Baker McKenzie Advises Hongxing Coldchain on its HKD 285 Million Global Offering and Hong Kong Listing

Baker McKenzie acted as the Hong Kong and US legal counsel to Hongxing Coldchain (Hunan) Co., Ltd. ("Hongxing Coldchain" or the "Company") in connection with its global offering and listing on the Main Board of The Stock Exchange of Hong Kong Limited. The gross proceeds of the global offering is approximately HKD 285.2 million (around USD 36.7 million) based on the offer price of HKD 12.26 per H share for 23,263,000 H shares. The Company's H shares (stock code: 01641) commenced trading today.

Hongxing Coldchain is a leading frozen food storage services and frozen food space leasing services provider in Hunan Province, with a strong market position. Proceeds from the offering are expected to be primarily used to construct a new processing plant and new frozen food storage warehouses, upgrade existing equipment, IT infrastructure, and software, including investing in AI technology, and pursue strategic acquisitions and partnerships to enhance industry integration and strengthen the Company's position throughout the cold chain ecosystem.

The deal team was led by Dan Ouyang, partner and co-chair of Baker McKenzie's Asia Pacific and China Capital Markets practices and Winfield Lau, partner of Baker McKenzie, alongside Ronnie Li and Zhenzhen Bao from FenXun's International Capital Markets Practice.* The team included Yu Ma, Celia Li, Giselle Ma, Aileen Xu, Yude Shen, Myron Lo, Philip Chi and Helen Zhang.

Commenting on the transaction, Dan Ouyang said: "We are delighted to have supported Hongxing Coldchain in this landmark listing. As a regional leader in the cold chain sector, this IPO will provide the Company with significant capital to support its next phase of growth and modernization. This transaction also underscores our firm's strong capabilities in advising traditional industries on capital market transformation."

With more than 2,700 deal practitioners across over 40 jurisdictions, Baker McKenzie is a transactional powerhouse specializing in complex cross-border matters. Over the past three years, the firm has assisted clients in raising capital across more than 40 stock exchanges worldwide. Baker McKenzie has been ranked for capital markets in more jurisdictions than any other law firm by Chambers.

*Baker McKenzie established a joint operation office with FenXun in China as Baker McKenzie FenXun, approved by the Shanghai Justice Bureau in 2015.