SF Holding Co., China’s largest express delivery company, has filed for a Hong Kong second listing.
(Bloomberg) — SF Holding Co., China’s largest express delivery company, has filed for a Hong Kong second listing.
The Shenzhen-listed company, also known as SF Express, is working with Goldman Sachs Group Inc., Huatai Securities Co. and JPMorgan Chase & Co. on the potential share sale, according to pre-listing documents published Monday in Hong Kong. The filing didn’t provide details on the fundraising size or timeline. The share sale could raise $2 billion to $3 billion, Bloomberg News reported in May, citing people familiar with the matter.
Shares of SF fell 3.1% in Monday trading, valuing the company at about 218.6 billion yuan ($29.9 billion). It is the world’s fourth-largest listed delivery services firm behind United Parcel Service Inc., Deutsche Post AG and FedEx Corp., according to data compiled by Bloomberg. SF shares have declined about 23% this year amid a slowing Chinese economy.
Founded in Shunde of Guangdong province in 1993, SF Express has a delivery network covering 99.7% of cities in China and spanning 208 countries and regions as of March 31, the filing shows. The company has 95 aircraft and more than 176,000 vehicles.
SF reported net income of 8.1 billion yuan in 2022, according to the filing, a 28% increase from the year before.
The company, whose founder Wang Wei grew up in Hong Kong, went public in Shenzhen through a so-called backdoor listing in 2017. The debut propelled Wang to become the third-richest person in China at the time. He is still the country’s 17th wealthiest person with a net worth of about $11.8 billion, according to the Bloomberg Billionaires Index.
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