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HONG KONG : China’s largest express delivery company S.F. Holding Co is planning a secondary listing on the Hong Kong stock exchange, it said on Tuesday.
The courier group, regarded as China’s answer to FedEx Corp and DHL, did not disclose the H-share listing size in a filing to the Shenzhen stock exchange and the timing of the initial public offering (IPO) is uncertain.
S.F. said it would price the shares after fully considering the interests of the company’s existing shareholders and the conditions of domestic and foreign capital markets.
The company would use the IPO proceeds to improve logistics networks and services, strengthen international logistics capabilities, develop advanced technologies and digital solutions, replenish working capital and general corporate purposes, according to the filing.
In May, Reuters reported that the Shenzhen-listed company had picked Goldman Sachs Group, Huatai Securities and JPMorgan Chase & Co to work on the listing, which could raise $2 billion to $3 billion.
The courier provider sees net profit for the first six months increasing by up to 68 per cent from 2.5 billion yuan ($348.86 million) a year earlier.
($1 = 7.1663 Chinese yuan renminbi)
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