Core Viewpoint - Red Star Cold Chain successfully listed on the Hong Kong Stock Exchange on January 13, 2026, raising approximately HKD 285 million through the issuance of about 23.26 million shares, with a market capitalization of HKD 1.12 billion [1] Company Overview - Red Star Cold Chain (Hunan) Co., Ltd. was established in 2006 and has developed a business model that combines frozen food store leasing with cold storage services, linking wholesalers and retailers in the frozen food supply chain [1] - The company is headquartered in Changsha, Hunan Province, and primarily provides frozen food storage services [1] Market Position - According to a report by Zhi Shi Consulting, Red Star Cold Chain is the second-largest provider in Central China for frozen food store leasing services, holding a market share of 8.8%, and the largest provider in Hunan Province with a market share of 54.7% [1] - The company's overall market share in China is 1.9% [1] IPO Details - The IPO on the main board of the Hong Kong Stock Exchange is expected to significantly enhance Red Star Cold Chain's industry influence, promote its brand globally, and improve corporate governance transparency [1]

Core Viewpoint - Hongxing Cold Chain (Hunan) Co., Ltd. officially listed on the Hong Kong Stock Exchange on January 13, 2023, marking a significant milestone for the company [1]. Group 1: IPO Details - On its first trading day, Hongxing Cold Chain opened at HKD 19.58 per share, a 59.71% increase, but closed at HKD 12.3, reflecting a modest gain of 0.33% [2]. - The company issued approximately 23.26 million shares globally, with 10% allocated for public offering in Hong Kong, raising a maximum of approximately HKD 285 million, and a net fundraising amount of about HKD 252 million after expenses [2]. Group 2: Business Overview - Hongxing Cold Chain is a provider of frozen food storage services and rental services for frozen food stores, headquartered in Changsha, Hunan Province [4]. - The company operates two frozen food storage bases in Changsha and integrates a professional trading platform with storage facilities, forming a "front store and back warehouse" business model [4]. - According to a report by Zhaosheng Consulting, Hongxing Cold Chain is the largest provider of frozen food storage services in Central China and Hunan Province, with market shares of 2.6% and 13.6%, respectively [4]. Group 3: Financial Performance - The company's revenue for 2022, 2023, and 2024 is projected to be approximately RMB 237 million, RMB 202 million, and RMB 234 million, respectively, with corresponding gross profits of about RMB 119 million, RMB 117 million, and RMB 123 million [5]. - The net profit for the same years is estimated at RMB 79 million, RMB 75 million, and RMB 83 million, with net profit margins of 33.4%, 37.3%, and 35.5% [5]. - For the first half of 2025, the company achieved revenue of approximately RMB 118 million, a 5.1% increase from the same period in 2024, while net profit was about RMB 40 million, a decrease of 3.9% year-on-year [7]. Group 4: Revenue Composition - The revenue composition for the first half of 2025 shows that frozen food storage services accounted for approximately 68.8% of total revenue, while store rental services and handling services contributed 20.1% and 9.5%, respectively [7]. - The core revenue source has remained stable, with frozen food storage services consistently contributing over 60% of total revenue since 2023 [7]. Group 5: Shareholding Structure - Prior to the IPO, Hongxing Shiye held 58.25% of the company, controlled by the collective ownership enterprise Hongxing Center [9]. - Post-IPO, Hongxing Shiye's shareholding decreased to 44.46%, remaining the largest single shareholder, while public shareholders collectively hold 25% of the shares [13].

