红星冷链 01641 Prospectus Information

IPO Timeline

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	红星冷链
Stock Code	01641
Company Full Name	红星冷链
Industry	Industrial Goods
Principal Activities	我們是一家冷凍食品倉儲服務及冷凍食品門店租賃服務提供商，總部位於湖南省長沙市，主要提供冷凍食品倉儲服務。自2006年成立以來，我們已開發出一種業務模式，即將食品凍庫與冷凍食品門店租賃相結合，讓我們能夠連結冷凍食品供應鏈中的批發商及零售商。
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	机制B-无回补
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

Valuation & Financials

Market Cap (at Offer Price)	HK$ 1,204,704,380
Pre-IPO Valuation (Last Round)	To be extracted
P/E Ratio	不適用（公司處於盈利狀態，但招股書未提供市盈率信息）
Profit/Loss Status	盈利約人民幣82.9百萬元（2024年）
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。

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

Joint Sponsors (2)

建银国际金融有限公司 CE AJO225 农银国际融资有限公司 CE AWL249

Overall Coordinators (2)

建银国际金融有限公司 CE AJO225 农银国际证券有限公司 CE ACX411

Joint Bookrunners (17)

建银国际金融有限公司 CE AJO225 农银国际证券有限公司 CE ACX411 中航资信环球资产管理有限公司 CE BHF812 交银国际证券有限公司 CE APJ121 光银国际资本有限公司 CE BGH296 兴证国际融资有限公司 CE BAK956 民银证券有限公司 CE APU820 国信证券（香港）经纪有限公司 CE AUI491 华福国际证券有限公司 CE BQC241 万利证券有限公司东方证券（香港）有限公司 CE AVD362 瑞邦证券有限公司 CE BIJ312 山证国际证券有限公司 CE BEM330 浦银国际融资有限公司 CE BFZ375 盈立证券有限公司 CE BJA907 越秀证券有限公司 CE ABQ722 中泰国际证券有限公司 CE BAA855

Joint Lead Managers (17)

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	紅星實業為控股股東，緊隨全球發售完成後持有本公司約44.46%的已發行股份（包括通過紅日景明及紅日明升持有的權益）。紅星中心通過控制紅星實業被視為持有約54.17%的權益。

AI AI Analysis

Market Sentiment

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.)

Tier Analysis

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.)

Demographics

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.)

Offering Structure

Subscription Tiers

IPO Timeline

红星冷链 01641Prospectus Information

Market Sentiment

Tier Analysis

Demographics