Core Viewpoint - Red Star Cold Chain (1641.HK) made its debut on the Hong Kong Stock Exchange, opening at a 59.71% increase to HKD 19.58 per share [1] Group 1: IPO Details - The company offered a total of 23.263 million shares globally, with 10% allocated for public offering in Hong Kong [1] - The IPO was priced at HKD 12.26 per share, aiming to raise a maximum of HKD 285 million [1]

Group 1 - Three new stocks listed on the Hong Kong stock market on January 13, with significant price increases in the dark market [1] - Zhaoyi Innovation (3986.HK), a storage chip manufacturer, saw a dark market increase of 38.77%, closing at HKD 224.8, with an IPO price of HKD 162 per share and a maximum fundraising of HKD 4.684 billion [1] - Hongxing Cold Chain (1641.HK), a frozen food storage service provider, experienced a dark market rise of 47.39%, closing at HKD 18.07, with an IPO price of HKD 12.26 per share and a maximum fundraising of HKD 285 million [1] - BBSB International (8610.HK), a Malaysian civil engineering contractor, had a remarkable dark market surge of 356.67%, closing at HKD 2.74, with an IPO price of HKD 0.6 per share and a maximum fundraising of HKD 87.5 million [1]

Core Viewpoint - Hongxing Cold Chain (Hunan) Co., Ltd. has submitted its second listing application to the Hong Kong Stock Exchange in 2023, with CCB International and Agricultural Bank of China International as joint sponsors [1]. Company Overview - Hongxing Cold Chain is a provider of frozen food store leasing and cold storage services, headquartered in Changsha, Hunan Province. The company has developed a business model that combines frozen food store leasing with cold storage, connecting wholesalers and retailers in the frozen food supply chain [3][4]. - The company primarily leases over 36,000 square meters of space to frozen food wholesalers and retailers, achieving a rental rate of over 94% during the reporting period, making it a core hub in Hunan's frozen food industry [4]. Market Position - According to a report by Frost & Sullivan, the company is the second-largest provider of frozen food store leasing services in Central China with a market share of 8.8% and the largest in Hunan with a market share of 54.7%. Its overall market share in China is 1.9% [4]. - In the cold storage service market, the company is the largest provider in Central China and Hunan, with market shares of 2.6% and 13.6%, respectively, and an overall market share of 0.7% in China [4]. Industry Growth - The rapid growth of China's cold chain industry is driven by increasing consumer demand for high-quality frozen foods and the recognition of the critical role of cold chain services in maintaining food quality within the supply chain [5]. - The market size for frozen food store leasing services is projected to grow from RMB 2.2 billion in 2024 to RMB 2.9 billion in 2029, with a compound annual growth rate (CAGR) of 6.0%. The cold storage service market is expected to expand from RMB 25.6 billion in 2024 to RMB 35.1 billion in 2029, with a CAGR of 6.5% from 2025 to 2029 [6]. Financial Performance - The company reported revenues of approximately RMB 237 million, RMB 202 million, RMB 234 million, and RMB 118 million for the six months ending June 30 in 2022, 2023, 2024, and 2025, respectively. The corresponding profits for these periods were RMB 79.1 million, RMB 75.3 million, RMB 82.9 million, and RMB 39.7 million [6][7].