Group 1: Market Overview - Three new stocks, Hongxing Cold Chain, BBSB INTL, and Zhaoyi Innovation, officially listed on the Hong Kong stock market on January 13 [1] - Zhaoyi Innovation saw a significant first-day increase of 37.53%, with an AH premium of 31.53% [1] - The other two companies had first-day increases of 0.33% and 11.67%, respectively, with no new stocks listed since December 23 experiencing a decline [3] Group 2: Individual Company Performance - BBSB INTL experienced a dramatic fluctuation, with an opening increase of 400% but closing at a 11.67% gain [5] - Hongxing Cold Chain opened with a nearly 60% increase but closed with a modest gain of 0.33% [5] - Zhaoyi Innovation's listing price was set at HKD 162, representing a 44% discount compared to its A-share price [12] Group 3: Company Profiles - BBSB INTL is a Malaysian civil engineering contractor with over 16 years of experience, focusing on large-scale transportation infrastructure projects [7] - Hongxing Cold Chain specializes in frozen food storage and leasing services, with projected revenues of RMB 2.37 billion, RMB 2.02 billion, and RMB 2.34 billion for 2022, 2023, and 2024, respectively [9] - Zhaoyi Innovation is a leading integrated circuit design company specializing in storage chips and microcontrollers, with a significant market presence in various sectors [12][14] Group 4: Subscription and Fundraising - BBSB INTL's public offering saw an impressive subscription rate of 10,745.13 times, making it one of the most oversubscribed IPOs in Hong Kong history [8] - Hongxing Cold Chain achieved a subscription level of 2,309.25 times during its public offering [13] - Zhaoyi Innovation raised over HKD 4.6 billion, with funds allocated for R&D, strategic investments, global expansion, and operational efficiency [16]

Core Viewpoint - Three new stocks, including Red Star Cold Chain, BBSB INTL, and Zhaoyi Innovation, officially listed on the Hong Kong stock market, with Zhaoyi Innovation experiencing a significant first-day increase of 37.53% [1][3]. Group 1: Zhaoyi Innovation - Zhaoyi Innovation is a large A-share company that has listed in Hong Kong, with a first-day price increase of 37.53% and an AH premium of 31.53% [1][3]. - The company is a well-known player in the integrated circuit design industry, particularly in specialized storage chips and MCUs, with a strong market presence [17][21]. - The listing price was set at HKD 162 per share, representing a 44% discount compared to its A-share price of CNY 261.83 [18][22]. - The net fundraising amount exceeded HKD 4.6 billion, with funds allocated for R&D, strategic investments, global expansion, operational efficiency, and working capital [22][20]. Group 2: BBSB INTL - BBSB INTL, a Malaysian civil engineering contractor, listed on the Hong Kong Growth Enterprise Market, raising a total of HKD 75 million, with a net amount of HKD 50 million [9][7]. - The company experienced a dramatic first-day trading performance, with an opening increase of 400% but closing at a 11.67% gain [5][6]. - BBSB INTL had an oversubscription rate of 10,745.13 times during the public offering, making it one of the most oversubscribed IPOs in Hong Kong history [10][9]. Group 3: Red Star Cold Chain - Red Star Cold Chain, a provider of cold storage and rental services for frozen food, had a modest first-day increase of 0.33% after initially rising nearly 60% [5][6]. - The company reported revenues of CNY 2.37 billion, CNY 2.02 billion, and CNY 2.34 billion for the years 2022, 2023, and 2024, respectively, with corresponding net profits of CNY 791 million, CNY 753 million, and CNY 829 million [11][16]. - The oversubscription rate for Red Star Cold Chain was 2,309.25 times, indicating strong investor interest despite its lower market appeal compared to tech and consumer sectors [13][16].

Core Viewpoint - The article discusses the recent IPOs of three companies on the Hong Kong stock market, highlighting their performance and market reception, particularly focusing on兆易创新, which saw significant gains on its first trading day. Group 1: Company Performance - 兆易创新 had a first-day increase of 37.53%, with an AH premium of 31.53% [2][4] - 红星冷链 and BBSB INTL experienced notable fluctuations, with BBSB INTL peaking at a 400% increase before closing at 11.67%, while 红星冷链 opened nearly 60% up but closed at a modest 0.33% [6][7] - Among the 19 new stocks listed since December 23, none have experienced a drop below their issue price [4] Group 2: Company Details - BBSB INTL is a Malaysian civil engineering contractor with over 16 years of experience, ranking as the tenth largest bridge engineering subcontractor in Malaysia with a market share of approximately 2.5% [8][10] - 红星冷链 specializes in frozen food storage and leasing services, reporting revenues of RMB 2.37 billion, RMB 2.02 billion, RMB 2.34 billion, and RMB 1.12 billion for the years 2022, 2023, 2024, and the first half of 2025, respectively [12] - 兆易创新 is a prominent integrated circuit design company, recognized for its specialized storage chips and MCUs, holding significant market shares in various segments [18][21] Group 3: Market Reception and Investment - BBSB INTL's IPO was characterized as a "pocket-sized IPO," raising only HKD 75 million, yet it achieved a subscription rate of 10,745.13 times, making it the second company in Hong Kong's history to exceed a subscription rate of 10,000 times [10][11] - 兆易创新's IPO was priced at HKD 162 per share, reflecting a 44% discount compared to its A-share price, which attracted considerable institutional interest [19][23] - The funding raised by 兆易创新 is intended for R&D enhancement (40%), strategic investments (35%), global expansion (9%), operational efficiency (6%), and working capital (10%) [23]

