SF Holding, China’s largest express delivery company, has filed for a Hong Kong second listing, reports Bloomberg. The Shenzhen-listed company, also known as SF Express, is working with Goldman Sachs Group, Huatai Securities 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 RMB 218.6 billion ($29.9 billion). It is the world’s fourth-largest listed delivery services firm behind United Parcel Service, Deutsche Post AG and FedEx, 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.