SHENZHEN, China, Aug. 1, 2023 /PRNewswire/ -- Jayud Global Logistics Limited (NASDAQ: JYD) ("Jayud" or the "Company"), one of the leading Shenzhen-based end-to-end supply chain solution providers in China, with a focus on providing cross-border logistics services, today announced a significant expansion of its operations. The Company has signed a contract with Shenzhen Shennong International Logistics Development Co., Ltd., to lease cold storage facilities for frozen and refrigerated products.
The expansion involves adding a state-of-the-art cold storage facility to its warehouse. The warehouse operates a 30,000 square meters area, of which 10,000 square meters is dedicated to temperature-controlled storage, and another 10,000 square meters is dedicated to dry storage. This addition will provide dry, room temperature, refrigerated, and frozen storage space to cater to diverse logistics needs.
Mr. Xiaogang Geng, Chairman of the Board of Directors & Chief Executive Officer of Jayud, commented, "Through this strategic expansion, Jayud is well-positioned to leverage the thriving cold chain logistics market, ensuring reliable, efficient, safe, and cost-saving transportation and storage of frozen and refrigerated. We are better positioned than ever to ensure that these products reach consumers in the best possible condition, strengthening our ability to deliver safe, quality-assured, and diverse food products to the tables of millions across China."
The move is aligned with the recent trends in China's cold chain logistics market, which continues to experience robust growth. According to the China Cold Chain Committee and The Intelligence Research Group, China's cold chain industry sector experienced double-digit growth in 2020, reaching a market size of US$58 billion, up 22.38% year-on-year. Further projections suggest that by 2025, the market size is expected to surge to approximately US$126 billion.
Supporting this, market research firm Mordor Intelligence forecasts that the China's cold chain logistics market will expand from US$77.97 billion in 2023 to US$125.97 billion by 2028, indicating a CAGR of 10.07% during the forecast period from 2023 to 2028.
With China accounting for approximately 60% of the world's total vegetable production, 30% of fruit and meat production, and 40% of eggs and aquatic products, the need for efficient and expansive cold chain logistics is evident. The burgeoning middle class and upper-middle class consumer population demands a diverse range of fresh agricultural products with heightened attention to food safety and quality.
About Jayud Global Logistics Limited
Jayud Global Logistics Limited is one of the leading Shenzhen-based end-to-end supply chain solution providers in China, with a focus on cross-border logistics services. Headquartered in Shenzhen, the Company benefits from the unique geographical advantages of providing high degree of support for ocean, air, and overland logistics. The Company has established a global operation nexus featuring logistic facilities throughout major transportation hubs in China and globally, with footprints in 12 provinces in Mainland China and 16 countries across 6 continents. Jayud offers a comprehensive range of cross-border supply chain solution services, including freight forwarding services supply chain management, and other value-added services. With its strong service capabilities and research and development capabilities in proprietary IT systems, the Company provides customized and efficient logistics solutions and develops long-standing customer relationships. For more information, please visit the Company's website at: https://ir.jayud.com.
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC.
For more information, please contact:
Jayud Global Logistics Limited
Investor Relations Department
Email: [email protected]
Investor Relations Contact:
Matthew Abenante, IRC
Strategic Investor Relations, LLC
Email: [email protected]
SOURCE Jayud Global Logistics Limited