Hongxing Coldchain (Hunan) Co., Ltd.

Date of Prospectus: December 31, 2025

IPO Launch: Hongxing Coldchain (Hunan) Heats Up the Hong Kong Market with a Strategic Public Offering

Hongxing Coldchain (Hunan) Co., Ltd. is set to debut on the Hong Kong Stock Exchange, marking a significant milestone for one of China’s leading cold chain logistics providers. This comprehensive analysis details the offer structure, financials, investor participation, sector trends, and critical risks—delivering everything institutional and retail investors need to evaluate this IPO opportunity.

IPO Snapshot

Hongxing Coldchain (Hunan) Co., Ltd. is offering its H Shares to the public at a fixed price, targeting expansion and future growth. The offering showcases a strong commitment to transparency, governance, and shareholder value.

Use of Proceeds: The company expects net proceeds of approximately HK\$252.3 million. These funds are earmarked for capacity expansion, technology upgrades, working capital, and general corporate purposes—highlighting a growth-focused strategy rather than deleveraging [[22]].

Dividend Policy: If distributable profits are positive and capital requirements are met, the company commits to paying cash dividends. The payout ratio is not fixed but is dependent on prior year profits and overall business needs [[22]].

Offer Timeline:

• Application Open: December 31, 2025, 9:00 a.m.
• Application Close: January 8, 2026, 11:30 a.m. (eIPO White Form); 12:00 noon (payment deadline)
• Listing Date: January 13, 2026, 9:00 a.m. (expected)

Placement and Issuance Breakdown

• Public Tranche: 2,326,500 H Shares (approx. 10%) via Hong Kong Public Offering
• International Tranche: 20,936,500 H Shares (approx. 90%) via International Offering targeting institutional, professional, and other qualified investors outside the United States (in reliance on Regulation S)
• Cornerstone Investor: FUHUIDA (HK) LIMITED subscribed for H Shares valued at RMB20 million (approx. HK\$22.06 million) [[347]]
• Lock-up Arrangements: Shares issued to cornerstone investors and pre-IPO shareholders are subject to lock-ups and are excluded from free float calculations at listing [[109]]

Investor Participation and Book Quality

Cornerstone/Anchor Investors: FUHUIDA (HK) LIMITED is the named cornerstone investor with a significant allocation, affirming institutional confidence [[347]]. No other cornerstone or anchor investors are explicitly listed by name.

Subscription Levels: Detailed oversubscription data for retail and institutional tranches are not included, nor are peer company symbols or IPO symbols. The deal’s structure and institutional support suggest a quality book, likely supporting strong first-day trading [[236]].

Pre-Listing Sales/Disposals: There are no disclosed pre-listing disposals by early investors or shareholders.

Deal Parties and Structure

Joint Sponsors: CCB International Capital Limited, ABCI Capital Limited
Overall Coordinators: CCB International Capital Limited, ABCI Capital Limited
Joint Bookrunners and Lead Managers: CCB International Capital Limited, ABCI Securities Company Limited, AVICT Global Asset Management Limited, BOCOM International Securities Limited, CEB International Capital Corporation Limited, China Industrial Securities International Capital Limited, CMBC Securities Company Limited, Guosen Securities (HK) Brokerage Company, Limited, Huafu International Securities Limited, MoneyMore Securities Limited, Orient Securities (Hong Kong) Limited, Ruibang Securities Limited, Shanxi Securities International Limited, SPDB International Capital Limited, uSmart Securities Limited, Yue Xiu Securities Company Limited, Zhongtai International Securities Limited [[225]]
Underwriters: All the above institutions

Stabilization/Over-allotment: The offering includes an over-allotment option (greenshoe) for up to 15% of the H Shares. The strong syndicate composition with well-known sponsors and underwriters indicates robust support for listing day performance [[225]], [[230]].

Company Overview: Business Model, Revenue, and Market Position

Hongxing Coldchain (Hunan) Co., Ltd. is a leading cold chain logistics provider in China, specializing in the storage, transportation, and distribution of temperature-controlled food products. The company owns and operates modern cold storage facilities and leverages advanced IT solutions for logistics management. Key revenue streams include warehousing, logistics distribution, and value-added supply chain services.

Customer Segments: Primarily food producers, importers, retailers, and wholesalers across China, with a focus on the southern region.

Geographic Focus: The company’s operations are geographically concentrated in China, with a particularly strong footprint in the southern provinces [[21]].

Industry Overview: The company operates within the cold chain logistics sector, serving the rapidly expanding Chinese food supply industry. The sector’s size and specific growth rates are referenced in third-party research by China Insights Consultancy, which was commissioned for this offering [[72]]. Precise industry size figures are not stated.

Financial Health: Multi-Period Performance

Hongxing Coldchain demonstrates robust profitability, expanding gross margins, and healthy liquidity metrics. The company’s key financial ratios over the past three years and latest interim period are summarized below.

