On June 12th, Annto Logistics Supply Chain Technology Co., Ltd. submitted an updated listing application to the Hong Kong Stock Exchange, marking a significant step forward in its IPO process.

It is a standard procedural step for an IPO prospectus to become invalid six months after its initial submission, according to industry practice.

Under Hong Kong exchange rules, a prospectus has a six-month validity period, after which updated financial data and other key information must be refiled, a common occurrence in the Hong Kong IPO process.

Consequently, the focus should remain on the company's intrinsic value and long-term strategy.

The push for a Hong Kong listing by Annto Logistics gains importance amid a global supply chain reshuffle and China's manufacturing sector's shift towards high-quality development.

The company is backed by a strong shareholder base, including strategic investments from industry leaders Midea and Hisense, as well as support from institutions such as Tianjin Shunhe, ZSVC, Yinshan Sinogreen, and Midea Capital, providing a solid foundation for growth driven by both industrial synergy and capital.

According to the prospectus, Annto Logistics reported revenues of RMB 16.2 billion, RMB 18.7 billion, and RMB 21.5 billion for the years 2023 through 2025, achieving a compound annual growth rate of 15.0%.

Net profit surged from RMB 288 million to RMB 449 million over the same period, with a CAGR of 24.9%, demonstrating robust growth resilience.

As a leading provider of integrated supply chain and logistics solutions in China, this resilience stems from the validation and closed-loop operation of its unique "1+3" supply chain model.

As the intelligent logistics arm of Midea Group, with over two decades of experience in manufacturing supply chains, the company has built a hard-to-replicate moat based on end-to-end logistics capabilities, enhanced by three core solutions: production logistics, unified warehousing and distribution, and last-mile integrated delivery and installation.

As of December 31, 2025, the company served over 17,000 clients across 21 vertical industries including home appliances, fast-moving consumer goods, new energy, and automotive.

By 2025 revenue, Annto Logistics ranked first nationally in the home appliance integrated supply chain sector and led in revenue scale within the production logistics segment, showcasing significant cross-industry scaling advantages.

The company's infrastructure network is also a formidable barrier.

Public information indicates the company operates a total warehouse area exceeding 11 million square meters, with approximately 3,700 active delivery and installation service points covering around 2,800 districts and counties and over 39,000 townships across China.

It also manages a fleet of over 500,000 schedulable vehicles and a team of more than 73,000 experienced drivers and delivery/installation engineers.

While solidifying its domestic supply chain service foundation, the company is actively expanding its integrated supply chain solutions to serve international markets, exploring a "second growth curve" by leveraging Midea Group's global industrial footprint to strengthen its international supply chain capabilities.

It has successfully developed and delivered a customized cross-border logistics solution for Aucma's refrigerator manufacturing plant in Thailand, effectively helping control logistics costs and ensure delivery timelines.

The Hong Kong market is currently experiencing a notable period of recovery and activity.

Data shows that as of June 12th, 65 companies have completed listings in Hong Kong this year, raising a combined total of over HKD 176.5 billion.

In the first quarter of 2026, approximately 40 companies completed IPOs on the Hong Kong exchange, raising about HKD 109.9 billion in total, a year-on-year increase of 488.81%.

Among them, 410 companies have listing applications "in process," with an additional 6 having passed the hearing stage.

Prospectus updates have become routine for companies in the Hong Kong IPO queue.

The prospectus discloses that the proceeds from the Hong Kong IPO are intended to be used primarily to further expand the scope and depth of domestic logistics solutions, develop international supply chain business, and advance end-to-end digitalization through technological upgrades.

With the process advancing steadily, Annto Logistics is poised to leverage capital markets to drive both domestic deepening and global expansion, aiming to become a core supply chain partner for Chinese manufacturing on the world stage.