SF Express set to kick off US$3b IPO

China's largest express delivery company SF Holding plans to raise up to US$3 billion (HK$23.4 billion) in a second listing in Hong Kong as soon as next month, International Financing Review under Reuters reported.

Earlier in May, there were media reports that the Shenzhen-listed company, also known as SF Express, has picked Goldman Sachs Group, Huatai Securities, and JP Morgan Chase & Co to work on the possible initial public offering in the city, which could raise at least US$2 billion.

Founded in Shunde of Guangdong province in 1993, SF Express covers almost all of China, while its international express business covers 98 countries, according to its latest annual report.

SF Express's 2022 net income rose 45 percent from a year earlier to 6.17 billion yuan (HK$6.7 billion), while its revenue climbed 29 percent to around 267.5 billion yuan.

The company, whose founder Wang Wei grew up in Hong Kong, went public in Shenzhen through a so-called backdoor listing in 2017. The share sale made Wang the third-richest person in China at the time.

Separately, state media China News Service reported on Saturday that the listing of Ant Group is unlikely in the short term, citing people close to regulation.

Bloomberg earlier reported that Jack Ma Yun-backed Ant is planning a restructuring that will break off some non-core operations of its China financial-related business, paving the way for the company to revive an IPO in Hong Kong.