New stock news | Shengsheng Cold Chain once again submitted an application to the Hong Kong Stock Exchange. China's largest pharmaceutical and life sciences temperature control supply chain service provider.

According to the disclosure from the Hong Kong Stock Exchange on July 22nd, Shanghai Shengsheng Pharmaceutical Cold Chain Technology Co., Ltd. (referred to as Shengsheng Cold Chain) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CICC and Sinolink (Hong Kong) as its joint sponsors. The company previously submitted an application to the Hong Kong Stock Exchange on January 13, 2026. Company Profile According to the prospectus, Shengsheng Cold Chain is a leading integrated temperature-controlled supply chain service provider in the pharmaceutical and life sciences industry in China. The company focuses on clinical trial temperature-controlled supply chain services, extending to commercial medical product temperature-controlled supply chain services, as well as research and development of temperature control equipment and materials. The company's temperature-controlled supply chain services include project management, clinical trial packaging and labeling, temperature-controlled packaging, logistics and warehousing services, drug recovery and destruction, as well as other supply chain services such as customs bonded warehousing services, import and export agency, customs clearance, patient direct delivery/receiving services, and biological sample management. The company's project management services provide end-to-end support for the clinical trial temperature-controlled supply chain, from pre-trial setup and operational oversight to post-trial data retention and full traceability. Additionally, the company independently develops temperature control equipment, including temperature-controlled packaging containers, small cold storage units, liquid nitrogen tanks, and core components such as VIP and PCM boards. The company's temperature-controlled supply chain services and independently developed temperature control equipment mainly target customers in the pharmaceutical and life sciences fields. The company's services cover the entire lifecycle of medical products, from preclinical research and clinical trials to post-market commercial distribution. During the past performance period, the company has served over 7,000 customers, including leading biopharmaceutical and biotechnology companies, central laboratories, CROs, and CDMOs, across a wide range of drug categories. According to Frost & Sullivan data, based on 2025 revenue, the company is the largest pharmaceutical and life sciences temperature-controlled supply chain service provider in China, and the only Chinese company among the top ten global clinical trial temperature-controlled supply chain service providers. Based on the company's strategy of establishing and operating a service network, the company's services primarily rely on proprietary infrastructure provided by an internal team. The company has established a comprehensive self-operated service network nationwide. As of the latest feasible date (July 15, 2026), the company has established three clinical drug warehouses and one biosample warehouse in Shanghai, Beijing, and Guangzhou, as well as over 130 operational sites, including over 40 regional operational centers in logistics hubs such as Wuhan, Xi'an, and Chengdu. Financial Information Revenue The company's revenue for the full year of 2023, 2024, 2025, and the four months ending on April 30, 2026 was approximately RMB 614 million, RMB 654 million, RMB 728 million, and RMB 256 million, respectively. Profit The company's profit for the full year of 2023, 2024, 2025, and the four months ending on April 30, 2026 was approximately RMB 92.03 million, RMB 26.39 million, RMB 139 million, and RMB 45.24 million, respectively. Gross Margin The company's gross margin for the full year of 2023, 2024, 2025, and the four months ending on April 30, 2026 was 32.9%, 32.9%, 36.9%, and 37.9%, respectively. Industry Overview The rapid expansion of global pharmaceutical research and development activities underpins the growth of the supply chain services market. Global pharmaceutical companies' R&D expenditure increased from $204.8 billion in 2020 to $277.6 billion in 2024, with a compound annual growth rate of 7.9%. This expenditure is expected to further rise to $392.9 billion by 2030, with a compound annual growth rate of 6.0% from 2024 to 2030. Consistent with the expanding R&D budgets, the proportion allocated to clinical trial-related costs continues to increase. Among these costs, clinical trial supply chain services (including GMP-compliant packaging and labeling, temperature-controlled storage and distribution, and biological sample management) have become a major cost component parallel to clinical service fees. Compared to clinical trial supply chain services, demand in the commercialization phase emphasizes scalable coverage, stable fulfillment capabilities, and cost-effective operations to achieve large-scale distribution to end patients. Globally, demand is being driven by accelerated approval of innovative drugs, increasing penetration of biologics, and normalization of vaccine demand. In China, the rise in the categories of cold chain products and high value-added innovative drugs further promotes growth, with increasing demand for multi-temperature capabilities and standardized, compliant operations. Professional biopharmaceutical temperature-controlled equipment and advanced materials are specifically designed for strict temperature control and regulatory compliance requirements in research, clinical trials, and commercialization stages. As downstream temperature-controlled supply chain services become more specialized and integrated, these products are transitioning from general consumables to key components in end-to-end service solutions, driven by higher performance requirements for temperature accuracy, validation processes, and pharmaceutical-grade suitability. In the Chinese market, the adoption rate of high-efficiency vacuum-insulated panels (VIP) and phase change materials (PCM) packaging solutions is steadily rising. Additionally, the industry is shifting towards local procurement, validation, and customization based on application scenarios, driving continuous improvement in Chinese manufacturers' participation in broader global value chains. In terms of costs, transportation is a major cost component for providers of biopharmaceutical temperature-controlled supply chain services, with fuel costs usually being the most significant and volatile variable cost in transportation. Fluctuations in fuel prices can affect per kilometer costs, overall operating costs, pricing elasticity, and subsequently impact profitability and the extent and timing of cost pass-through. Board of Directors Information The Board of Directors will consist of nine members, including four executive directors, two non-executive directors, and three independent non-executive directors. Equity Structure As of the last feasible date, the controlling shareholders, Mr. Ju and his spouse Ms. Xiao, collectively control approximately 42.62% of the voting rights of the company through direct shareholding and serving as the sole general partners of four holding platforms including Ningbo Frost Life. (with Mr. Ju directly holding 19.74%). Major institutional shareholders include Zhongding entities (approximately 13.55%) and Junlian entities (approximately 12.35%). Intermediary Team Joint Sponsors: China International Capital Corporation Hong Kong Securities Limited, Sinolink (Hong Kong) Limited; Company Legal Advisor: Smithfield Solicitors for Hong Kong and U.S. laws; JunHe Law Firm for China laws; Haotian Law Firm (Shanghai office) for China data compliance laws; King & Wood Mallesons for international sanction laws; Joint Sponsors Legal Advisor: Jingtian & Gongcheng Law Firm for Hong Kong and U.S. laws; Jingtian & Gongcheng Law Firm for China laws; Auditors and Reporting Accountants: KPMG Huazhen LLP; Industry Consultant: Frost & Sullivan Consulting (Beijing) Co., Ltd. Shanghai Branch; Compliance Consultant: SOMERLEY CAP Limited.