hk-ipo/data/extracted_text/01641/allotment_results_2026-01-12_2026011201301.txt

--- page 1 ---
– 1 –
Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited (the “Stock
Exchange”) and Hong Kong Securities Clearing Company Limited (“HKSCC”) take no responsibility for
the contents of this announcement, make no representation as to its accuracy or completeness and expressly
disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any
part of the contents of this announcement.
This announcement is not for release, publication, distribution, directly or indirectly, in or into the United
States (including its territories and possessions, any state of the United States and the District of Columbia).
This announcement does not constitute or form a part of any offer or solicitation to purchase or subscribe for
securities in the United States or in any other jurisdictions. The securities mentioned herein have not been,
and will not be, registered under the United States Securities Act of 1933 as amended from time to time (the
“U.S. Securities Act”) or any state securities law of the United States. The securities may not be offered,
sold, pledged or transferred within the United States or to, or for the account or benefit of U.S. persons (as
defined in Regulation S under the U.S. Securities Act (“Regulation S”)), except in transactions exempt from,
or not subject to, the registration requirements of the U.S. Securities Act. The Offer Shares may be offered,
sold or delivered outside the United States to non-U.S. persons in offshore transactions in accordance with
Regulation S.
This announcement is for information purposes only and does not constitute an invitation or offer to acquire,
purchase or subscribe for securities. This announcement is not a prospectus. Potential investors should
read the prospectus dated December 31, 2025 (the “Prospectus”) issued by Hongxing Coldchain (Hunan)
Co., Ltd. (紅星冷鏈（湖南）股份有限公司 ) (the “Company”) for detailed information about the Global
Offering described below before deciding whether or not to invest in the H Shares thereby being offered. Any
investment decision in relation to the Offer Shares should be taken solely in reliance on the information in the
Prospectus.
Unless otherwise defined in this announcement, capitalized terms used herein shall have the same meanings
as those defined in the Prospectus.
Potential investors of the Offer Shares should note that the Overall Coordinators (for themselves and on
behalf of the Hong Kong Underwriters) shall be entitled to terminate their obligations under the Hong
Kong Underwriting Agreement with immediate effect upon the occurrence of any of the events set out in
the paragraph headed “Underwriting — Underwriting Arrangements and Expenses — Hong Kong Public
Offering — Grounds for Termination” in the Prospectus at any time prior to 8:00 a.m. (Hong Kong time) on
the Listing Date (which is currently expected to be on Tuesday, January 13, 2026).


--- page 2 ---
– 2 –
Hongxing Coldchain (Hunan) Co., Ltd.
ʮ̡
(a joint stock company incorporated in the People’s Republic of China with limited liability)
Global Offering
Number of Offer Shares under
the Global Offering
: 23,263,000 H Shares
Number of Hong Kong Offer Shares : 2,326,500 H Shares (subject to
reallocation)
Number of International Offer Shares : 20,936,500 H Shares (subject to reallocation)
Offer Price : HK$12.26 per H Share, plus brokerage of
1%, SFC transaction levy of 0.0027%,
AFRC transaction levy of 0.00015% and
Stock Exchange trading fee of 0.00565%
(payable in full on application and subject
to refund)
Nominal value : RMB1.0 per H Share
Stock code : 01641
Joint Sponsors, Overall Coordinators, Joint Global Coordinators,
Joint Bookrunners and Joint Lead Managers
Joint Bookrunners and Joint Lead Managers
(in alphabetical order)
Ruibang


--- page 3 ---
– 3 –
HONGXING COLDCHAIN (HUNAN) CO., LTD.
ANNOUNCEMENT OF FINAL OFFER PRICE AND
ALLOTMENT RESULTS
Unless otherwise defined herein, capitalized terms used in this announcement shall have
the same meanings as those defined in the prospectus dated December 31, 2025 (the
“Prospectus”) issued by Hongxing Coldchain (Hunan) Co., Ltd. ( 紅星冷鏈（湖南）股份
有限公司) (the “Company”).
Warning: In view of high concentration of shareholding in a small number of H
Shareholders, H Shareholders and prospective investors should be aware that the
price of the H Shares could move substantially even with a small number of H Shares
traded and should exercise extreme caution when dealing in the H Shares.
SUMMARY
Company information
Stock code 1641
Stock short name HX COLDCHAIN
Dealings commencement date January 13, 2026*
*see note at the end of the announcement
Price Information
Offer Price HK$12.26
Offer Shares and Share Capital
Number of Offer Shares 23,263,000 H Shares
Final Number of Offer Shares in Hong Kong Public
Offering
2,326,500 H Shares
Final Number of Offer Shares in International
Offering
20,936,500 H Shares
Number of issued Shares upon Listing 98,263,000 Shares


