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].

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 - 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].

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]

Investment Rating - The report assigns a rating of 4.9 for the IPO, indicating a reasonable pricing based on the company's performance, industry outlook, and valuation [11] Core Insights - The company, Hongxing Cold Chain, is a provider of frozen food storage and rental services, with a significant operational base in Hunan Province, China [1] - The company has a strong market position, being the largest provider of frozen food storage services in Central China and Hunan Province, with market shares of 2.6% and 13.6% respectively [3] - The revenue projections for the company show a decline in 2023, followed by growth in 2024 and a slight increase in the first half of 2025, with expected revenues of RMB 2 billion, RMB 2.3 billion, and RMB 1.2 billion respectively [2] Company Overview - Hongxing Cold Chain offers services including sorting, classification, packaging, inventory tracking, and rental of frozen food stores, with a total storage capacity exceeding 1 million cubic meters [1] - The company has served over 700 clients, maintaining a utilization rate of over 88% for its storage services and over 94% for its rental services during the historical performance period [1] Industry Status and Outlook - The frozen food storage service market in China is projected to reach RMB 25.6 billion by 2024, with a compound annual growth rate (CAGR) of 4.2% from 2020 to 2024 [3] - The frozen food store rental service market is expected to grow from RMB 2.2 billion in 2024 to RMB 2.9 billion by 2029, with a CAGR of 6.0% from 2025 to 2029 [3] Advantages and Opportunities - The company can provide a complete cold chain service matrix and possesses an automated technological foundation [4] Weaknesses and Risks - The industry faces intense competition and high levels of homogeneity, which may impact the company's warehouse utilization and rental rates, subsequently affecting performance [5] Fundraising and Use of Proceeds - The company anticipates a net fundraising amount of HKD 250 million, with approximately 57.5% allocated for building a new processing plant and expanding storage facilities [10]

Core Viewpoint - In 2025, Hong Kong Stock Exchange (HKEX) achieved a record high of 114 IPOs, raising a total of HKD 285.8 billion, marking a strong recovery from previous years' lows and positioning itself as a leading global exchange [1]. Company Overview - Hongxing Cold Chain was established in 2006 in Changsha, Hunan Province, providing cold food store leasing and cold food storage services, effectively connecting wholesalers and retailers in the cold food supply chain [2]. - The company holds a significant market position, with a 2.6% market share in the cold food storage service market in Central China and a 13.6% share in Hunan Province, ranking first in both regions [2][3]. Market Position - In the cold food store leasing market, Hongxing Cold Chain has an 8.8% market share in Central China and a dominant 54.7% share in Hunan Province, indicating a near-monopolistic position [3]. - As of the end of 2024, the company served over 700 clients, with a total cold storage capacity exceeding 1 million cubic meters, equivalent to over 230,000 tons [3]. Financial Performance - The company's revenue from 2022 to 2024 was CNY 236.736 million, CNY 201.760 million, and CNY 233.576 million, with net profits of CNY 79.112 million, CNY 75.312 million, and CNY 82.880 million respectively [4]. - The gross profit margin has been relatively high, recorded at 50.1%, 57.7%, and 52.8% over the past three years, attributed to its market position and unique business model [5]. Business Model - Hongxing Cold Chain's business model integrates cold food trading platforms with cold storage facilities, allowing for multiple revenue streams and creating synergies [7]. - The core business includes cold storage services, which accounted for 68.5% of total revenue in 2024, followed by leasing services at 18.1% and handling services at 11.1% [6]. Industry Outlook - The cold chain logistics industry is characterized by regional features, with the Central China cold food cold chain service market expected to grow at a CAGR of 8.5% from 2025 to 2029 [8]. - The industry is transitioning from fragmentation to scale and intelligence, with a competitive landscape featuring both national giants and regional leaders like Hongxing Cold Chain [8]. Future Prospects - The industry has significant growth potential, supported by national policies aimed at reducing agricultural product losses and the rising demand for low-temperature storage due to the booming prepared food sector [9]. - Compared to other listed cold chain companies, Hongxing Cold Chain has a higher gross margin despite its smaller scale, which may lead to a valuation premium due to its regional dominance [9].

