IPO Timeline Raw facts
Broker Deadline
2026-01-08
Morning deadline
HKEX Deadline
2026-01-08
Noon deadline
Broker Results (T-2)
2026-01-09
Some brokers release in afternoon
Grey Market (T-1)
2026-01-12
Afternoon
HKEX Allotment (T-1)
2026-01-12
Evening
Registrar Allotment (T-1)
2026-01-12
Evening
Listing Day (T)
2026-01-13
First day of trading
Company Overview
| Stock Name | HX Coldchain |
|---|---|
| Stock Code | 01641 |
| Company Full Name | Hongxing Coldchain (Hunan) Co., Ltd. |
| Industry | Industrial Goods |
| Principal Activities | We are a provider of frozen food storage services and frozen food store leasing services, headquartered in Changsha, Hunan Province, and primarily provide frozen food storage services. Since our establishment in 2006, we have developed a business model that combines food cold storage with frozen food store leasing, enabling us to connect wholesalers and retailers in the frozen food supply chain. |
| Listing Date | 2026-01-13 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國湖南省 長沙市雨花區 環保東路一段21號 |
| Business Address (Hong Kong) | 香港 銅鑼灣 希慎道33號 利園一期 19樓1917室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.hnhxld.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2980 1333 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 12.26 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 500 shares |
| Entry Threshold | HK$ 6,130 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-12-31 to 2026-01-08 |
| Global Offering Shares | 23,263,000 shares |
| HK Public Offer Shares (Initial) | 2,326,500 shares (10.0%) |
| Public Offer Lots (Initial) | 4,653lots (2,326lots, 2,327lots) |
| International Placing Shares (Initial) | 20,936,500 shares (90.0%) |
| Offer Ratio | ~23.67% |
| Total Shares Post-IPO | 98,263,000 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 7.7% |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 285,204,380 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 500 | HK$ 6,130 |
| 2 lots | 1,000 | HK$ 12,260 |
| 3 lots | 1,500 | HK$ 18,390 |
| 4 lots | 2,000 | HK$ 24,520 |
| 5 lots | 2,500 | HK$ 30,650 |
| 6 lots | 3,000 | HK$ 36,780 |
| 7 lots | 3,500 | HK$ 42,910 |
| 8 lots | 4,000 | HK$ 49,040 |
| 9 lots | 4,500 | HK$ 55,170 |
| 10 lots | 5,000 | HK$ 61,300 |
| 12 lots | 6,000 | HK$ 73,560 |
| 14 lots | 7,000 | HK$ 85,820 |
| 16 lots | 8,000 | HK$ 98,080 |
| 18 lots | 9,000 | HK$ 110,340 |
| 20 lots | 10,000 | HK$ 122,600 |
| 30 lots | 15,000 | HK$ 183,900 |
| 40 lots | 20,000 | HK$ 245,200 |
| 50 lots | 25,000 | HK$ 306,500 |
| 60 lots | 30,000 | HK$ 367,800 |
| 70 lots | 35,000 | HK$ 429,100 |
| 80 lots | 40,000 | HK$ 490,400 |
| 90 lots | 45,000 | HK$ 551,700 |
| 100 lots | 50,000 | HK$ 613,000 |
| 120 lots | 60,000 | HK$ 735,600 |
| 140 lots | 70,000 | HK$ 858,200 |
| 160 lots | 80,000 | HK$ 980,800 |
| 180 lots | 90,000 | HK$ 1,103,400 |
| 200 lots | 100,000 | HK$ 1,226,000 |
| 400 lots | 200,000 | HK$ 2,452,000 |
| 600 lots | 300,000 | HK$ 3,678,000 |
| 800 lots | 400,000 | HK$ 4,904,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,000 lots | 500,000 | HK$ 6,130,000 |
| 1,200 lots | 600,000 | HK$ 7,356,000 |
| 1,400 lots | 700,000 | HK$ 8,582,000 |
| 1,600 lots | 800,000 | HK$ 9,808,000 |
| 1,800 lots | 900,000 | HK$ 11,034,000 |
| 2,000 lots | 1,000,000 | HK$ 12,260,000 |
| 2,326 lots | 1,163,000 | HK$ 14,258,380 |
Stock Connect Inclusion
| HK Market Cap | HK$ 177.2M |
|---|
| 26Q2 Regular Review | |
| Inclusion Pathway | Small Cap Regular Path |
|---|---|
| Est. Threshold | HK$ 10.47B Market cap gap 98% |
| Analysis Result | Market cap below threshold (gap 98%) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 1,204,704,380 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 301,184,848 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (profitable, but no P/E information provided) |
| Profit/Loss Status | Net profit RMB 82.9 million (2024) |
| Period-End Cash Balance | To be extracted |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 12.3 |
|---|---|
