China Agri-Products Exchange

What China Agri-Products Exchange does

China Agri-Products Exchange Limited (HKSE: 149) is a Bermuda-incorporated public company headquartered in Kowloon Bay, Hong Kong, and an indirect non-wholly owned subsidiary of Wang On Group Limited, the Hong Kong-listed diversified conglomerate founded in 1987 by chairman Tang Ching Ho. Since formally entering mainland China in 2007 with the acquisition of Wuhan Baishazhou Market, the group has built and operates a national network of ten agricultural produce wholesale markets under the 'Hongjin' (宏进) sub-brand across five provinces (Hubei, Henan, Guangxi, Jiangsu, Liaoning), spanning Wuhan, Yulin, Xuzhou, Luoyang, Puyang, Kaifeng, Qinzhou, Panjin, Huangshi, and Suizhou. The flagship Wuhan Baishazhou Market occupies approximately 310,000 sqm of land with 190,000 sqm of gross floor area; Yulin, Luoyang, and Kaifeng sites are each in the 200,000+ sqm range. The group employs 501–1,000 staff and is supported by subsidiary Beijing Wang On Green Property Management Co., Ltd., which provides property, asset, ESG, and technology-enabled services.

The platform combines six integrated operational modules: (1) agricultural produce safety testing with QR-code traceability and project-level testing centers; (2) centralized clearing and settlement (中央结算); (3) an electronic trading and lease-management system positioned as a smart wholesale / big-data infrastructure; (4) cold-chain warehousing and logistics with more than 30,000 tons of constant- and low-temperature storage capacity; (5) management of more than 10,000 varieties of agricultural products traded across the network; and (6) supporting commercial facilities (hotels, conference centers, catering, banks, security). The technology stack includes a self-developed ERP management platform deployed for standardized operations across markets, plus smart-building, energy-monitoring, and digital-service capabilities delivered through the Beijing Wang On property subsidiary. More than 50,000 agricultural merchants transact across the network alongside provincial/municipal government joint-venture partners.

Revenue is generated across four streams: recurring property rental income from leasing market stalls and facilities (dominant at flagship sites such as Wuhan Baishazhou), one-time property sales within market development projects (dominant at Yulin), market and property management service fees (via the Beijing subsidiary), and electronic trading platform / clearing transaction fees. Pricing is set via direct commercial negotiation with tenants and is not publicly disclosed. For the fiscal year ended 31 March 2025, the group reported revenue of HK$531 million, down approximately 8% from HK$579 million in FY2024. Expansion beyond the current ten markets follows an asset-light model using contract management rights and JV structures (exemplified by Suizhou Market in March 2018), in contrast to the full-ownership model used to build the original footprint.

Name

China Agri-Products Exchange

Legal name

China Agri-Products Exchange Limited

Website

https://cnagri-products.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

501–1,000 employees

Short description

China Agri-Products Exchange (HKSE: 149), a Wang On Group subsidiary, operates ten 'Hongjin'-branded agricultural produce wholesale markets across five Chinese provinces, serving 50,000+ merchants with cold-chain logistics, electronic trading, QR-code traceability, and centralized clearing.

Ownership category

akta.pro rank

Product category

Agricultural Wholesale Markets

NAICS

Fresh Fruit and Vegetable Merchant Wholesalers (42448), Farm Product Warehousing and Storage (493130)

SIC

Wholesale-Groceries & Related Products (5140), Wholesale-Groceries, General Line (5141)

akta.pro primary industry

Terminal Market / Produce Market Wholesalers (AFAIACAK)

akta.pro secondary industry

Agriculture Inputs & Farm Supply Marketplaces (CRAFAHAL)

Keywords

• Agricultural wholesale markets
• Cold chain logistics
• Market management services
• Property leasing
• Produce exchange operations

Headquarters

HQ city

Kowloon City

HQ country

Hong Kong SAR China

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Supply Chain, Operations, Technology or R&D, Personnel, Marketing or Sales

Revenue model

1. Property Rental Income: The group generates rental income from leasing properties and market stalls within its wholesale markets. For example, Wuhan Baishazhou Market's primary revenue comes from rental income from property letting. This represents a recurring revenue stream from tenants operating within the market facilities.
2. Property Sales: The group generates revenue from the sale of properties within its market development projects. For example, Yulin Market's major income is generated from property sales. This represents one-time transactional revenue from property unit sales to merchants or investors.
3. Market Management Services: The group provides comprehensive business management services including commercial facilities, property management, asset management, ESG services, and technology-enabled services through its subsidiary Beijing Wang On Green Property Management Co., Ltd. Revenue is generated from management fees and service charges.
4. Electronic Trading Platform Services: Revenue is generated from the group's electronic trading and settlement systems, including electronic lease management systems for agricultural products across various project locations, providing transaction processing and clearing services.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

China Agri-Products Exchange Limited operates a nationwide network of agricultural produce wholesale markets in mainland China under the 'Hongjin' (宏进) brand. The group invests in, develops, constructs, operates, and manages these markets, leasing stalls and properties to agricultural merchants, and providing integrated services including cold-chain warehousing logistics, food safety testing with QR-code traceability, electronic trading and central clearing systems, and property/asset management across more than ten market locations in five provinces.

