Hongxing Coldchain (Hunan) Co., Ltd.

Date of Prospectus: December 31, 2025

Deep Dive: Hongxing Coldchain’s HKEX IPO Targets Growth in China’s Cold Chain Logistics Sector

IPO Snapshot: Key Terms, Pricing, and Structure

Hongxing Coldchain (Hunan) Co., Ltd. seeks a prominent listing on the Hong Kong Stock Exchange (HKEX) under the stock code 01641. The IPO offers investors a gateway to China’s expanding cold chain logistics industry, with a clearly defined offer structure and electronic application process.

The offer price is set at HK\$12.26 per H Share, with total gross proceeds calculated accordingly. The offering includes a public tranche of 2,326,500 H Shares and an international tranche of 20,936,500 H Shares, both subject to reallocation. The nominal value per share is RMB1.0. The public offer constitutes approximately 10% of the total, with potential clawback up to 15% in case of significant oversubscription.

No public offer will be made in the United States. All shares are offered outside the U.S. in compliance with Regulation S.

Use of Proceeds: Fueling Expansion and Growth

The prospectus outlines that proceeds from the IPO are intended for business growth, aligning with the company’s expansion strategy in China’s cold chain logistics market. The focus is on infrastructure development, operational capacity, and technology upgrades, indicating a clear growth-driven narrative.

Offer Breakdown and Allocation

• Hong Kong Public Offering: 2,326,500 H Shares (10% of the total offer, subject to reallocation)
• International Offering: 20,936,500 H Shares (90% of the total offer, subject to reallocation)

Should demand for the public tranche be strong, up to 1,162,500 H Shares may be reallocated from the international to the public tranche, increasing the public offer proportion to 15%.

The minimum application is 500 shares, with tiered application amounts and all fees disclosed up front. Shares are to be issued in board lots of 500.

Application fees include brokerage, SFC and AFRC transaction levies, and Stock Exchange trading fees.

Investor Participation, Underwriters, and Book Quality

Leading investment banks CCB International Capital Limited and ABCI Capital Limited act as Joint Sponsors, Overall Coordinators, Joint Global Coordinators, Joint Bookrunners, and Joint Lead Managers. Their involvement signals institutional confidence in the offering and is expected to support post-listing stability.

As per the prospectus, the underwriters retain the right to reallocate shares between tranches and terminate the underwriting agreement under specified adverse circumstances. No cornerstone or anchor investors are named, and no pre-listing disposals are disclosed.

Company Overview: Business Model and Industry Positioning

Hongxing Coldchain (Hunan) Co., Ltd. is a joint stock company incorporated in the People’s Republic of China, focused on cold chain logistics. The company’s core business is the provision of temperature-controlled logistics solutions, serving a broad spectrum of customers across the food, pharmaceutical, and retail industries.

• Revenue streams are primarily derived from cold storage, refrigerated transportation, and value-added services.
• The company operates within a high-growth sector, leveraging the increasing demand for safe, efficient, and reliable logistics for perishable goods in China.
• Geographically, the company’s operations are centered in Hunan province, with expansion plans that may extend its footprint nationwide.

Financial Health Indicators

Financial statements and detailed operational metrics are not disclosed in the summary, but the company highlights a robust capital structure and a focus on growth. All proceeds are earmarked for business expansion and operational improvements.

Hongxing Coldchain positions itself as a competitive player in China’s cold chain sector, citing a strong customer base and a scalable business model. No explicit market share or ranking figures are disclosed, but the company’s expansion strategy and offer structure suggest ambitions for industry leadership.

Management Team and Governance

The Board of Directors is led by:

• LUO Yue – Chairman of the Board and non-executive director
• ZHANG Mingsheng and XU Qunying – Executive Directors
• LI Jun, LU Fenfang, ZHANG Zhong – Non-executive Directors
• LI Zhenzhu, CAI Yanping, HOW Sze Ming – Independent Non-executive Directors

Trends, Timing, and Market Environment

The IPO comes at a time when China’s cold chain logistics sector is experiencing strong demand due to urbanization, rising food safety standards, and increasing pharmaceutical needs. The offer period spans from December 31, 2025 to January 8, 2026, with listing expected on January 13, 2026. The company’s timing is designed to capture investor attention in a favorable market window.

Risk Factors

The prospectus highlights several risks:

• Market risk: Exposure to cyclical demand in core industries served.
• Regulatory risk: Changes in food safety and logistics regulations could impact operations.
• Operational risk: Dependence on key infrastructure and technology for service quality.
• Concentration risk: A significant portion of revenue may be tied to a limited number of major customers or suppliers.
• Foreign exchange risk: Minor, given the RMB-denominated share capital but HKD offer price.

Growth Strategy

Hongxing Coldchain’s growth strategy is built around capacity expansion, technology upgrades, and market penetration. The use of proceeds is aligned with infrastructure investments and the strengthening of operational capabilities. The prospectus also alludes to potential geographic expansion beyond Hunan province.

Ownership and Shareholding Structure

The prospectus confirms a traditional structure with pre-IPO and post-IPO shareholding, though exact percentages are not disclosed in the summary. No mention is made of lock-up periods, ESOPs, or specific promoter/major shareholder holdings.

Recent Developments and Sector Trends

The cold chain sector in China is characterized by rapid development, regulatory tightening, and new technology adoption. Hongxing Coldchain’s expansion plan and HKEX listing are positioned as responses to these opportunities.

Listing Outlook

Based solely on the disclosed facts, the IPO appears to be a growth-oriented opportunity in a structurally expanding sector. The involvement of leading investment banks and clear growth plans suggest a potentially strong first-day performance, especially if retail and institutional demand is high. The likely trading range is expected to cluster around or above the HK\$12.26 offer price, barring adverse market movements.

Prospectus Access

Investors can obtain the full prospectus at: www.hkexnews.hk and http://www.hnhxld.com

How to Apply for Hongxing Coldchain H Shares

Applications for the Hong Kong Offer Shares can be submitted exclusively through electronic channels:

• HK eIPO White Form service (www.hkeipo.hk): For investors seeking physical H Share certificates. Application period: 9:00 a.m. Dec 31, 2025, to 11:30 a.m. Jan 8, 2026. Payment deadline: 12:00 noon Jan 8, 2026.
• HKSCC EIPO channel: Through a broker or custodian that is a HKSCC Participant, using the FINI system. Shares are credited to your designated stock account. Contact your broker/custodian for specific cut-off times.

No physical application channels are available. Minimum application is 500 H Shares. Results and allotment information will be published at www.hkexnews.hk and http://www.hnhxld.com by 11:00 p.m. on January 12, 2026. Trading is expected to commence on January 13, 2026.