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China’s largest express delivery company SF Holding filed an application for a secondary listing in Hong Kong, without providing details on the fundraising size or timeline.
The Shenzhen-listed company is working with Goldman Sachs, Huatai Securities and JP Morgan on the potential share sale.
Established in 1993 in Shunde, Guangdong province, SF has built a delivery network that encompasses 99.7% of Chinese cities extending to 208 countries and regions as of March 31, according to the filing. It operates a fleet of 95 aircraft and over 176,000 vehicles.
As of the end of 2022, the company had about 1.8 million credit account customers engaged in regular monthly transactions and around 585 million retail customers.
SF had a net income of 8.1 billion yuan in 2022, rising 28% from the previous year, according to its prospectus.
The company said it would use the cash raised to fund the upgrade of its logistics services and network coverage in Asia, especially Southeast Asia and also “selectively pursue strategic initiatives through mergers and acquisitions, strategic alliances joint ventures and other majority investments.”