11 On the 10th of the month, "Frans," an investee company of Zhongding Capital—a sub-fund backed by the master fund managed by Yuanhe Chencun—was listed on the Hong Kong Stock Exchange under the stock code: 2499.HK.

Founded in 2007, Folangsi is a pioneering and leading provider of indoor logistics equipment solutions in China, driven by IoT innovation and digital transformation. We are dedicated to offering businesses a one-stop solution for the use and management of indoor logistics equipment. By combining highly coordinated service offerings with a smart asset management system deeply integrated with IoT, we help clients optimize the operational efficiency of their indoor logistics assets and achieve seamless, high-performance equipment management.

Since its establishment in 2007, France Shares has precisely anticipated industry trends, pioneering the introduction of in-plant logistics equipment solutions tailored for manufacturing and logistics companies. It is one of the earliest enterprises in China to adopt a digitalized application model for components used in in-plant logistics equipment, setting the stage for a groundbreaking subscription-based business model in this sector and leading the trend of leveraging digital tools to reshape domestic industry practices.

The company holds a clearly dominant industry position. According to data from Frost & Sullivan, based on 2022 revenue, the company captured 7.7% of the market share—placing it not only at the top of the industry but also leading the second-largest competitor by a significant margin of 63.8%. Additionally, measured by the size of its equipment fleet in 2022, the company ranked first among all intralogistics equipment solution providers, with its fleet surpassing the combined size of the fleets held by the next nine largest market players combined.

Strong economies of scale and exceptional supply-chain capabilities have created a robust competitive moat. According to the prospectus, France Shares' nationwide service network comprises its headquarters, three major supply-chain hubs, and 67 service outlets spanning 47 cities across the country, ensuring efficient and flexible equipment delivery. France Shares has also built a comprehensive supply-chain database that, as of April 30, 2023, contains detailed information on approximately 331,000 parts—covering everything from component models and specifications required for various brand-name equipment to performance metrics, inventory levels, and procurement details.

Innovative digital capabilities: France Co., Ltd. has consistently been at the forefront of the digital transformation in the indoor logistics equipment industry, implementing comprehensive digital solutions across equipment procurement, maintenance, and management—ultimately helping businesses enhance efficiency while significantly reducing operational costs. Leveraging IoT technology, France Co., Ltd. has developed a cutting-edge smart asset management system that enables real-time monitoring of equipment status, seamless supply chain and inventory management, as well as efficient scheduling of both personnel and assets. Thanks to its effective resource allocation and operational oversight, this system now oversees at least 97.3% of France Co., Ltd.’s entire equipment fleet. According to data from Frost & Sullivan, compared to traditional indoor logistics equipment procurement models, France’s innovative equipment solutions can help companies cut costs by approximately 20% over the equipment’s entire lifecycle.

With the company's public listing, it is poised to embark on a new chapter of growth. Backed by ample funding, the company can solidify and strengthen its leading market position, expand its service offerings and product categories, and pursue strategic mergers and acquisitions.