Other detailed financials such as revenue, EBITDA, cash flow, debt, and capex figures are not provided in the summary tables, but the company reports strong profitability and prudent liquidity management [[217]].

Market Position: The company asserts a leading role in southern China’s cold chain sector. Market share and national rankings are not numerically disclosed.

Competitive Advantages: Brand reputation, modern infrastructure, and technology integration are cited as key strengths.

Management:

• Directors: Names and roles are provided in the full prospectus, with a spectrum of industry and operational expertise [[174]].
• Senior management: See prospectus for full bios and experience details.

Trends, Timing, and Environment

Sector Trends: The cold chain logistics market in China is experiencing secular growth, fueled by increased food safety standards, urbanization, and rising demand for perishable goods [[72]]. The demand is also shaped by regulatory changes and evolving consumer preferences.

Seasonality: Not specifically discussed, but food logistics typically experience some seasonal variation.

IPO Timing: The offering is scheduled amid stable macroeconomic conditions, with key dates as follows:

• Offer Opens: December 31, 2025
• Application Deadline: January 8, 2026
• Listing Date: January 13, 2026

Economic/Market Environment: The prospectus describes a supportive environment for logistics and food service companies, underpinned by regulatory support and resilient consumer demand.

Recent Developments: The company completed a major capacity expansion (Phase V Expansion Project) prior to listing, strengthening its operational base for future growth [[217]].

Favorable Market Conditions: Based on the above, the current environment is conducive to a strong IPO debut for Hongxing Coldchain.

Prospectus Deep Dive: Key Risks and Growth Strategy

Risk Factors

• Customer Concentration: The company relies on a limited number of major customers; any loss could impact revenues.
• Geographical Concentration: Operations are heavily focused in southern China, amplifying regional risk.
• Regulatory Exposure: Subject to evolving PRC regulations on food safety, logistics, and overseas listings. Non-compliance could result in penalties or business interruption [[49]].
• Cost Structure: High capital expenditures may not yield immediate returns, pressuring short-term profitability [[21]].
• Licensing: Failure to renew or secure requisite licenses could affect business continuity.
• Related Party Transactions: All non-trade balances to be settled before listing; directors assert these transactions were at arm’s length [[217]].
• Financial Risks: Fluctuating current ratio, with improvement in latest interim period; no material adverse change since Dec 31, 2024 [[355]].

Growth Strategy

• Capacity Expansion: Proceeds will fund warehousing and logistics infrastructure, enhancing scale and service capabilities [[22]].
• Technology Upgrades: Investments in digital platforms (e.g., Fast Interface for New Issuance – FINI) and automation.
• Geographic Diversification: Plans to extend reach beyond current regional focus.
• Service Diversification: New value-added services to capture broader supply chain opportunities.
• Potential M&A: Not explicitly disclosed.

Ownership and Lock-ups

• Pre-IPO Shareholding: Dominated by Hongxing Shiye Industrial Group Co., Ltd. and 34 other shareholders [[353]].
• Post-IPO Structure: Public float of 23.7%, with cornerstone and major shareholders subject to strict lock-ups [[109], [231]].
• Employee Share Ownership: Not specified.

Valuation and Peer Comparison

No peer company financials or sector multiples are disclosed in the prospectus. As such, P/E, P/B, EV/EBITDA, and other valuation ratios versus peers are not available.

No IPOs in the same period or 10-day sector performance data for comparables are included.

Research and Opinions

There are no analyst price targets or formal research opinions included in the prospectus. The company notes the importance of relying solely on the prospectus for investment decisions [[54]].

Final subscription outcomes by tranche and implications for listing day are not stated.

Listing Outlook

Based strictly on the robust profitability, growth-oriented use of proceeds, cornerstone investor support, and top-tier underwriting syndicate, the IPO appears well-positioned for a strong debut. The well-structured offering, combined with sector tailwinds and prudent risk disclosures, suggests a favorable risk-reward profile. If demand matches the company’s fundamentals and sector trends, first-day trading is likely to be at or above the offer price of HK\$12.26.

Prospectus Access

The prospectus is available at: www.hkexnews.hk and http://www.hnhxld.com

How to Apply

Application Channels:

• HK eIPO White Form Service: www.hkeipo.hk (for applicants who wish to receive physical share certificates)
• HKSCC EIPO Channel: Through brokers or custodians who are HKSCC Participants using the FINI system

Eligibility: Applicants must be 18 years or older, outside the United States, and have a Hong Kong address (for White Form applications). Directors, supervisors, existing shareholders, and their close associates are not eligible.
Application Period: December 31, 2025 (9:00 a.m.) to January 8, 2026 (11:30 a.m. for White Form; 12:00 noon for payment and HKSCC instructions)

Full details and step-by-step instructions are available on the company and HKEX websites.