On June 12, 2026, Annto Supply Chain Technology Co., Ltd. (hereinafter referred to as “Annto”), headquartered in Shunde, Foshan, Guangdong Province, submitted its prospectus to the Hong Kong Stock Exchange, seeking a listing on the Hong Kong Main Board. This marks its second application following the lapse of its initial filing on August 27, 2025.
Annto Supply Chain Technology Co., Ltd. prospectus link:
https://www1.hkexnews.hk/app/sehk/2026/108634/documents/sehk26061201748_c.pdf
Core Business
Annto began operations in 2000 as Midea Group’s smart logistics business unit and has since become a highly regarded provider of integrated supply chain logistics solutions in China, with deep expertise and leadership in specific industry verticals.
Annto has strategically secured market leadership in two specialized segments that connect intelligent manufacturing with modern home living, according to Frost & Sullivan.
In production logistics, Annto ranked first among integrated supply chain logistics solution providers in China in 2025 by revenue from production logistics solutions;
In home appliance logistics, Annto was the largest integrated supply chain logistics solution provider for China’s home appliance industry in 2025 by revenue, with a market share of 26.9%.
Annto is committed to enhancing efficiency across the entire supply chain. Unlike traditional logistics providers, the company specializes in integrated supply chain logistics and solutions. Through years of supporting Midea Group’s operational transformation, it has deeply embedded itself into the industrial value chain and developed a proprietary “1+3” supply chain logistics model. This model integrates end-to-end logistics capabilities with three core solution pillars—production logistics, unified inventory management and distribution (“One Inventory, One Warehouse, One Delivery”), and last-mile delivery with installation—covering upstream production, midstream inventory distribution, and downstream delivery and installation.
For production logistics solutions, the company delivers efficient services spanning the entire process from pre-production logistics to storing finished goods in Central Distribution Centers (CDCs). By deploying standardized lean manufacturing logistics solutions specifically designed for the unique characteristics of production logistics, Annto enhances clients’ production efficiency and supports their adoption of lean manufacturing practices. The production logistics solutions encompass nine core application scenarios: (i) Vendor Managed Inventory (VMI), (ii) in-plant logistics, (iii) intelligent equipment, (iv) milk-run logistics, (v) consolidation warehouses, (vi) intermediate product CDCs, (vii) lean manufacturing, (viii) digitalization, and (ix) industrial parks.
The unified inventory management and distribution (“One Inventory, One Warehouse, One Delivery”) solution manages the ‘short-chain’ delivery of finished goods from factories or CDCs to distribution warehouses, all the way through to final-mile delivery, thereby improving clients’ distribution efficiency. This model better aligns inventory levels with consumer demand, reduces inventory holdings, accelerates inventory turnover, and enhances market responsiveness. The solution comprises three components: supply chain design (including warehouse network optimization and channel inventory integration), digitalization, and operational services (such as warehouse management and trunk transportation). All services are customized to meet clients’ specific requirements, enabling the construction of a more agile, responsive, and cost-effective distribution supply chain system.
The last-mile integrated delivery and installation solution provides end consumers with seamless nationwide final-mile delivery and specialized installation services, completing delivery, installation, and other services in a single visit to enhance efficiency. By digitally modeling real-world delivery and installation scenarios, the company proactively anticipates complex situations to minimize failed deliveries and repeat visits.
Annto Smart Link has established an extensive infrastructure network comprising warehouses, service stations, and flexible transportation capacity primarily supported by third-party logistics providers.
As of December 31, 2025, Annto Smart Link’s warehouse network consisted of 47 owned facilities, 439 leased facilities, and 22 managed facilities, with a total gross floor area exceeding 11 million square meters. For its last-mile integrated delivery and installation services, Annto Smart Link leverages over 3,700 active service stations and a team of more than 73,000 experienced drivers and engineers, achieving 100% coverage of towns and townships across China, ensuring seamless delivery and installation even in rural areas.
As of December 31, 2025, Annto Smart Link’s nationwide transportation network relied on a fleet of over 500,000 dispatchable vehicles sourced from the company’s own assets, long-term cooperative carriers, and third-party transportation providers. This extensive network comprises over 730,000 mature transportation routes, including more than 420,000 inter-provincial trunk lines and over 300,000 intra-provincial urban distribution routes, covering approximately 2,800 districts and counties and more than 39,000 towns and townships nationwide.
Annto Smart Link’s revenue is primarily derived from integrated supply chain logistics solutions, followed by basic logistics services.
Shareholding Structure
According to the prospectus, prior to its listing, Annto Smart Link’s shareholder structure included:
Midea Smart Link, a wholly owned subsidiary of Midea Group (000333.SZ, 00300.HK), held 52.94% of the shares, making it the controlling shareholder;
Other investors include Hisense Group Holdings, Tianjin Shunhe, Zhongding Shengguan, Yanshan Zhi Neng, Meike Qixin, and several shareholding platforms affiliated with Annto and Midea.
Directors and Senior Management
Annto Smart Link’s board of directors consists of nine members, including:
Two executive directors:
Mr. Liang Pengfei (Chairman and President);
Mr. Ma Liang (Chief Financial Officer, Secretary to the Board, and Joint Company Secretary);
Four non-executive directors:
Mr. Liu Xiao (Director of Strategy and Corporate Development Department, Midea Group);
Ms. Luo Wenhui (Director of the President’s Office, Midea Group);
Ms. Chen Lihong (Head of Financial Reporting, Midea Group);
Mr. Duan Yuebin (President of User Delivery Center, Hisense Group Holdings);
3 Independent Non-Executive Directors:
Dr. Chen Weiru (Associate Professor of Strategy, China Europe International Business School);
Dr. Lin Zhong (Managing Partner, Shanghai Lingde Law Firm);
Ms. Song Yi (Investment Vice President,华盛 Asset Management Co., Ltd.);
In addition to executive directors, senior management also includes two other individuals:
Mr. Lin Kai (Chief Operating Officer and Head of Regional Business Center);
Dr. Lin Taien (Chief Product Officer and Head of Overseas Business);
Mr. Liu Dan (Director of Operations);
Mr. Shi Xiongfeng (Chief Technology Officer);
Mr. Wang Yang (Director of Human Resources).
Company performance
According to the prospectus, An De Smart Logistics reported revenues of RMB 16.224 billion, RMB 18.663 billion, and RMB 21.452 billion for the years 2023, 2024, and 2025, respectively, with corresponding net profits of RMB 2.88 billion, RMB 3.80 billion, and RMB 4.49 billion.
Intermediary team
The intermediary team for An De Smart Logistics’ IPO primarily includes:
CICC and Morgan Stanley as joint sponsors;
Deloitte as its auditor;
Jiayuan is its legal counsel in China;
Freshfields Bruckhaus Deringer is its legal counsel for Hong Kong and U.S. matters.
King & Wood Mallesons as its China legal counsel for the underwriter;
Cooley LLP as its broker’s legal counsel in Hong Kong and the United States;
Shenwan Hongyuan as its compliance advisor;
CIC Consulting serves as its industry advisor.