HX COLDCHAIN (01641) has launched its initial public offering from December 31, 2025, to January 8, 2026. The company plans a global offering of 23.263 million H shares, with the Hong Kong public offering accounting for 10% and the international offering making up the remaining 90%. The offer price is set at HK$12.26 per share, with a board lot size of 500 H shares. Trading of the H shares on the Stock Exchange is expected to commence on Tuesday, January 13, 2026.

The company has entered into a cornerstone investment agreement with Fuhuida (Hong Kong) Limited. Fuhuida Hong Kong will subscribe for offer shares with a total value of RMB 20 million at the offer price of HK$12.26 per share. The company believes that the cornerstone placement will help enhance its corporate image and demonstrates the investor's strong confidence in the group's business and future prospects. The company was introduced to Fuhuida Hong Kong through investment roadshow activities.

Based on the offer price of HK$12.26 per share, the company estimates the net proceeds from the global offering will be approximately HK$252 million. Approximately 57.5% of the net proceeds will be used to construct a new processing plant and expand frozen food storage warehouse facilities over the next four years, equipping them with processing machinery and systems to provide frozen food processing services for customers. About 12.8% is allocated for upgrading equipment, IT infrastructure, and software used in existing operations, including investments in artificial intelligence technology to empower operations and enhance customer services. Roughly 19.7% will be utilized to seek strategic acquisitions and partnerships over the next four years to improve industrial integration and consolidate the company's position within the full cold-chain ecosystem. The remaining 10.0% will be used for working capital and other general corporate purposes.