New Stock News | Shanghai Shengsheng submits application to Hong Kong Stock Exchange, focusing on temperature-controlled supply chain services for clinical trials.

According to the disclosure by the Hong Kong Stock Exchange on January 13, Shanghai Shengsheng Pharmaceutical Cold Chain Technology Co., Ltd. ("Shanghai Shengsheng") 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. Company Profile According to the prospectus, Shanghai Shengsheng is an integrated temperature-controlled supply chain service provider in the pharmaceutical and life sciences industry, focusing on clinical trial temperature-controlled supply chain services, extending to commercialization stage medical product temperature-controlled supply chain services, as well as research and development of temperature-controlled equipment and materials to create comprehensive temperature-controlled supply chain capabilities for the entire lifecycle and all application scenarios. According to the report by Frost & Sullivan, based on revenue in 2024, Shanghai Shengsheng is the top pharmaceutical and life sciences temperature-controlled supply chain service provider in the Chinese market and the only Chinese company among the top ten global clinical trial temperature-controlled supply chain service providers. The company focuses on providing temperature-controlled supply chain services and independently developed temperature-controlled equipment for customers in the pharmaceutical and life sciences fields. Services cover the entire lifecycle of medical products, from pre-clinical research and clinical trials to post-commercialization distribution. The company's main temperature-controlled supply chain services include project management, clinical packaging and labeling, temperature-controlled packaging, logistics and storage services, drug recycling and disposal, and other supply chain services such as bonded warehouse services, import and export agency, customs clearance, direct-to-patient/patient return services, and biological sample management. During the reporting period, the company served over 7,000 customers, including leading biopharmaceutical and biotechnology companies, central laboratories, CROs, and CDMOs, covering a wide range of drug categories including cell and gene therapy (CGT), antibody-drug conjugates (ADC), mRNA vaccines, nucleic acid drugs, monoclonal antibodies and bispecific antibodies, radioactive drugs, small molecule drugs, and peptide drugs. As of January 5, 2026, the company has established three clinical drug depots and one biological sample depot in Shanghai, Beijing, and Guangzhou, as well as over 130 operational sites, including over 40 regional operating centers in logistics hubs such as Wuhan, Xi'an, and Chengdu. The company's network supports door-to-door delivery services, with delivery times efficiently ranging from 24 to 48 hours in most areas, and up to 48 to 72 hours for remote areas. Financial Information Revenue For the nine months ended September 30, 2023, 2024, and 2025, the company's revenue was approximately RMB 614 million, RMB 654 million, and RMB 538 million, respectively. Profit For the nine months ended September 30, 2023, 2024, and 2025, the company's annual net profit was approximately RMB 92.03 million, RMB 26.39 million, and RMB 113 million, respectively. Gross Margin For the nine months ended September 30, 2023, 2024, and 2025, the company's gross margins were 32.9%, 32.9%, and 37.6%, respectively. Industry Overview The global pharmaceutical and life sciences temperature-controlled supply chain services market has shown stable growth in recent years. By revenue, the global market size has expanded from USD 20.7 billion in 2020 to USD 29.3 billion in 2024, with a compound annual growth rate of 9.1%. The size of the Chinese pharmaceutical and life sciences temperature-controlled supply chain services market has grown from RMB 18.8 billion in 2020 to RMB 26.5 billion in 2024, with a compound annual growth rate of 9.0%. It is estimated that by 2030, the market size will further expand to RMB 46.2 billion, with a compound annual growth rate of 9.7% from 2025 to 2030. Clinical trial temperature-controlled supply chain services are deeply integrated into the entire drug development lifecycle, serving a variety of customers from early drug discovery laboratories to late-stage global multicenter clinical trial sites. Benefiting from China's stable position as a global key research hub, the growth rate of the Chinese clinical trial temperature-controlled supply chain services market significantly exceeds the global average. By revenue, the market size has expanded from RMB 2 billion in 2020 to RMB 3.6 billion in 2024, with a compound annual growth rate of 15.8%. It is expected to further rise to RMB 7.5 billion by 2030, with a compound annual growth rate of 12.8% from 2025 to 2030, outperforming the global market during the same period. The characteristic of the global clinical trial temperature-controlled supply chain services market lies in its high barriers to entry, with market share becoming increasingly concentrated in the hands of a few leading companies. According to Frost & Sullivan, based on revenue in 2024, the company ranks ninth among global clinical trial temperature-controlled supply chain service providers, with a market share of 1.5%. The top ten market participants collectively hold approximately 60.3% of the total market share, indicating a relatively high level of industry concentration. The global commercial medical product temperature-controlled supply chain services market has maintained steady growth in recent years. By revenue, the global market size has expanded from RMB 127.1 billion in 2020 to RMB 174.8 billion in 2024, with a compound annual growth rate of 8.3%. The size of the Chinese market has grown from RMB 16.8 billion in 2020 to RMB 22.9 billion in 2024, with a compound annual growth rate of 8.1%. It is expected to further expand to RMB 38.6 billion by 2030, with a compound annual growth rate of approximately 9.2% from 2025 to 2030. The proportion of cold chain categories in the Chinese commercial pharmaceutical and medical product market continues to increase. This trend is driving the demand for compliant cold chain distribution, professional storage, and integrated distribution services. Board Information The company's board of directors will consist of 9 directors, including 4 executive directors, 2 non-executive directors, and 3 independent non-executive directors. Shareholding Structure As of January 5, 2026, Mr. Ju, Ms. Xiao, Ningbo FUS Life, Ningbo Yanjia, Ningbo Yanjia, and Ningbo Liangsheng collectively have the right to exercise approximately 42.62% of the company's voting rights, thereby constituting a controlling shareholder. Mr. Ju, the Chairman of the Board and General Manager of the company, beneficially owns 67,128,893 shares of unlisted stock (approximately 19.74% of the total share capital); and through Ningbo FUS Life, Ningbo Yanjia, Ningbo Yanjia, Ningbo Liangsheng, and their respective sole general partners, collectively holds 77,795,758 shares of unlisted stock (approximately 22.88% of the total share capital), with the right to control approximately 42.62% of the voting rights. Intermediary Team Joint Sponsors: China International Financial Hong Kong Securities Ltd., Sinolink (Hong Kong) Ltd. Company Legal Advisors: Smithfield, for Hong Kong and U.S. laws; JunHe, for Chinese laws; Hao Tian, for Chinese data compliance laws (Shanghai Office) Joint Sponsor's Legal Advisors: Gallant, for Hong Kong and U.S. laws; Gallant (Shanghai Branch), for Chinese laws Auditors and Reporting Accountants: KPMG Industry Consultants: Frost & Sullivan (Beijing) Consulting Co., Ltd., Shanghai Branch Compliance Consultants: SOMERLEY CAP Ltd.