Core Points - The article discusses the listing requirements for companies on the Hong Kong Stock Exchange (HKEX), which are divided into Main Board and Growth Enterprise Market (GEM) listings [1] Main Board Listing Requirements - The Main Board is designed for large, mature companies, with stringent financial, operational, and governance requirements [3] - Financial requirements include three tests: - Profit Test: Companies must have a minimum profit of 80 million HKD over the last three fiscal years, with at least 35 million HKD in the most recent year and a cumulative profit of 45 million HKD in the first two years [5][6][7] - Market Capitalization/Revenue/Cash Flow Test: Companies must have a market capitalization of at least 2 billion HKD, revenue of at least 500 million HKD in the most recent audited fiscal year, and total cash inflow from operations of at least 100 million HKD over three years [10][11][12] - Market Capitalization/Revenue Test: Companies must have a market capitalization of at least 4 billion HKD and revenue of at least 500 million HKD in the most recent audited fiscal year [14][15] - Minimum market capitalization at listing must be at least 500 million HKD, depending on the financial test chosen [8] - Companies must have a minimum operating history of three fiscal years and maintain a stable management team [15] - Public float requirements include a minimum of 25% of total issued share capital and at least 300 public shareholders [16] - Corporate governance standards require a board with at least three independent non-executive directors and compliance with the Corporate Governance Code [17][18] GEM Listing Requirements - GEM is aimed at growth-oriented companies with more relaxed requirements [20] - Companies must have at least two fiscal years of operating history [20] - There are no specific profit requirements, but operational cash flow must total at least 30 million HKD over the last two fiscal years [22] - Minimum market capitalization at listing must be at least 150 million HKD [23] - Public float requirements are similar to the Main Board, with a minimum of 25% of total issued share capital and at least 100 public shareholders [24] Special Listing Rules - Specific rules exist for certain types of companies: - Chapter 18A: Allows unprofitable biotech companies to list with a minimum market capitalization of 1.5 billion HKD and other criteria [25][26] - Chapter 8A: Permits companies with weighted voting rights (WVR) structures to list, requiring a minimum market capitalization of 40 billion HKD or 10 billion HKD with significant revenue [27][28] - Chapter 19C: Allows companies already listed on qualified exchanges to have a secondary listing in Hong Kong with more flexible requirements [29] Listing Process Overview - Companies must choose between the Main Board and GEM based on their size and financial status [30] - The listing process involves selecting financial tests, hiring a professional team, conducting due diligence, submitting applications, and obtaining approval from the HKEX [34]

Core Insights - Hongxing Cold Chain has submitted a new application to the Hong Kong Stock Exchange, with Jianyin International and Agricultural Bank of China International as joint sponsors [1] Financial Performance - The company's revenue for the first half of this year accounted for 68.8% of its total revenue from frozen food storage services [1] - Revenue figures over the past three and a half years were reported as 237 million, 202 million, 234 million, and 118 million yuan, indicating a "revenue growth without profit increase" in the current year [1] Operational Challenges - Key performance indicators at two bases in Changsha have declined over the past three and a half years, with a 91.76% reduction in customer numbers at the northern base [1] - The company faces high supplier concentration risk, with current liabilities exceeding current assets for the years 2023-2024 [1] Financial Obligations - Over the past three and a half years, the company has distributed 240 million yuan in dividends to major shareholders while accumulating a debt of 16.8 million yuan in unpaid employee social security and housing fund contributions, potentially facing a fine of 13.3 million yuan [1]