Core Viewpoint - Red Star Cold Chain (Hunan) Co., Ltd. is set to launch its IPO on December 31, 2025, with plans to raise funds for expansion and upgrade its operations in the cold chain logistics sector [1] Group 1: Company Overview - Red Star Cold Chain is the largest provider of cold storage services in Central China and Hunan Province, holding market shares of 2.6% and 13.6% respectively [2] - The company operates a unique "cold storage service + trading platform" dual-driven model, combining cold storage with rental services for frozen food stores [2] - The company has two major bases in Changsha with a total design capacity exceeding 1 million cubic meters, serving over 700 clients [2] Group 2: Financial Performance - The company's revenue for 2022, 2023, 2024, and the first half of 2025 was RMB 237 million, RMB 202 million, RMB 234 million, RMB 112 million, and RMB 118 million respectively, with gross margins consistently above 50% [3][4] - Net profits for the same periods were RMB 79.1 million, RMB 75.3 million, RMB 82.9 million, RMB 41.3 million, and RMB 39.7 million, with net profit margins ranging from 33% to 38% [3][4] Group 3: Industry Context - The average profit margin in the cold chain storage industry in China is only about 8%-12%, highlighting Red Star Cold Chain's superior profitability due to its business model [4] - The cold chain logistics market in China is entering a new phase of high-quality development, with a significant portion of revenue coming from processing services [5] Group 4: Future Plans - The company aims to use approximately 57.5% of the funds raised from the IPO to build a new processing plant and expand cold storage facilities [5] - About 12.8% of the funds will be allocated to upgrading existing equipment and IT infrastructure, including investments in artificial intelligence [5] - Approximately 19.7% of the funds will be reserved for future strategic acquisitions and partnerships to enhance the company's integrated position within the cold chain ecosystem [5]

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].

Core Viewpoint - Hongxing Cold Chain (01641.HK) plans to globally offer 23.263 million H-shares at a price of HKD 12.26 per share, with the offering period from December 31, 2025, to January 8, 2026, and trading expected to commence on January 13, 2026 [1][2]. Company Overview - The company is a provider of frozen food storage services and frozen food store leasing services, headquartered in Changsha, Hunan Province. It has developed a business model that combines frozen food warehouses with leasing services to connect wholesalers and retailers in the frozen food supply chain [2]. - The company offers frozen food storage services to wholesalers and retailers, providing warehouse capacity and management services, including sorting, classification, packaging, inventory tracking, and safety management [2]. - The company also leases stores to wholesalers and retailers for conducting frozen food transactions, charging rent based on the store's location [2]. Fundraising and Use of Proceeds - The estimated net proceeds from the global offering are approximately HKD 252.3 million. The company plans to allocate these funds as follows: about 57.5% for building a new processing plant and expanding frozen food storage warehouses; approximately 12.8% for upgrading existing equipment and IT infrastructure, including investments in AI technology; around 19.7% for seeking strategic acquisitions and partnerships; and about 10.0% for working capital and general corporate purposes [3]. - The company has entered into a cornerstone investment agreement with Fuhua Hong Kong, which will subscribe for shares worth approximately HKD 22.06 million at the offering price [2][3].

Core Viewpoint - Hongxing Cold Chain plans to conduct a global offering of 23.263 million H-shares at a price of HKD 12.26 per share, with the offering period from December 31, 2025, to January 8, 2026, and trading expected to commence on January 13, 2026 [1] Company Overview - Hongxing Cold Chain is a provider of frozen food storage and rental services, headquartered in Changsha, Hunan Province, China, and has developed a business model that integrates frozen food warehouses with rental services for frozen food stores [1] - The company offers storage services to frozen food wholesalers and retailers, providing warehouse management services and charging service fees [1] Operational Capacity - The self-operated frozen food warehouse in Changsha has a total design capacity exceeding 1 million cubic meters (over 230,000 tons), with an average utilization rate of over 88.0% during the reporting period, serving over 700 clients as of June 30, 2025 [2] - The company rents out over 36,000 square meters of space for frozen food stores, achieving a rental rate of over 94.0%, establishing itself as a core hub in Hunan's frozen food industry [2] Financial Performance - The company has demonstrated stable growth and robust profitability, with revenues of RMB 237 million, RMB 202 million, RMB 234 million, RMB 112 million, and RMB 118 million for the years 2022, 2023, 2024, and the six months ending June 30, 2024, and 2025, respectively, with corresponding gross margins of 50.1%, 57.7%, 52.8%, 54.2%, and 53.3% [3] - Net profits for the same periods were RMB 79.1 million, RMB 75.3 million, RMB 82.9 million, RMB 41.3 million, and RMB 39.7 million, with net profit margins of 33.4%, 37.3%, 35.5%, 36.7%, and 33.6% [3] Investment and Use of Proceeds - The company has entered into a cornerstone investment agreement with Fuhua Hong Kong, committing to subscribe for shares worth RMB 20 million at the offering price, which is expected to enhance the company's image and investor confidence [3] - The estimated net proceeds from the global offering are approximately HKD 252 million, with 57.5% allocated for building a new processing plant and expanding frozen food storage warehouses, 12.8% for upgrading existing equipment and IT infrastructure, 19.7% for seeking strategic acquisitions and partnerships, and 10.0% for working capital and general corporate purposes [4]