--- page 4 ---
– 4 –
Proceeds
Gross proceeds (Note) HK$285.20 million
Less: Estimated listing expenses payable based on
Offer Price
HK$(32.87) million
Net proceeds HK$252.33 million
Note: Gross proceeds refers to the amount to which the Company is entitled receive. For details of the use
of proceeds, please refer to the section headed “Future Plans and Use of Proceeds” of the Prospectus.


--- page 5 ---
– 5 –
ALLOTMENT RESULTS DETAILS
HONG KONG PUBLIC OFFERING
No. of valid applications 103,102
No. of successful applications 4,653
Subscription level 2,309.25 times
Claw-back triggered No
No. of Offer Shares initially available under the Hong
Kong Public Offering
2,326,500
H Shares
No. of Offer Shares reallocated from the International
Offering (claw-back)
N/A
Final no. of Offer Shares under the Hong Kong Public
Offering
2,326,500
H Shares
% of Offer Shares under the Hong Kong Public Offering to
the Global Offering
10%
Note: For details of the final allocation of the H Shares to the Hong Kong Public Offering, investors
can refer to https://www.hkeipo.hk/iporesult  to perform a search by identification number or
https://www.hkeipo.hk/iporesult for the full list of allottees.
INTERNATIONAL OFFERING
No. of placees 106
Subscription level 1.65 times
No. of Offer Shares initially available under the
International Offering
20,936,500 H Shares
No. of Offer Shares reallocated to the Hong Kong Public
Offering (claw-back)
No
Final no. of Offer Shares under the International Offering 20,936,500
H Shares
% of Offer Shares under the International Offering to the
Global Offering
90%
The Directors confirm that, to the best of their knowledge, information and belief, (i) none
of the Offer Shares subscribed by the placees and the public have been financed directly or
indirectly by the Company, any of the Directors, chief executive of the Company, Controlling
Shareholders, substantial Shareholders, existing Shareholders of the Company or any of
its subsidiaries or their respective close associates; and (ii) none of the placees and the
public who have purchased the Offer Shares are accustomed to taking instructions from the


--- page 6 ---
– 6 –
Company, any of the Directors, chief executive of the Company, Controlling Shareholders,
substantial Shareholders, existing Shareholders of the Company or any of its subsidiaries
or their respective close associates in relation to the acquisition, disposal, voting or other
disposition of H Shares registered in his/her/its name or otherwise held by him/her/it.
The placees in the International Offering include the following:
Cornerstone Investor
Investor Note 1
No. of Offer
Shares
allocated
% of Offer
Shares
% of total
issued H
Shares after
the Global
Offering
% of total
issued share
capital after
the Global
Offering
Existing
shareholders
or their close
associates
FUHUIDA (HK) LIMITED
(“FUHUIDA HK”)
1,781,000 7.66% 7.25% 1.81% No
Total 1,781,000 7.66% 7.25% 1.81%
Note:
(1) For further details of the Cornerstone Investor, please refer to the section headed “Cornerstone
Investors” in the Prospectus.
Allottee with Consent Obtained
Investor
No. of Offer
Shares
allocated
% of Offer
Shares
% of total
issued H
Shares after
the Global
Offering
% of total
issued share
capital after
the Global
Offering Relationship
Allottee with consent under paragraph 1C(1) of the Placing Guidelines and Chapter 4.15 of the Listing Guide in relation to
allocations to connected client Note 1
Orient Asset Management
(Hong Kong) Limited (“Orient
AM”)
4,359,000 18.74% 17.74% 4.44% A connected
client
Note:
(1) For details of the consent under paragraph 1C(1) of the Placing Guidelines and Chapter 4.15
of the Listing Guide in relation to allocations to a connected client, please refer to the section
headed “Others/Additional Information — Placing to a connected client with prior consent under
paragraph 1C(1) of the Placing Guidelines” in this announcement.


