IPO News | Shengsheng Cold Chain once again listed on the Hong Kong Stock Exchange as China's largest pharmaceutical and life science temperature-controlled supply chain service provider

Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on July 22, Shanghai Shengsheng Pharmaceutical Cold Chain Technology Co., Ltd. (abbreviation: Shengsheng Cold Chain) submitted a listing application to the main board of the Hong Kong Stock Exchange, with CICC and Guojin Securities (Hong Kong) as co-sponsors. The company submitted its listing to the Hong Kong Stock Exchange on January 13, 2026.

Company profile

According to the prospectus, Shengsheng Cold Chain is a leading integrated temperature control supply chain service provider for the pharmaceutical and life science industry in China. The core focus is on clinical trial temperature control supply chain services, and also extends to temperature control supply chain services for commercial medical products, as well as R&D and manufacturing of temperature control equipment and materials.

The company's temperature-controlled supply chain services cover project management, clinical packaging and labeling, temperature-controlled packaging, logistics and storage services, drug recovery and destruction, and other supply chain services, such as customs bonded warehouse services, import and export agents, customs clearance, direct patient delivery/reception services, and biological sample management.

The company's project management services provide end-to-end support for the clinical trial temperature control supply chain, from pre-trial setup and operation supervision to post-trial data retention and full chain traceability. At the same time, the company also independently develops temperature control equipment, which mainly includes temperature-controlled packaging containers, small cold storage and liquid nitrogen tanks, and core components such as VIP and PCM boards.

The company's temperature control supply chain services and self-developed temperature control equipment are mainly aimed at customers in the pharmaceutical and life science fields. The company's services cover the entire life cycle of medical products, from pre-clinical research and clinical trials to post-marketing commercial distribution. During its track record, the company has served more than 7,000 customers, covering top biopharmaceutical and biotechnology companies, central laboratories, CROs and CDMOs, covering a wide range of drug categories.

According to Frost & Sullivan, according to 2025 revenue, the company is the largest pharmaceutical and life science temperature control supply chain service provider in China, and the only Chinese company among the top ten clinical trial temperature control supply chain service providers in the world.

According to the company's strategy of establishing and operating its own service network, the company's services are mainly provided based on its own infrastructure and executed by an internal team. The company has established a comprehensive self-operated service network throughout the country. As of the last practical date (July 15, 2026), the company has set up three clinical drug banks and one biological sample bank in Shanghai, Beijing and Guangzhou, as well as more than 130 operating sites, including more than 40 regional operation centers in logistics hubs such as Wuhan, Xi'an and Chengdu.

Financial data

revenue

The company's revenue for the full year of 2023, 2024, 2025 and the four months ended April 30, 2026 was approximately RMB 614 million, RMB 654 million, RMB 728 million and RMB 256 million, respectively.

profit

The company's profits for the full year of 2023, 2024, 2025 and the four months ending April 30, 2026 were approximately RMB 92.033 million, RMB 26.396 million, RMB 139 million and RMB 45.242 million, respectively.

gross profit margin

The company's gross margins were 32.9%, 32.9%, 36.9% and 37.9% for the full year of 2023, 2024, and 2025, and the four months ended April 30, 2026, respectively.

Industry Overview

The rapid expansion of global pharmaceutical R&D activities has laid the foundation for the growth of the supply chain services market. Global pharmaceutical companies' R&D spending increased from US$204.8 billion in 2020 to US$277.6 billion in 2024, with a CAGR of 7.9%. This expenditure is expected to rise further to US$392.9 billion by 2030, with a compound annual growth rate of 6.0% from 2024 to 2030. In line with expanding R&D budgets, the proportion of costs allocated to clinical trials continues to rise. Among them, 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 along with clinical service fees.

Compared with clinical trial supply chain services, demand at the commercialization stage places more emphasis on scalable coverage, stable compliance capabilities, and cost-effective operations to achieve large-scale distribution to end patients. Globally, demand is driven by accelerated approval of innovative drugs, increased penetration of biologics, and normalization of vaccination demand; in China, the rise in cold chain categories and the share of innovative drugs with high added value has further boosted growth, and demand for multi-temperature zone capabilities and standardized and compliant operations continues to increase.

Professional biopharmaceutical temperature control equipment and advanced materials refer to special packaging, sealing equipment and functional materials specially designed to meet strict temperature control and regulatory compliance requirements in R&D, clinical trials and commercialization stages. As downstream temperature control supply chain services become more specialized and integrated, such products are transforming from general consumables to key components in end-to-end service solutions, and demand is increasingly driven by higher performance requirements for temperature accuracy, verification processes, and pharmaceutical-grade applicability. In the Chinese market, the adoption rate of high-efficiency duvet packaging solutions such as VIP and PCM continues to rise. At the same time, the industry is turning to local procurement and verifying and customizing according to application scenarios, promoting the continued increase in the participation of Chinese manufacturers in the broader global value chain.

In terms of cost, for biopharmaceutical temperature control supply chain service providers, transportation is the main cost component, and fuel is usually the most significant and volatile variable cost in the transportation process. Fluctuations in fuel prices affect cost per kilometer, overall operating costs, and pricing flexibility, which in turn affects profitability and the degree and timing of cost transfer.

Board Information

The board of directors will be composed of nine directors, including four executive directors, two non-executive directors and three independent non-executive directors.

Shareholding structure

As of the last practical date, the controlling shareholder of the company, Mr. Ju, and his spouse, Ms. Xiao, collectively controlled about 42.62% of the voting rights of the company (of which Mr. Ju directly held 19.74% of the shares) through direct shareholding and acting as the sole general partner of four shareholding platforms including Ningbo Fussen. Major institutional shareholders include Zhong Ding Entity (about 13.55% in total) and Junlian Entity (about 12.35% in total).

Intermediary team

Co-sponsors: China International Finance Hong Kong Securities Limited and Guojin Securities (Hong Kong) Limited;

Company Legal Advisors: Hong Kong Law and US Law: Smith & Phil; Relevant Chinese Law: Jun He Law Firm; Relevant Chinese Data Compliance Law: Haotian Law Firm (Shanghai Office); Relevant International Sanctions Law: King & Wood Mallesons;

Co-sponsor Legal Adviser: Regarding Hong Kong Law and US Law: Jia Yuan Law Firm; Related Chinese Law: Jia Yuan Law Firm;

Auditors and reporting accountants: KPMG;

Industry consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch;

Compliance Advisor: New Berry Finance Co., Ltd.