SF Express Plans to Spin Off Intra-City Business to Launch a Hong Kong IPO

On June 16, 2021, the China Securities Regulatory Commission (CSRC) showed that the CSRC has received materials about the listing of Hangzhou SF Intra-City Holdings on the Hong Kong Exchanges. As of the announcement date, SF Holdings, through its wholly-owned subsidiaries, controlled 66.76% of the shares of SF Intra-City Holdings. The company plans to use the raised funds to expand its main business and supplement its working capital.

 SF intracity department was established in 2016 and started independent operation in 2019. It is mainly engaged in the intracity real-time logistics business. The company mainly provides point-to-point customized or standardized instant delivery services for various businesses and individuals. According to a person who is family with the matter, the spin-off and listing will build an international intracity logistics platform for SF Holdings and enhance its brand awareness and market influence. In 2020, Hangzhou SF Intra-City Holdings achieved revenue of CNY 4.84 billion and saw a loss of CNY 760 million. We will continue to pay attention to the listing of the company.