Core Insights - Hongxing Cold Chain (Hunan) Co., Ltd. officially listed on the Hong Kong Stock Exchange on January 13, becoming the first listed company in Changsha this year, marking a new development phase for the company and opening capital channels for "Xiang" cold chain enterprises to go international [1][2] - The company, established in 2006, has developed into a modern cold chain logistics enterprise with a dual-driven core competitiveness of "warehousing + trading," leading the construction and operation of the Changsha National Backbone Cold Chain Logistics Base [1][2] Company Overview - Hongxing Cold Chain has grown from a rural collective economy enterprise to a publicly listed company, reflecting the integration of industry and capital in Yuhua District and supporting high-quality development of the real economy [2] - The company has over 2,000 product categories and is a leading platform for frozen food trading and storage services in Central China [1] Strategic Initiatives - The funds raised from the listing will primarily be used for research and development of temperature control and traceability technology, construction of a green cold chain network, and international business expansion [2] - The chairman of Hongxing Cold Chain emphasized that each cold storage facility and every link established is not only an asset for the company but also a crucial infrastructure for serving the public and ensuring supply, solidifying the national cold chain logistics network [2]

Core Viewpoint - Red Star Cold Chain (1641.HK), a frozen food storage service provider, debuted on the Hong Kong Stock Exchange on January 13, 2023, with a significant initial surge in stock price, reflecting strong market interest but also highlighting potential volatility due to concentrated shareholding [1]. Company Overview - Red Star Cold Chain is headquartered in Changsha, Hunan Province, and is the largest provider of frozen food storage services in Central China and Hunan Province, with market shares of 2.6% and 13.6% respectively [1]. - In the frozen food store leasing market, it ranks as the second-largest provider in Central China (8.8% market share) and the largest in Hunan Province (54.7% market share) [1]. IPO Details - The company offered a total of 23.263 million shares, with 10% allocated for public sale in Hong Kong [1]. - The net proceeds from the IPO will be used for constructing a new processing plant, expanding frozen food storage warehouses, upgrading existing equipment and IT infrastructure, investing in artificial intelligence technology, seeking strategic acquisitions, and general corporate purposes [1]. Shareholding Structure - The share distribution indicates a high concentration of ownership, with the largest shareholder holding 20.8% of the international offering shares, and the top five shareholders collectively owning 73.9% [4][5]. - After the IPO, the largest shareholder will still hold 17.7% of the total issued H-shares, while the top five will own 63.0% [6].

Core Viewpoint - Red Star Cold Chain (1641.HK), a frozen food warehousing service provider, debuted on the Hong Kong Stock Exchange, experiencing a significant initial surge in stock price before facing a sharp decline later in the day [1]. Company Overview - Red Star Cold Chain is headquartered in Changsha, Hunan Province, and is the largest provider of frozen food warehousing services in Central China and Hunan Province, with market shares of 2.6% and 13.6% respectively [2]. - In the frozen food store leasing service market, it ranks as the second-largest provider in Central China (8.8% market share) and the largest in Hunan Province (54.7% market share) [2]. IPO Details - The company offered a total of 23,263,000 H-shares, with 10% allocated for public sale in Hong Kong [4]. - The net proceeds from the IPO will be used for constructing a new processing plant, expanding frozen food warehousing, upgrading existing equipment and IT infrastructure, investing in artificial intelligence technology, seeking strategic acquisitions and partnerships, and general corporate purposes [1]. Shareholder Concentration - The shareholder concentration is high, with the largest shareholder holding 20.8% of the shares allocated in the international offering, and the top five shareholders collectively holding 73.9% [5]. - Post-listing, the largest shareholder will still hold 17.7% of the total issued H-shares, indicating a significant concentration of ownership [6].

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]

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