With the development of emerging technologies such as big data, the Internet of Things, artificial intelligence, and so on, the application of related technologies in cold chain logistics has been landing more and more frequently, and cold chain logistics has been upgraded from the traditional demand for transportation and cold storage to the level of diversified development demand combining intellectualization and modernization.
Shenzhen Qianhai Yueshi Information Technology Co., Ltd.(hereinafter referred to as "Qianhai Yueshi", Chinese:前海粤十), headquartered in Shenzhen, announced on July 6, 2023, that it had completed CNY 620 million(USD 87.138 million) in Series B financing, with COFCO Capital (Hong Kong)(Chinese:中粮资本（香港）) strategically leading the investment, followed by Shenzhen HTI Group Co., Ltd.(Chinese:深圳高新投集团), QF Capital(Chinese:启赋资本), Shenzhen Kingdom Sci-Tech Co., Ltd(Chinese:金证股份), Venture Labs(Chinese:创业工场), Shenzhen Zijingang Investment Management Ltd. Co.(Chinese:紫金港投资), and Shenzhen Wanxing Capital Investment Co., Ltd.(Chinese:湾兴创投). According to reports, the funds are mainly used to research and develop digital cold chain technology, upgrade the cold chain industry, and expand overseas markets.
Founded in 2019, Qianhai Yueshi is positioned as a heavy vertical service provider in China's cold chain industry, aiming to build a world-class artificial intelligence cold chain supply chain management platform. The company is located in Shenzhen National High-tech Industrial Development Zone, the R&D team of undergraduates accounted for more than 70%, and now serves about 400 cold chain supply chain enterprises across the country, integrates and builds 200 transportation trunk lines, and links more than 300 cold storages in the project.
At present, Qianhai Yueshi has a cloud platform and two service systems, i.e. intelligent cold chain supply chain management ecological cloud platform, cold chain intelligent ecosystem, and cold chain financial ecosystem. Under the two service systems, there are ten service segments, including intelligent cold chain warehouse management system, intelligent cold chain logistics park management platform, cold chain Internet of Things management system, cold chain logistics management system, cold chain industry financial leasing, cold chain B2B e-commerce platform, and so on.
In recent years, the market size of China's cold chain logistics market has been growing rapidly, from CNY 288.6 billion in 2018 to CNY 491.6 billion in 2022, with a compound annual growth rate of 14.24% (Source: China Business Intelligence Network). According to the latest statistics from the China Federation of Logistics and Purchasing, China's cold chain logistics market size reached CNY 239.5 billion in January-May 2023, up 3.6% year-on-year. The forecast data from Chain Library Network shows that in 2025 China's cold chain logistics market size will reach CNY 710 billion.
Qianhai Yueshi has now laid out international regional agricultural clusters such as the Middle East and Malaysia and will continue to increase its coverage. CEO Chen Bin said: "The market scale of the global cold chain business has been breaking through year by year, and is in a period of booming development. 2023-2025, we will focus on deploying Brazil's livestock farming and other physical industries, penetrate the business model of direct supply from ports to achieve a revenue scale of CNY 50 billion within three years, and land on thein public market at the end of this year at the earliest to complete the listing."
In this field, representative Chinese companies include S.F. Express Co., Ltd.(Chinese:顺丰速运有限公司) and Chongqing Logistics Supply Chain Co., Ltd.(Chinese:荣庆物流供应链有限公司). VersaCold of Canada and Thermo King of the United Kingdom are quite powerful in the international arena.