Product overview

China Agri-Products Exchange operates a unified platform of agricultural produce wholesale markets under the 'Hongjin' (宏进) flagship sub-brand. The portfolio consists of ten operating market projects across ten major Chinese cities (Wuhan, Yulin, Xuzhou, Luoyang, Puyang, Kaifeng, Qinzhou, Panjin, Huangshi, Suizhou) connected through a modern logistics network. The core platform is complemented by six integrated business modules: Agri-Products Safety Testing (二维码追溯安全检测系统), Central Clearing (中央结算), Agri-Products E-Trading System (农产品电子交易系统), Cold-Chain Warehousing Logistics (冷链仓储物流, with over 30,000 tons cold storage capacity), Featured Agri-Products Resources (特色农产品资源, 10,000+ varieties), and Commercial Facilities (商业配套). The subsidiary Beijing Wang On Green Property Management Co., Ltd. (北京宏安绿色物业管理有限公司) provides ancillary ESG-aligned property and asset management services. The Hongjin Agri-Products International Logistics Center brand serves as the premium market format, offering standardized, international-grade facilities.

Differentiator

Problem solved

Functional benefit

Brands

• Hongjin Agri-Products International Logistics Center: High-end brand for domestic agricultural wholesale market projects under China Agri-Products Exchange, featuring first-class image, facilities and management system in warehousing, logistics, trading, settlement, cold-chain, e-trade, employment, education and finance

Products and services

• Hongjin Agri-Products International Logistics Center (宏进农副产品国际物流中心) Premium branded wholesale market format used across the group's mainland China agricultural produce exchange projects, providing standardized, international-grade market infrastructure.
• Cold-Chain Warehousing Logistics (冷链仓储物流) Refrigerated warehousing and nationwide cold-chain distribution service for agricultural merchants operating in the group's markets, maintaining product quality from production to retail.
• Agri-Products Safety Testing (农产品安全检验检测) Food safety testing, inspection and QR-code based traceability service for agricultural products traded in the group's markets, operated through dedicated testing centers staffed by professional technicians.
• Agri-Products E-Trading System (农产品电子交易系统) Electronic trading platform for agricultural produce, supporting lease management and big-data-enabled smart wholesale operations across the group's market network.
• Central Clearing (中央结算) Centralized settlement and clearing service that processes and clears transactions for agricultural produce traded within the group's wholesale markets.
• Beijing Wang On Green Property Management Services (北京宏安绿色物业管理服务) Property and asset management services provided through wholly-owned subsidiary Beijing Wang On Green Property Management Co., Ltd., including ESG and technology-enabled facility services.
• Wuhan Baishazhou Agri-Products Market (武汉白沙洲农副产品大市场) Flagship agricultural produce wholesale market in Wuhan, Hubei Province; one of the largest agricultural produce exchange market operators in China.
• Guangxi Yulin Hongjin Agri-Products Market (广西玉林宏进农副产品交易市场) Agricultural produce wholesale market in Yulin, Guangxi Zhuang Autonomous Region, with site area of approximately 415,000 sqm and gross floor area of approximately 196,000 sqm.
• Jiangsu Xuzhou Agri-Products Exchange Market (江苏徐州农副产品交易市场) Agricultural produce wholesale market in Xuzhou, Jiangsu Province, occupying approximately 200,000 sqm with various market stalls, godowns and cold storage.
• Henan Luoyang Hongjin Agri-Products International Logistics Center (河南洛阳宏进农副产品交易市场) Flagship wholesale market in Henan Province with site area of approximately 255,000 sqm and gross floor area of approximately 223,000 sqm; awarded 'Most Influential Market' in 2018.
• Guangxi Qinzhou Hongjin Agri-Products Market (广西钦州宏进农副产品交易市场) Agricultural produce wholesale market in Qinzhou, Guangxi, with construction area of approximately 180,000 sqm and focus on China-ASEAN trade leveraging Qinzhou's strategic location.
• China-ASEAN (Qinzhou) Agri-Products Market (中国-东盟(钦州)宏进农产品大市场) International agricultural trade market segment within the Qinzhou project, connecting Chinese agricultural merchants with ASEAN markets.
• Featured Agri-Products Resources (特色农产品资源) Aggregated catalog of more than 10,000 varieties of agricultural products available across the group's markets, supporting merchants with sourcing, variety selection, and supply coordination.
• Commercial Facilities (商业配套) Supporting on-site commercial facilities within Hongjin markets, including business hotels, conference centers, catering, banking, and security services for merchants and visitors.

