On December 31, 2025, the central China frozen food storage leader, HX COLDCHAIN (Hunan) Co., Ltd. (HX COLDCHAIN), officially launched its initial public offering (IPO), which will conclude on January 8, 2026. The company plans to list on the Hong Kong Stock Exchange on January 13, 2026, under the stock code "1641". According to the global offering prospectus, HX COLDCHAIN (01641) plans a global offering of 23.263 million H shares, with the Hong Kong public offering comprising 10% and the international offering 90%. The offer price is set at HK$12.26 per share, with a board lot size of 500 H shares. For this offering, HX COLDCHAIN successfully secured Fuhuida (Hong Kong) Limited as a cornerstone investor, which has committed to subscribe to offer shares worth approximately RMB 20 million based on the final offer price.

HX COLDCHAIN is headquartered in Changsha, Hunan Province, with its main business encompassing a frozen food trading platform and frozen storage services. According to a CIC report, based on 2024 revenue, the company is the largest provider of frozen food storage services in both Central China and Hunan Province, capturing market shares of 2.6% and 13.6% respectively. In the frozen food store leasing service sector, it ranks as the second largest in Central China and the largest in Hunan Province, with market shares of 8.8% and 54.7% respectively. As the frozen food storage leader in central China, HX COLDCHAIN utilizes its unique dual-engine model combining "Storage Services" with a "Trading Platform," integrating food cold storage with frozen food store leasing to serve wholesalers and retailers within the frozen food supply chain. The company's two major bases in Changsha boast a total designed capacity exceeding 1 million cubic meters (usable storage capacity over 230,000 tonnes), with a utilization rate exceeding 88.0% during the track record period, serving over 700 customers as of June 30, 2025. For its frozen food store leasing service, the company primarily leases premises covering over 36,000 square meters to frozen food wholesalers and retailers, achieving an occupancy rate exceeding 94.0%.

Financially, HX COLDCHAIN's performance has demonstrated steady growth in recent years. For the years 2022, 2023, and 2024, and for the six months ended June 30, 2024, and 2025, the company generated revenue of RMB 237 million, RMB 202 million, RMB 234 million, RMB 112 million, and RMB 118 million, respectively. The gross profit margins for the same periods were 50.1%, 57.7%, 52.8%, 54.2%, and 53.3%. Net profit for 2022, 2023, 2024, and the six months ended June 30, 2024, and 2025, was RMB 79.1 million, RMB 75.3 million, RMB 82.9 million, RMB 41.3 million, and RMB 39.7 million, respectively, translating to net profit margins of 33.4%, 37.3%, 35.5%, 36.7%, and 33.6%. Notably, the company's gross profit margin has consistently remained above 50%, while its net profit margin has been stable between 33% and 38%. Public information indicates that the average profit margin in China's cold chain storage industry is only about 8%-12%, constrained by factors such as low industry concentration, small scale, and high technical maintenance costs. In comparison, HX COLDCHAIN's net profit margin significantly exceeds the industry average, underscoring the effectiveness of its "Storage Services + Trading Platform" business model in enhancing asset utilization and profitability.

Following the release of China's 14th Five-Year Plan for Cold Chain Logistics Development in 2021, the country's cold chain logistics market has entered a new phase of high-quality development. Within the segment, processing services dominated frozen food cold chain service revenue in 2024 (65.3%), while logistics services collectively accounted for 34.1%. Within the logistics service segment, transportation services hold the dominant share (79.2%); the storage services sector, which is HX COLDCHAIN's focus, represents a key link with high professional barriers and a relatively concentrated market scale, creating a favorable competitive environment for leading players with scale and efficiency advantages. HX COLDCHAIN's current public offering is strategically aimed at funding future development. According to the prospectus, the company plans to allocate approximately 57.5% of the net proceeds to constructing a new processing plant and expanding frozen food storage warehouses over the next four years, equipping them with processing machinery and systems to provide frozen food processing services to customers. Approximately 12.8% will be used to upgrade equipment, IT infrastructure, and software used in existing operations, including investments in AI technology to empower the company's operations and enhance customer services. Furthermore, the company has reserved approximately 19.7% of the funds for potential future strategic acquisitions and collaborations to strengthen its industrial integration and consolidate its position within the comprehensive cold chain ecosystem.