SF Express Is Said to Target Second Listing in Hong Kong
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SF Holding Co., China’s biggest express delivery company, is targeting a second listing in Hong Kong at the end of next month that could raise about $1 billion, according to people familiar with the matter.
The Shenzhen-based company could list in the city on Nov. 27, the people said, asking not to be identified as the information isn’t public.
SF Express ranks No. 10 on the Transport Topics Top 50 Global Freight Carriers list.
Deliberations are ongoing and details of the offering such as timing and size may change, the people said.
SF Express, as the company is also known, didn’t respond to a request for comment.
A listing would add to positive momentum seen in the Hong Kong market since September, where share sales by Midea Group Co., Horizon Robotics and China Resources Beverage Holdings Co. have raised close to $6 billion combined.
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SF Express’s Shenzhen-traded shares have rallied about 30% since an August low, giving the company a market value of 208 billion yuan ($29.2 billion).
SF Express is working with Goldman Sachs Group Inc., Huatai Securities Co. and JPMorgan Chase & Co. on the share sale.
Others have also been looking at second listings in Hong Kong, partly because it is proving difficult to carry out placements in mainland China. Jiangsu Hengrui Pharmaceuticals Co. is among them, Bloomberg News reported this week.
SF Express has previously considered a second listing in Hong Kong and held talks with potential advisers, Bloomberg has reported. The company’s founder, Wang Wei, is one of the wealthiest people in China with an estimated net worth of more than $10 billion, according to the Bloomberg Billionaires Index.