Quantifiable outcome

• Ten agricultural produce exchange markets managed across five provinces
• +3 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Independent Third Party Joint Venture Partner (Suizhou)coreStrategic or Co-development Partner · 1 March 2018In March 2018, the group formed a joint venture company with an independent third party in Suizhou city, Hubei Province to operate Suizhou Market. The group pursued an asset-light business model by taking up contract management rights.
• Wang On Group Limited (宏安集团有限公司)coreOthersWang On Group is the parent company and controlling shareholder of China Agri-Products Exchange. Wang On Group was established in 1987 and Mr. Tang Ching Ho is a co-founder and chairman since November 1993. The group is listed on the Hong Kong Stock Exchange and also controls Wai Yuen Tong Medicine Holdings Limited.
• Wang On Properties (宏安地产)minorStrategic or Co-development PartnerRelated company under the same Wang On Group umbrella, involved in property development and management activities that complement the agricultural wholesale market operations.
• Wai Yuen Tong Medicine Holdings Limited (位元堂药业控股有限公司)minorStrategic or Co-development PartnerRelated company under Wang On Group, listed on Hong Kong Stock Exchange, operating in the pharmaceutical business.
• Local Government Partner in Henan Province (Puyang)coreStrategic or Co-development PartnerPuyang Market is a joint venture project developed cooperatively with a local partner in Henan Province, PRC.
• Local Government Partner in Henan Province (Kaifeng)coreStrategic or Co-development PartnerKaifeng Market represents the third market operations point helping the group establish an agricultural produce market network in Henan Province.

Scale indicators8 records

Recent moves14 records

Expansion highlights6 records

Broad incumbents

• COFCO Group: China's largest state-owned food and agribusiness conglomerate. While its core business is grain trading, oilseeds processing, and branded foods, COFCO also operates downstream distribution and wholesale infrastructure that overlaps with China Agri-Products Exchange's market and cold-chain activities.

Direct peers

• Beijing Doudian Agricultural Products Market: One of the largest physical agricultural produce wholesale markets in northern China. Comparable to China Agri-Products Exchange in that it aggregates agricultural merchants, operates trading zones for fresh produce, and serves as a B2B distribution hub for surrounding regions.
• Shenzhen Agricultural Products Group: Shenzhen-listed (000061.SZ) operator of agricultural produce wholesale markets across China. It is the most direct and largest competitor to China Agri-Products Exchange, operating a similar multi-market network with comparable tenant- and property-based revenue models.
• Shouguang Vegetable Logistics Park: Shouguang (Shandong) is China's flagship vegetable wholesale and logistics hub, with comparable scale and a similar merchant-aggregation model. It is the dominant fresh-vegetable trading venue in eastern China and competes with Hongjin's Wuhan, Luoyang, and Xuzhou markets for cross-regional produce flows.
• Shanghai Huizhan Fruit & Vegetable Wholesale Market: Large-scale fruit and vegetable wholesale market serving the Yangtze River Delta. Operates a similar tenant-aggregation model and competes for cross-regional produce flows with the group's Jiangsu Xuzhou market.
• Chengdu Agricultural Products Center Wholesale Market: Major southwestern-China agricultural wholesale market operator serving Sichuan and surrounding provinces. Comparable in terms of physical-market infrastructure, multi-category produce trading, and regional merchant ecosystem.

Emerging players

• Meicai (Meicai Technology): Beijing-based B2B agricultural e-commerce platform supplying restaurants and small retailers directly from farms. Its digital sourcing model bypasses physical wholesale markets and is an emerging structural competitor to the Hongjin market network.
• Pinduoduo: Leading Chinese e-commerce platform with major agri-produce (Duo Duo Grocery) and farm-direct sourcing operations. Represents a digital channel that increasingly disintermediates traditional wholesale markets like those operated by China Agri-Products Exchange.

Others

• SF Express (Cold Chain Logistics): Major third-party cold-chain logistics provider in China. While not a wholesale market operator, SF Cold Chain competes with the group's 30,000+ ton cold storage and distribution business for agri-product logistics customers.
• Yiguo.com (易果生鲜): Chinese fresh-produce e-commerce platform that aggregates supply from wholesale markets and producers. Although primarily a B2C platform, it sources from the same ecosystem that Hongjin markets serve, making it an adjacent digital channel relevant to the group's merchant customer base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xservice.weibo.com/share/share.php?title=中国农产品交易有限公司
• LinkedInlinkedin.com/company/china-agri-products-exchange-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about China Agri-Products Exchange