--- page 7 ---
– 7 –
LOCK-UP UNDERTAKINGS
Controlling Shareholders
Name
Number of
Unlisted
Shares held in
the Company
subject to
lock-up
undertakings
upon Listing
Number of H
Shares held in
the Company
subject to
lock-up
undertakings
upon Listing
% of total
issued H
Shares after
the Global
Offering
subject to
lock-up
undertakings
upon Listing
% of
shareholding
in the
Company
subject to
lock-up
undertakings
upon Listing
Last day subject
to the lock-up
undertakings Note 1
Hongxing Shiye Industrial
Group Co., Ltd. (紅星實業
集團有限公司)
43,690,535 — — 44.46% January 12, 2027
Changsha Hongri Jingming
Equity Investment
Partnership (Limited
Partnership) (長沙紅日景明
股權投資合夥企業(有限
合夥))
6,045,039 — — 6.15% January 12, 2027
Changsha Hongri Mingsheng
Enterprise Management
Partnership (Limited
Partnership) 長沙紅日明升
企業管理合夥企業(有限
合夥)
3,491,905 — — 3.56% January 12, 2027
Changsha Hongxing
Investment Management
Center (長沙紅星投資經營
管理中心) Note 2
53,227,479 — — 54.17% January 12, 2027
Subtotal 53,227,479 — — 54.17%
Note:
(1) The expiry date of the lock-up period shown in the table above is pursuant to the PRC Company Laws. The required lock-up for the Controlling
Shareholders ends on January 12, 2027, being 12 months following the Listing Date.
(2) For illustrative purposes only, this subsection lists only those members of the Controlling Shareholders who hold Shares directly in the
Company. Pursuant to Rule 10.07 of the Listing Rules, each of the Controlling Shareholders (namely, Hongxing Shiye, Hongri Jingming,
Hongri Mingsheng and Hongxing Center) has undertaken to the Company and the Stock Exchange that it shall, and shall procure that the
relevant registered holders of the Shares in which it is beneficially interested shall, comply with the applicable lock-up requirements. For
further details, please refer to the section headed “Underwriting — Underwriting Arrangements and Expenses -Undertakings to the Stock
Exchange pursuant to the Listing Rules” in the Prospectus.


--- page 8 ---
– 8 –
Cornerstone Investor
Investor Note 1
Number of
Unlisted
Shares held in
the Company
subject to
lock-up
undertakings
upon Listing
Number of H
Shares held in
the Company
subject to
lock-up
undertakings
upon Listing
% of total
issued H
Shares after
the Global
Offering
subject to
lock-up
undertakings
upon Listing
% of
shareholding
in the
Company
subject to
lock-up
undertakings
upon Listing
Last day subject
to the lock-up
undertaking Note 1
FUHUIDA HK — 1,781,000 7.25% 1.81% July 12, 2026
Subtotal — 1,781,000 7.25% 1.81%
Note:
1. In accordance with the relevant cornerstone investment agreements, the required lock-up ends on
July 12, 2026, being six months following the Listing Date. The Cornerstone Investor will cease to
be prohibited from disposing of or transferring H Shares subscribed for pursuant to the relevant
cornerstone investment agreement after the indicated date.


