On July 29, 2026, Shenzhen Yueshi Holding Co., Ltd. (formerly known as Shenzhen Yueshi Digital Intelligence Co., Ltd.), a company based in Shenzhen (hereinafter referred to as "Yueshi Holding"), filed a prospectus with the Hong Kong Stock Exchange, proposing an initial public offering (IPO) on the Hong Kong Main Board. This marks its second application following the lapse of its previous submission on January 26, 2026.
Yueshi Holding Prospectus Link
Core Business
Founded in 2017, Yueshi Holding is a technology-driven enterprise primarily engaged in the sale of chilled and frozen agricultural products and the provision of integrated digital-intelligence solutions for cold chain logistics.
According to data from Frost & Sullivan, by revenue from chilled and frozen agricultural product sales in 2025, Yueshi Holding ranked sixth in China’s digital-intelligent cold chain agricultural product sales market, with a market share of 1.0%.
Yueshi Holding has independently developed and continuously upgraded the Yueshi Smart Cold Chain Cloud Platform, which has evolved into a comprehensive integrated digital-intelligence solution for cold chain logistics. It provides standardized digital management tools for cold storage operations, logistics coordination, and merchant engagement. To date, the Company’s integrated digital-intelligence cold chain solution has been deployed by over 750 domestic cold chain operators, including agricultural produce wholesale markets, food processing plants, agricultural industrial parks, and major agricultural import ports, covering approximately 30 provinces, autonomous regions, and municipalities across China.
Yueshi Holding employs a dual-core, data-driven business model, comprising: (i) chilled and frozen agricultural product sales
This segment serves as the Company’s primary growth engine. Leveraging data and operational insights generated by its integrated digital-intelligence cold chain solutions and related application tools, the Company organizes the procurement and sale of chilled and frozen agricultural products in close alignment with actual market demand. Its customers primarily consist of small- and medium-sized agricultural produce wholesalers. Revenue from this segment is primarily derived from the sale of a diversified portfolio of chilled and frozen agricultural products, broadly categorized as: (i) meat products; (ii) seafood products; (iii) fruit products; and (iv) other products.
(ii) Integrated digital-intelligence cold chain solutions
This business line reinforces and supports the Company’s overall digital-intelligence capabilities. Built upon the Yueshi Smart Cold Chain Cloud Platform, the solution provides digital infrastructure and an operating system to standardize and digitize cold chain logistics management. Its clients primarily include cold chain facility operators located at key logistics nodes, such as agricultural and sideline products wholesale markets, food processing plants, agricultural industrial parks, and major agricultural import ports. Revenue from this segment is primarily derived from software systems and related services, including system deployment, configuration, and ongoing operational and maintenance support.
Shareholding Structure
According to the prospectus, prior to its Hong Kong listing, Yueshi Holding’s shareholding structure was as follows:
Mr. Chen Binbin, holding and controlling a total of 51.40% of the voting rights, is the controlling shareholder.
Directors and Senior Management
The board of directors of Yueshi Holdings consists of nine directors, including:
4 executive directors:
Mr. Chen Binbin (Chairman of the Board and General Manager);
Mr. Shi Weiqi (Director of Risk Control);
Mr. Jiang Jundong (Chief Financial Officer);
Ms. Shi Haizhen (Board Secretary and Joint Company Secretary);
2 Non-Executive Directors:
Mr. Dai Wei (Deputy General Manager of Shenzhen Mingcheng Financial Services, a subsidiary of COFCO Group);
Mr. Tang Hualin (Partner at Qifu Capital);
3 Independent Non-Executive Directors:
Dr. Wang Jiwei (Professor of Accounting at Singapore Management University);
Dr. Zhou Weihua (Distinguished Professor and Doctoral Supervisor at Zhejiang University);
Mr. Zhong Hongxing (formerly Regional Logistics Director for the Greater Bay Area at COSCO SHP SG Logistics (Hong Kong));
In addition to executive directors, senior management includes:
Mr. Guo Yuliang (Chief Technology Officer).
Company performance
According to the prospectus, Yue Shi Holdings' revenue for the years 2023, 2024, and 2025, and for the first four months of 2026, amounted to RMB 1.254 billion, RMB 2.981 billion, RMB 5.937 billion, and RMB 2.805 billion, respectively. The corresponding net profits were RMB -0.28 billion, RMB -2.19 billion, RMB -17.64 billion, and RMB 0.36 billion, respectively. The corresponding adjusted net profits were RMB -60.43 million, RMB 296.91 million, RMB 687.17 million, and RMB 358.82 million, respectively.
Intermediary Team
The intermediary team for Yue Shi Holdings' initial public offering (IPO) primarily consists of:
Shenwan Hongyuan Securities (Hong Kong) Limited as its sole sponsor;
XinYong ZhongHe is its auditor;
Tongshang as its PRC legal counsel;
Tianyuan (Hong Kong) served as its Hong Kong legal counsel.
Han Kun acted as its PRC legal counsel;
Shenwan Hongyuan (Hong Kong) as its compliance adviser.
Frost & Sullivan served as its industry consultant.