IPO News | Guangdong Shuzhi once again submitted that the Hong Kong Stock Exchange ranked 6th in China's cold chain digital agricultural products sales market

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on July 29, Shenzhen Yueten Digital Intelligence Co., Ltd. (abbreviation: Guangdong Ten Digital Intelligence) has once again submitted a listing application to the main board of the Hong Kong Stock Exchange, with Shen Wan Hongyuan Hong Kong as its sole sponsor.

Company profile

According to the prospectus, the company is a technology-driven enterprise mainly engaged in the sale of cold chain agricultural products and the provision of integrated cold chain digital intelligence solutions. According to Frost & Sullivan's data, based on the sales revenue of cold chain agricultural products in 2025, the company ranked sixth in the Chinese cold chain digital agricultural product sales market, with a market share of 1.0%, and ranked in the top 100 in the overall cold chain agricultural products sales market in China, with a market share of about 0.2%.

The company uses a data-driven business model, including (i) sales of cold chain agricultural products such as beef, chicken, pork and shrimp (which is the company's main growth engine); and (ii) providing integrated cold chain digital intelligence solutions (supporting the digitalization of the daily operations of cold chain facility operators).

Since its establishment in 2019, the company has independently developed and continuously upgraded the Guangdong Ten Smart Cold Chain Cloud Platform, and initially provided digital information systems for cold storage facilities through this. As system functions become more sophisticated, these initial deployments have evolved into integrated cold chain digital intelligence solutions, providing standardized digital management tools for cold chain warehousing operations, circulation coordination, and merchant participation. As of the last practical date (July 21, 2026), the company's integrated cold chain digital solutions have been deployed by more than 750 domestic cold chain operators, including agricultural wholesale markets, food processing plants, agricultural product industrial parks and major agricultural import ports, covering about 30 provinces, autonomous regions and municipalities directly under the Central Government in China.

By deploying the company's solutions and the Guangdong Ten Cold Chain Cloud App, the company established operational contact points with merchants and operators in the cold chain distribution scenario and accumulated data related to operations and transactions. This experience helped the company understand the procurement needs, product preferences and operating models of agricultural product wholesalers (especially small and medium-sized agricultural product wholesalers). With this foundation, the company entered cold chain agricultural product sales in 2023, and the business has since become the company's main growth engine. During the track record period, the company sold cold chain agricultural products to more than 1,200 customers. The cumulative data supports more accurate demand forecasting, rigorous product portfolio design, and optimized procurement and inventory management.

With the company's shareholder background, including shareholders with extensive experience and industry positions in agricultural product sales (such as COFCO Group, China Supply and Marketing Group Co., Ltd., and Guangdong Agricultural Reclamation Group Corporation), the company was able to establish and expand the company's supplier network in the early stages of development. The company has long established and maintained partnerships with a diverse global group of cold chain agricultural suppliers to support the company's cold chain agricultural product sales business. During its track record, the company cooperated with more than 1,000 suppliers in around 40 countries and regions, of which more than 690 were overseas suppliers.

Financial data

revenue

For the four months ended April 30 in 2023, 2024, 2025, and 2026, the company's revenue was approximately 1,254 billion yuan, 2,981 billion yuan, 5.937 billion yuan, and 2,805 billion yuan, respectively.

profit

For the four months ended April 30 in 2023, 2024, 2025, and 2026, the company's total profit and overall revenue for the year/period was approximately -28.266 million yuan, -219 million yuan, -1,764 million yuan, and 358.82 million yuan, respectively.

Industry Overview

The total revenue of China's agricultural cold chain market increased from RMB 430.80 billion in 2021 to RMB 531.9 billion in 2025, with a compound annual growth rate of 5.4% from 2021 to 2025. Driven by trends such as the upgrading of service systems towards integration and collaboration, and the continued expansion of cold chain networks, the cold chain market for agricultural products is expected to continue to grow. The total revenue of China's agricultural cold chain market is expected to reach RMB 634 billion in 2030, with a CAGR of 3.6% from 2025 to 2030.

The cold chain agricultural product sales market includes agricultural product trading and sales activities that operate under a first-purchase and post-sales model and involve cold chain requirements, and does not include a “self-produced and self-sold” model. The total value of China's cold chain agricultural products sales market increased from RMB 2,836,70 billion in 2021 to RMB 36,43.90 billion in 2025, with a compound annual growth rate of 6.5%. The total value of China's cold chain agricultural products sales market is expected to reach RMB 4450 billion in 2030, with a compound annual growth rate of 4.1% from 2025 to 2030.

Driven by the growing requirements for timeliness, quality stability and certainty of contract execution in cold chain agricultural products, the sales stage increasingly requires a high degree of coordination between procurement, inventory organization, logistics execution and transaction matching. With the expansion of transaction volume and diversification of product categories, traditional sales models that mainly rely on manual operation and offline coordination have shown structural limitations in terms of efficiency, transparency and scalability. This has accelerated the adoption of digital intelligence technology to support process-level management, enhance information transparency, and improve overall transaction efficiency. The market size of China's cold chain digital agricultural products sales market expanded from RMB 334.70 billion in 2021 to RMB 601.2 billion in 2025, with a CAGR of 15.8%.

Looking ahead, thanks to the continued digitalization of agricultural product distribution and the wider adoption of data-enabled sales models, the market is expected to maintain a steady growth trend. By 2030, the scale is expected to reach approximately RMB 1,045.80 billion, or a CAGR of 11.7% from 2025 to 2030. In terms of share, the digital intelligence division accounted for about 16.5% of the overall cold chain agricultural products sales market in 2025. As digital intelligence solutions are more widely used in sales-related processes, this share is expected to rise steadily over the forecast period, reaching around 23.5% by 2030.

Board Information

The board of directors is responsible for and has general powers to manage and operate the company's business. The Board consists of nine directors, including four executive directors, two non-executive directors and three independent non-executive directors. The term of office of the company's directors is three years, and they can be re-elected.

Shareholding structure

As of the last practical date, Mr. Chen has the right to control the exercise of voting rights for a total of 51.40% of the company's total issued share capital, including (i) about 20.68% of the total issued share capital of the company held by him; and (ii) about 23.88% and 6.85% of the total issued share capital of the company held by Guangdong Ten Investment and Guangdong Ten Venture, respectively. Mr. Chen is the general partner of Guangdong Ten Investment and Guangdong Ten Venture, respectively.

Intermediary team

Sole sponsor: Shenwan Hongyuan Finance (Hong Kong) Co., Ltd.;

Legal advisors: Tianyuan Law Firm (limited liability partnership), Commerce Law Firm;

Sole sponsor's legal adviser: Han Kun Law Firm;

Auditor and reporting accountant: Xinyong Zhonghe (Hong Kong) Certified Public Accountants Limited;

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

Compliance Advisor: Shenwan Hongyuan Finance (Hong Kong) Co., Ltd.