--- page 9 ---
– 9 –
Other Existing Shareholders
Name
Number of
Unlisted
Shares held in
the Company
subject to lock-
up undertakings
upon Listing
Number of H
Shares held in
the Company
subject to lock-
up undertakings
upon Listing
% of total issued
H Shares after the
Global Offering
subject to lock-
up undertakings
upon Listing
% of shareholding
in the Company
subject to lock-
up undertakings
upon Listing
Last day subject
to the lock-up
undertakings Note 1
Hunan Food Industry Co. Ltd.
(湖南省食品產業有限公司)
3,637,401 — — 3.7% January 12, 2027
Xie Longgui (謝龍貴) 1,813,512 — — 1.85% January 12, 2027
Chen Ai (陳愛) 1,360,134 — — 1.38% January 12, 2027
Huang Fusheng (黃福生) 1,020,100 340,034 1.38% 1.38% January 12, 2027
Dai Mingzhi (戴明智) 906,756 — — 0.92% January 12, 2027
Wu Ruiqi (吳瑞棋) 906,756 — — 0.92% January 12, 2027
Li Wenjing (黎雯靜) 906,756 — — 0.92% January 12, 2027
Luo Qinli (羅勤立) 906,756 — — 0.92% January 12, 2027
Song Deying (宋德映) 906,756 — — 0.92% January 12, 2027
Chen Xinglong (陳興隆) 634,729 — — 0.65% January 12, 2027
Cheng Yan (成燕) 340,033 113,345 0.46% 0.46% January 12, 2027
Lu Yuanhong (呂元紅) 453,378 — — 0.46% January 12, 2027
Wu Jun (吳軍) 453,378 — — 0.46% January 12, 2027
Peng Wenzhao (彭文釗) 453,378 — — 0.46% January 12, 2027
Luo Tiexing (羅鐵興) 340,033 113,345 0.46% 0.46% January 12, 2027
Yi Guangyue (易光躍) 453,378 — — 0.46% January 12, 2027
Zeng Wei (曾維) 453,378 — — 0.46% January 12, 2027
Zeng Ya (曾亞) 453,378 — — 0.46% January 12, 2027
Li Changxiao (李昌孝) 340,033 113,345 0.46% 0.46% January 12, 2027
Kong Yu (孔昱) 340,033 113,345 0.46% 0.46% January 12, 2027
Song Liwen (宋利文) 453,378 — — 0.46% January 12, 2027
Zou Songqiu (鄒松球) 226,689 226,689 0.92% 0.46% January 12, 2027
Sun Ping (孫萍) 453,378 — — 0.46% January 12, 2027
Li Zhenbin (李振斌) 340,033 113,345 0.46% 0.46% January 12, 2027
Li Gang (李剛) 453,378 — — 0.46% January 12, 2027
Liu Xinming (柳新明) 272,027 — — 0.28% January 12, 2027
Wu Yong (吳勇) 241,802 — — 0.25% January 12, 2027
Zhang Mingsheng (張明生) 226,689 — — 0.23% January 12, 2027
Li Zhenwu (李振武) 170,017 56,672 0.23% 0.23% January 12, 2027
Li Dengyun (李登雲) 170,017 56,672 0.23% 0.23% January 12, 2027
Zhang Ying (張穎) 170,017 56,672 0.23% 0.23% January 12, 2027
Liu Xiaolian (劉小連) 211,576 — — 0.22% January 12, 2027
Subtotal 20,469,057 1,303,464 5.29% 22.13%
Note:
(1) The expiry date of the lock-up period shown in the table above is pursuant to the PRC Company
Laws. The required lock-up for existing Shareholders ends on January 12, 2027 being 12 months
following the Listing Date.


--- page 10 ---
– 10 –
PLACEE CONCENTRATION ANALYSIS
Placees
Number of
H Shares
allotted
Allotment
as % of
International
Offering
Allotment
as % of total
Offer Shares
Number of
Shares held
upon Listing
% of total
issued share
capital upon
Listing
Top 1 4,359,000 20.8% 18.7% 4,359,000 4.4%
Top 5 15,465,000 73.9% 66.5% 15,465,000 15.7%
Top 10 20,229,500 96.6% 87.0% 20,229,500 20.6%
Top 25 20,888,000 99.8% 89.8% 20,888,000 21.3%
Note:
* Ranking of placees is based on the number of H Shares allotted to the placees.
H SHAREHOLDERS CONCENTRATION ANALYSIS
H Shareholders*
Number of
H Shares
allotted
Allotment as %
of International
Offering
Allotment
as % of total
Offer Shares
Number of
H Shares held
upon Listing
% of total
issued H Shares
capital upon
Listing
Number of
Shares held
upon Listing
Top 1 4,359,000 20.8% 18.7% 4,359,000 17.7% 4,359,000
Top 5 15,465,000 73.9% 66.5% 15,465,000 63.0% 15,465,000
Top 10 20,229,500 96.6% 87.0% 20,229,500 82.3% 20,229,500
Top 25 20,806,000 99.4% 89.4% 22,109,464 90.0% 25,566,469
Note:
* Ranking of H Shareholders is based on the number of H Shares held by the H Shareholders upon Listing.


--- page 11 ---
– 11 –
SHAREHOLDERS CONCENTRATION ANALYSIS
Shareholders
Number of
H Shares
allotted
Allotment
as % of
International
Offering
Allotment
as % of total
Offer Shares
Number of H
Shares held
upon Listing
Number of
Shares held
upon Listing
% of total
issued share
capital upon
Listing
Top 1 – N/A N/A – 53,227,479 54.2%
Top 5 11,946,000 57.1% 51.4% 11,946,000 68,810,880 70.0%
Top 10 15,465,000 73.9% 66.5% 15,805,034 76,863,660 78.2%
Top 25 20,229,500 96.6% 87.0% 21,136,258 88,610,181 90.2%
Note:
* Ranking of Shareholders is based on the number of Shares (of all classes) held by the Shareholder upon
Listing.


