According to a disclosure from the Hong Kong Stock Exchange on July 29, Shenzhen Yueshu Digital Intelligence Co., Ltd. (referred to as Yueshu Digital Intelligence) has once again submitted its listing application to the Main Board of the Hong Kong Stock Exchange, with Shenwan Hongyuan Hong Kong acting as its sole sponsor.
Company Profile
The prospectus indicates that the company is a technology-driven enterprise primarily engaged in the sale of cold chain agricultural products and the provision of comprehensive cold chain digital intelligence solutions. According to Frost & Sullivan data, based on cold chain agricultural product sales revenue in 2025, the company ranks sixth in China's cold chain digital intelligence agricultural product sales market, with a market share of 1.0%, and ranks in the top 100 in China's overall cold chain agricultural product sales market, with a market share of approximately 0.2%.
The company adopts a data-driven business model, including:
(i) The sale of cold chain agricultural products such as beef, chicken, pork, and shrimp, which serves as the company's primary growth engine; and
(ii) The provision of comprehensive cold chain digital intelligence solutions that support the digitalization of daily operations for cold chain facility operators.
Since its founding in 2019, the company has independently developed and continuously upgraded the Yueshu Smart Cold Chain Cloud Platform, initially offering digital information systems to cold storage facilities. As system functions have become more sophisticated, these early deployments have evolved into comprehensive cold chain digital intelligence solutions, providing standardized digital management tools for cold chain warehousing operations, circulation coordination, and merchant participation.
As of the latest practicable date (July 21, 2026), the company's comprehensive cold chain digital intelligence solutions have been deployed by over 750 domestic cold chain operators, including agricultural product wholesale markets, food processing plants, agricultural product industrial parks, and major agricultural product import ports, covering approximately 30 provinces, autonomous regions, and municipalities directly under the central government in China.
By deploying its solutions and the Yueshu Cold Chain Cloud App, the company establishes operational touchpoints with merchants and operators in cold chain circulation scenarios, accumulating operational and transaction-related data. This experience helps the company understand the procurement needs, product preferences, and operational models of agricultural product wholesalers, particularly small and medium-sized ones. Leveraging this foundation, the company entered the cold chain agricultural product sales market in 2023, which has since become its primary growth engine.
During the performance record period, the company sold cold chain agricultural products to over 1,200 customers. The accumulated data supports more accurate demand forecasting, rigorous product portfolio design, and optimized procurement and inventory management. With its shareholder background, which includes entities with extensive experience and industry standing in the agricultural product sales sector, such as COFCO Corporation, China Agricultural Means of Production Group Co., Ltd., and Guangdong Agricultural Reclamation Group Corporation, the company was able to establish and expand its supplier network early in its development.
Over the long term, the company has built and maintained relationships with a diverse group of global cold chain agricultural product suppliers, supporting its cold chain agricultural product sales business. During the performance record period, the company collaborated with over 1,000 suppliers from approximately 40 countries and regions, with more than 690 being overseas suppliers.
Financial Data
Revenue
For the fiscal years 2023, 2024, and 2025, and the four months ended April 30, 2026, the company's revenue was approximately RMB 12.54 billion, RMB 29.81 billion, RMB 59.37 billion, and RMB 28.05 billion, respectively.
Profit
For the fiscal years 2023, 2024, and 2025, and the four months ended April 30, 2026, the company's profit and total comprehensive income for the year/period were approximately RMB -28.266 million, RMB -219 million, RMB -1.764 billion, and RMB 35.882 million, respectively.
Industry Overview
The total revenue of China's agricultural product cold chain market increased from RMB 430.8 billion in 2021 to RMB 531.9 billion in 2025, at a compound annual growth rate (CAGR) of 5.4%. Driven by trends such as the upgrade of the service system towards integration and collaboration, and the continued expansion of the cold chain network, the agricultural product cold chain market is expected to continue growing. By 2030, the total revenue is projected to reach RMB 634.0 billion, with a CAGR of 3.6% from 2025 to 2030.
The cold chain agricultural product sales market includes transactions and sales activities involving agricultural products with cold chain requirements, operating under a buy-first, sell-later model, excluding "self-production and self-sales" models. The total value of China's cold chain agricultural product sales market grew from RMB 2,836.7 billion in 2021 to RMB 3,643.9 billion in 2025, at a CAGR of 6.5%. It is projected to reach RMB 4,450.0 billion by 2030, with a CAGR of 4.1% from 2025 to 2030.
Driven by increasing demands for timeliness, quality stability, and fulfillment certainty in cold chain agricultural product transactions, the sales phase increasingly requires high coordination between procurement, inventory organization, logistics execution, and transaction matching. As transaction volumes expand and product categories diversify, traditional sales models heavily reliant on manual operations and offline coordination face structural limitations in efficiency, transparency, and scalability. This has accelerated the adoption of digital intelligence technologies to support process-level management, enhance information transparency, and improve overall transaction efficiency.
The market size of China's cold chain digital intelligence agricultural product sales market expanded from RMB 334.7 billion in 2021 to RMB 601.2 billion in 2025, at a CAGR of 15.8%. Looking ahead, benefiting from the continued digitization of agricultural product circulation and the broader adoption of data-empowered sales models, the market is expected to maintain steady growth, with an estimated size of approximately RMB 1,045.8 billion by 2030, representing a CAGR of 11.7% from 2025 to 2030. In terms of share, the digital intelligence segment accounted for approximately 16.5% of the overall cold chain agricultural product sales market in 2025. As digital intelligence solutions are more widely applied in sales-related processes, this share is expected to steadily increase during the forecast period, reaching approximately 23.5% by 2030.
Board of Directors
The board of directors is responsible for and has the general authority 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 for the company's directors is three years, with eligibility for re-election.
Shareholding Structure
As of the latest practicable date, Mr. Chen has the right to control the exercise of voting rights representing a total of 51.40% of the company's total issued share capital, including: (i) approximately 20.68% of the total issued share capital held by himself; and (ii) approximately 23.88% and 6.85% of the total issued share capital held by Yueshu Investment and Yueshu Venture, respectively. Mr. Chen is the general partner of both Yueshu Investment and Yueshu Venture.
Intermediary Team
Sole Sponsor: Shenwan Hongyuan Financing (Hong Kong) Limited; Legal Advisors: Tian Yuan Law Firm (Limited Liability Partnership), Commerce & Finance Law Offices; Sole Sponsor's Legal Advisor: Han Kun Law Offices; Auditor and Reporting Accountant: ShineWing (Hong Kong) CPA Limited; Industry Consultant: Frost & Sullivan (Beijing) Inc. Shanghai Branch; Compliance Advisor: Shenwan Hongyuan Financing (Hong Kong) Limited.
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