period with the top 10 clients is approximately 14 years, indicating strong long-term relationships [3][13]. - The client base includes some of the most well-known companies in the frozen food industry, which trust Hongxing Cold Chain as their cold storage partner [3][14]. Financial Performance - For the six months ending June 30, 2025, Hongxing Cold Chain reported revenue of approximately 118 million RMB, a year-on-year increase of about 5.1%, while net profit was approximately 39.68 million RMB, a decrease of about 3.8% [4][19]. Fundraising Purpose - The net proceeds from the IPO will be used for constructing a new processing plant and cold storage warehouse, upgrading existing equipment and IT infrastructure, seeking strategic acquisitions and partnerships, and for general corporate purposes [7]. Competitive Advantages - The company offers a comprehensive and synergistic cold storage and leasing service, integrating various value-added services to provide a complete cold chain solution [20]. - Hongxing Cold Chain has a technology infrastructure that includes automation, supported by a visionary and experienced management team [20].