--- page 12 ---
– 12 –
BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the conditions set out in the Prospectus, valid applications
made by the public will be conditionally allocated on the basis set out below:
NO. OF SHARES
APPLIED FOR
NO. OF VALID
APPLICATIONS
BASIS OF ALLOTMENT/BALLOT
POOL A
APPROXIMATE
PERCENTAGE
ALLOTTED OF
THE TOTAL
NO. OF SHARES
APPLIED FOR
500 65,757 658 out of 65,757 applicants to receive 500 H Shares 1.00%
1,000 5,105 71 out of 5,105 applicants to receive 500 H Shares 0.70%
1,500 2,063 35 out of 2,063 applicants to receive 500 H Shares 0.57%
2,000 1,413 27 out of 1,413 applicants to receive 500 H Shares 0.48%
2,500 1,360 29 out of 1,360 applicants to receive 500 H Shares 0.43%
3,000 751 17 out of 751 applicants to receive 500 H Shares 0.38%
3,500 575 14 out of 575 applicants to receive 500 H Shares 0.35%
4,000 2,102 55 out of 2,102 applicants to receive 500 H Shares 0.33%
4,500 597 17 out of 597 applicants to receive 500 H Shares 0.32%
5,000 2,783 80 out of 2,783 applicants to receive 500 H Shares 0.29%
6,000 719 23 out of 719 applicants to receive 500 H Shares 0.27%
7,000 503 17 out of 503 applicants to receive 500 H Shares 0.24%
8,000 805 29 out of 805 applicants to receive 500 H Shares 0.23%
9,000 719 27 out of 719 applicants to receive 500 H Shares 0.21%
10,000 1,819 72 out of 1,819 applicants to receive 500 H Shares 0.20%
15,000 1,029 49 out of 1,029 applicants to receive 500 H Shares 0.16%
20,000 767 42 out of 767 applicants to receive 500 H Shares 0.14%
25,000 689 42 out of 689 applicants to receive 500 H Shares 0.12%
30,000 439 29 out of 439 applicants to receive 500 H Shares 0.11%
35,000 358 25 out of 358 applicants to receive 500 H Shares 0.10%
40,000 414 31 out of 414 applicants to receive 500 H Shares 0.09%
45,000 256 20 out of 256 applicants to receive 500 H Shares 0.09%
50,000 787 65 out of 787 applicants to receive 500 H Shares 0.08%
60,000 476 43 out of 476 applicants to receive 500 H Shares 0.08%
70,000 375 36 out of 375 applicants to receive 500 H Shares 0.07%
80,000 450 46 out of 450 applicants to receive 500 H Shares 0.06%
90,000 395 43 out of 395 applicants to receive 500 H Shares 0.06%
100,000 1,931 217 out of 1,931 applicants to receive 500 H Shares 0.06%
200,000 987 152 out of 987 applicants to receive 500 H Shares 0.04%
300,000 690 128 out of 690 applicants to receive 500 H Shares 0.03%
400,000 891 188 out of 891 applicants to receive 500 H Shares 0.03%
98,005 Total number of Pool A successful applicants: 2,327
NO. OF SHARES
APPLIED FOR
NO. OF VALID
APPLICATIONS
BASIS OF ALLOTMENT/BALLOT
POOL B
APPROXIMATE
PERCENTAGE
ALLOTTED OF
THE TOTAL
NO. OF SHARES
APPLIED FOR
500,000 1,982 793 out of 1,982 applicants to receive 500 H Shares 0.04%
600,000 425 181 out of 425 applicants to receive 500 H Shares 0.04%
700,000 296 132 out of 296 applicants to receive 500 H Shares 0.03%
800,000 264 123 out of 264 applicants to receive 500 H Shares 0.03%
900,000 242 117 out of 242 applicants to receive 500 H Shares 0.03%
1,000,000 260 130 out of 260 applicants to receive 500 H Shares 0.03%
1,163,000 1,628 850 out of 1,628 applicants to receive 500 H Shares 0.02%
5,097 Total number of Pool B successful applicants: 2,326


