South-China Logistics to raise HK$500m in IPO

South-China Logistics, controlled by state-owned Guangdong Provincial Communications Group, plans to raise between HK$400m and HK$500m in the fourth quarter in a Hong Kong IPO, the Standard of Hong Kong reported, citing unnamed sources. The Guangdong-based company, which selected China Everbright Capital as its sponsor, will use the money raised to fund its expansion. South-China Logistics has had a near monopoly in providing third-party logistics and other services on the expressways in the province through its parent, GPCG.