Chinese courier giant SF Holding seeks up to US$793 million from Hong Kong IPO
China’s largest express delivery company is selling 170 million shares at HK$32.30 to HK$36.30 each, with the listing to take place on November 27
China’s biggest express-delivery firm SF Holding is seeking to raise as much as HK$6.2 billion (US$793 million) in its Hong Kong listing in another test of appetite for large share sales in the city this year.
The company will start taking investor orders on Tuesday and expects to list shares on November 27, according to its listing document. It is offering 170 million shares at HK$32.30 to HK$36.30 each.
At the low end of the marketed range, the share sale would give SF a discount of about 29 per cent to its Shenzhen-listed stock as of Monday. The company, whose shares have risen about 5 per cent this year, has a market value of 204 billion yuan (US$28 billion).
SF drew about US$205 million from cornerstone investors, including a unit of smartphone maker Xiaomi.
Other cornerstone partners, which agreed to hold shares for at least six months, include investment firm Oaktree Capital Management, a unit of Hong Kong property developer Sino Land, as well as a vehicle backed by the family of Henry Cheng Kar-shun, the billionaire chairman of property developer New World Development.