--- page 13 ---
– 13 –
As of the date of this announcement, the relevant subscription monies previously deposited
in the designated nominee accounts have been remitted back to the accounts of all HKSCC
participants. Investors should contact their relevant brokers for any inquiries.
COMPLIANCE WITH LISTING RULES AND GUIDANCE
The Directors confirm that, except for the Listing Rules that have been waived and/
or in respect of which consent has been obtained, the Company has complied with the
Listing Rules and guidance materials in relation to the placing, allotment and listing of the
Company’s H Shares.
The Directors confirm that, to the best of their knowledge, the consideration paid by
the placees or the public (as the case may be) directly or indirectly for each Offer Share
subscribed for or purchased by them was the same as the Offer Price in addition to any
brokerage, AFRC transaction levy, SFC transaction levy and trading fee payable.
OTHERS/ADDITIONAL INFORMATION
Placing to a connected client with prior consent under paragraph 1C(1) of the Placing
Guidelines
Under the International Offering, certain Offer Shares were placed to a connected client of
a connected distributor pursuant to the Placing Guidelines. Details of the placement to this
connected client are set out below.


--- page 14 ---
– 14 –
Connected client Connected distributor Relationship with the connected distributor
Whether the connected client will
hold beneficial interests of Offer
Shares on a non-discretionary
or discretionary basis for
independent third parties
Number of Offer
Shares to be
allocated to the
connected client
Approximate
percentage of
total number of
Offer Shares
Approximate
percentage
of total H
Shares in issue
immediately
following the
completion of
Global Offering
Orient AM Note 1 Orient Securities (Hong Kong)
Limited (“Orient Securities”)
Orient AM and Orient Securities are members of the same
group of companies.
Orient AM is therefore considered a connected client of
Orient Securities pursuant to paragraph 1B(7) of Appendix
F1 to the Listing Rules.
Discretionary basis 4,359,000 18.74% 4.44%
Note:
1. Orient AM will hold the Offer Shares on a discretionary basis on behalf of the scheme (i.e., Orient Asset Mgt (HK) Ltd-OSR Navigator No.13). The
only shareholder in the fund is Invincible Investment SPC-Invincible Stable Growth Segregated Portfolio (the “Portfolio”). There is no general partner
of limited partner in the Portfolio. The Portfolio is an investment fund controlled as to 59% by XSP Capital Limited, 29% by Haixiangyun Consulting
Services (HK) Ltd and 12% by MM24 Management Consulting Limited. The shareholders of the Porfolio are independent from each other. XPS Capital
Limited is wholly owned by Mr. Hu Xiangjuan, who is, the ultimate beneficial owner of the Portfolio.
To the best knowledge of Orient AM after due enquiry, (i) Orient AM has confirmed that, each of the underlying clients and the ultimate beneficial
owner of the scheme is an independent third party of Orient AM and Orient Securities and the companies which are members of the same group of
companies as Orient Securities; and (ii) Orient AM is a collective investment scheme which is not authorized by the SFC.


--- page 15 ---
– 15 –
The Company has applied to the Stock Exchange for, and the Stock Exchange has granted, a
consent under paragraph 1C(1) of the Placing Guidelines to permit the Company to allocate
such Offer Shares in the International Offering to the connected client listed above. The
allocation of Offer Shares to such connected client is in compliance with all the conditions
under the consent granted by the Stock Exchange.
DISCLAIMERS
Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong
Limited (the “Stock Exchange”) and Hong Kong Securities Clearing Company Limited
(“HKSCC”) take no responsibility for the contents of this announcement, make no
representation as to its accuracy or completeness and expressly disclaim any liability
whatsoever for any loss howsoever arising from or in reliance upon the whole or any part
of the contents of this announcement.
This announcement is not for release, publication, distribution, directly or indirectly, in
or into the United States (including its territories and possessions, any state of the United
States and the District of Columbia). This announcement does not constitute or form
a part of any offer or solicitation to purchase or subscribe for securities in the United
States. The securities mentioned herein have not been, and will not be, registered under
the United States Securities Act of 1933, as amended (the “U.S. Securities Act”). The
securities may not be offered or sold in the United States except pursuant to an exemption
from the registration requirements of the U.S. Securities Act and in compliance with any
applicable state securities laws, or outside the United States unless in compliance with
Regulation S under the U.S. Securities Act. There will be no public offer of securities in
the United States.
The Offer Shares are being offered and sold solely outside the United States in offshore
transactions in reliance on Regulation S under the U.S. Securities Act.
This announcement is for information purposes only and does not constitute an invitation
or offer to acquire, purchase or subscribe for securities. This announcement is not a
prospectus. Potential investors should read the Prospectus dated December 31, 2025
issued by Hongxing Coldchain (Hunan) Co., Ltd. ( 紅星冷鏈(湖南)股份有限公司 ) for
detailed information about the Global Offering described below before deciding whether
or not to invest in the H Shares thereby being offered.
* Potential investors of the Offer Shares should note that the Overall Coordinators (for
themselves and on behalf of the Hong Kong Underwriters) shall be entitled to terminate
their obligations under the Hong Kong Underwriting Agreement with immediate effect
upon the occurrence of any of the events set out in the paragraph headed “Underwriting
— Underwriting Arrangements and Expenses — Hong Kong Public Offering — Hong
Kong Underwriting Agreement — Grounds for Termination” in the Prospectus at any
time prior to 8:00 a.m. (Hong Kong time) on the Listing Date (which is currently expected
to be on January 13, 2026).


