S.F. Holding Applies for IPO Listing in Hong Kong Stock Exchange

S.F. Holding Co, China's largest express delivery company, filed an application for a second listing on the Hong Kong stock exchange on Aug 21, according to the exchange's website. The filings do not specify how much the company hopes to raise, but the Shenzhen-listed company was reportedly looking to raise $2 billion to $3 billion in May.

At that size, the transaction would be one of the largest in Hong Kong in more than a year, as the city's capital markets remain weak as a result of rising global interest rates and ongoing geopolitical tensions between China and the United States.

According to the filings, S.F., regarded as China's answer to FedEx Corp and DHL, has chosen Goldman Sachs, Huatai Financial, and JPMorgan to work on the listing. The funds raised will be used to improve logistics services and network coverage in Asia, particularly Southeast Asia, according to the company.

It also stated that it would "selectively pursue strategic initiatives through mergers and acquisitions, strategic alliances, joint ventures, and other majority investments."