Chinese courier giant SF Holding files application for Hong Kong listing

CHINA’S largest express delivery company SF Holding on Monday filed an application for a second listing on the Hong Kong stock exchange, the exchange’s website showed.

The filings do not specify how much the company is looking to raise, but in May, Reuters reported that the Shenzhen-listed company could raise US$2 billion to US$3 billion.

At that size, the deal would be one of the largest listings in Hong Kong in more than a year as the city’s capital markets remain weak as a result of rising interest rates globally and ongoing geopolitical tension between China and the United States.

SF, regarded as China’s answer to FedEx Corp and DHL, has chosen Goldman Sachs, Huatai Financial and JPMorgan to work on the listing, the filings showed.

The company said it would use the cash raised to fund the upgrade of its logistics services and network coverage in Asia, especially South-east Asia.

It said it would also “selectively pursue strategic initiatives through mergers and acquisitions, strategic alliances joint ventures and other majority investments”.