Friends-turned-foes set China’s UPS on new route, says ywchen1
China’s SF Holding on May 29 announced it plans to spin off and list its intracity express delivery subsidiary in a Hong Kong initial public offering. The Tongcheng unit booked a net loss of 760 million yuan in 2020 on revenue of 4.8 billion yuan, according to SF’s financial report. SF did not give a time frame or fundraising size for the listing.
Separately, SF said on June 1 it has cleared a hearing at the China Securities Regulatory Commission for a planned 20 billion yuan private share placement. Proceeds will be used to upgrade equipment, build an airport in Hubei province, buy more courier vehicles and aviation equipment, and for IT services and working capital.
SF on May 17 listed three of its Chinese logistics assets through a real estate investment trust in Hong Kong. The company is also in the process of acquiring a 51.8% stake in Hong Kong-listed Kerry Logistics.A worker moves parcels at an SF Express distribution centre ahead of the Singles Day online shopping festival, in Shenyang, Liaoning province, China October 24, 2018. Picture taken October 24, 2018.
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