| First Day Open | HK$ 19.58 |
| First Day Change | 0.33% |
| First Day Volume | 13868000.0 |
| First Day Turnover | 212184000.0 |
Use of Proceeds
| Use of Proceeds | 1、約57.5%或145.1百萬港元將用于在未來四年新建一座加工廠及擴建冷凍食品倉儲倉庫，配備加工設備及系統，以為客戶提供冷凍食品加工服務； 2、約12.8%或32.2百萬港元將用于升級公司現有業務中使用的設備、信息技術基礎設施及軟件； 3、約19.7%或49.7百萬港元將用于在未來四年尋求戰略收購及合作伙伴關系，以完善公司的產業鏈一體化； 4、約10.0%或25.2百萬港元將用作營運資金及其他一般公司用途。 |
|---|
Underwriting Syndicate
Overall Coordinators (2)
Joint Bookrunners (17)
CCB International Capital Limited CE AJO225
ABCI Securities Company Limited CE ACX411
AVICT Global Asset Management Limited CE BHF812
BOCOM International Securities Limited CE APJ121
CEB International Capital Corporation Limited CE BGH296
CHINA INDUSTRIAL SECURITIES INTERNATIONAL CAPITAL LIMITED CE BAK956
CMBC SECURITIES COMPANY LIMITED CE APU820
Guosen Securities (HK) Brokerage Company, Limited CE AUI491
Huafu International Securities Limited CE BQC241
MONEYMORE SECURITIES LIMITED CE AAB291
Orient Securities (Hong Kong) Limited CE AVD362
Ruibang Securities Limited CE BIJ312
SHANXI SECURITIES INTERNATIONAL LIMITED CE BEM330
SPDB International Capital Limited CE BFZ375
uSmart Securities Limited CE BJA907
YUE XIU SECURITIES COMPANY LIMITED CE ABQ722
ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855
Joint Lead Managers (17)
CCB International Capital Limited CE AJO225
ABCI Securities Company Limited CE ACX411
AVICT Global Asset Management Limited CE BHF812
BOCOM International Securities Limited CE APJ121
CEB International Capital Corporation Limited CE BGH296
CHINA INDUSTRIAL SECURITIES INTERNATIONAL CAPITAL LIMITED CE BAK956
CMBC SECURITIES COMPANY LIMITED CE APU820
Guosen Securities (HK) Brokerage Company, Limited CE AUI491
Huafu International Securities Limited CE BQC241
MONEYMORE SECURITIES LIMITED CE AAB291
Orient Securities (Hong Kong) Limited CE AVD362
Ruibang Securities Limited CE BIJ312
SHANXI SECURITIES INTERNATIONAL LIMITED CE BEM330
SPDB International Capital Limited CE BFZ375
uSmart Securities Limited CE BJA907
YUE XIU SECURITIES COMPANY LIMITED CE ABQ722
ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 福慧达(香港)有限公司 | 21,835,060 HKD | — | 7.66% | — | 6 months | 2026-07-13 |
Directors & Management
| Chairman | 羅躍 |
|---|---|
| Company Secretary | 詹麗玲 |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | 紅星實業 is the controlling shareholder and, immediately after the completion of the Global Offering, holds approximately 44.46% of the issued shares of the Company (including interests held through 紅日景明 and 紅日明升). 紅星中心 is deemed to hold approximately 54.17% of the interests by virtue of its control over 紅星實業. |
|---|
AI
AI 市场洞察
AI interpretation
deepseek-v4-pro · AI-generated
市场情绪
The IPO saw overwhelming demand with a 2309x oversubscription ratio, reflecting intense market enthusiasm for the cold chain logistics sector. With only 4.51% of applications successful, the hit rate underscores the extreme scarcity of allotments. The offer price of HK$12.26 was at the mid-to-high end of typical ranges, suggesting strong issuer pricing power. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
申购档位分析
A notable anomaly occurs at the tier boundary: 甲尾 (400,000 shares applied) expects only 1 lot, identical to 乙头 (500,000 shares), meaning the extra 100,000 shares yield zero additional allocation. This makes 乙头 subscriptions highly inefficient under this demand level, as larger margin financing costs bring no extra allotment. Broker fee efficiency is thus better at 甲尾 compared to 乙头. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice. Data may contain errors or omissions from source documents — verify against official HKEX filings.)
申购人群画像
Mainland investors constituted 55.4% of successful applicants, slightly edging out Hong Kong participants at 43.7%, indicating strong cross-border appeal for this logistics play. The applicant pool skews male (63.4%) and middle-aged (average 43.5 years), typical of retail IPO demographics in Hong Kong. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