--- page 16 ---
– 16 –
PUBLIC FLOAT AND FREE FLOAT
Upon Listing, 24,566,464 H Shares, equivalent to 25.00% of the total number of issued
Shares of the Company, will be counted towards the public float. Under Rule 19A.13A(1)
of the Listing Rules, in the event the expected market value of the Company’s H Shares
upon Listing does not exceed HK$6 billion, at least 25% of the total issued H Shares must
be held by the public upon Listing. Therefore, the number of H Shares held in public hands
fulfill the prescribed percentage of H Shares required to be held in public hands under Rule
19A.13A(1) of the Listing Rules.
Excluding the Offer Shares to be allocated to the cornerstone investor that are subject to a
lock-up period of six months following the Listing Date and the H Shares to be converted
from Unlisted Shares that are subjected to a lockup period of 12 months following the
Listing Date, the Company’s H Shares to be counted towards the free float upon Listing will
be 21,482,000 Shares. Based on the Offer Price of HK$12.26 per H Share, the Company
will satisfy the free float requirement under Rule 19A.13C(1)(a) of the Listing Rules.
The Directors confirm that, immediately following the completion of the Global Offering,
(i) no placee will, individually, be placed more than 10% of the enlarged issued share
capital of the Company immediately after the Global Offering; (ii) there will not be any new
substantial Shareholder immediately after the Global Offering; (iii) the three largest public
shareholders of the Company do not hold more than 50% of the H Shares in public hands at
the time of the Listing in compliance with Rules 8.08(3) and 8.24 of the Listing Rules; and
(iv) there will be at least 300 Shareholders at the time of the Listing in compliance with Rule
8.08(2) of the Listing Rules.


--- page 17 ---
– 17 –
COMMENCEMENT OF DEALINGS
The H Share certificates will only become valid evidence of title at 8:00 a.m. on Tuesday,
January 13, 2026 (Hong Kong time), provided that the Global Offering has become
unconditional and the right of termination described in the section headed “Underwriting —
Underwriting Arrangements and Expenses — Hong Kong Public Offering — Grounds for
Termination” in the Prospectus has not been exercised. Investors who trade the H Shares on
the basis of publicly available allocation details prior to the receipt of H Share certificates or
prior to the H Share certificates becoming valid evidence of title do so entirely at their own
risk.
Assuming that the Global Offering becomes unconditional at or before 8:00 a.m. on
Tuesday, January 13, 2026 (Hong Kong time), it is expected that dealings in the H Shares on
the Stock Exchange will commence at 9:00 a.m. on Tuesday, January 13, 2026 (Hong Kong
time). The H Shares will be traded in board lots of 500 H Shares each, and the stock code of
the H Shares will be 01641.
By order of the Board
Hongxing Coldchain (Hunan) Co., Ltd.
ʮ̡
LUO Yue
Chairman of the Board and non-executive director
Hong Kong, January 12, 2026
As of the date of this announcement, the board of directors of the Company comprises: (i) Mr. ZHANG
Mingsheng and Ms. XU Qunying as executive directors; (ii) Mr. LUO Yue, Mr. LI Jun, Ms. LU Fenfang and
Mr. ZHANG Zhong as non-executive directors; and (iii) Ms. LI Zhenzhu, Ms. CAI Yanping and Mr. HOW Sze
Ming as independent non-executive directors.