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SF Express to complete Shenzhen listing on Friday
   2017-02-23 20:39:59    CRIENGLISH.com/China Daily      Web Editor: Fei Fei

Workers load and unload packages of SF Express at Xingdong Airport in Nantong, East China's Jiangsu province on Nov 12, 2014, a day after "Singles Day" which has become China's busiest online shopping day. [Photo: Imagine China]

China's courier company SF Express is set to complete a back-door listing on Friday in the Shenzhen Stock Exchange.

According to a filing by its reverse merger partner Maanshan Dintai Rare Earth & New Material Co., the change of name to S.F. Holding Co. will officially take effect on Friday.

Under the asset swap, SF Express is valued at an estimated 44.8 billion yuan or USD 6.8 billion.

The listing will make SF Express the biggest Chinese courier company by market cap, surpassing its rival ZTO Express that went public in October at the New York Stock Exchange, raising USD 1.4 billion.

Founded in 1993, SF Express is backed by leading private equity players such as CITIC Capital Holding, Oriza Holdings, China Merchants Group and Jade Capital.

The Chinese securities watchdog approved the back-door listing deal in October.

SF Express's listing comes at a time when China's booming courier service sector reported a business revenue of 400 billion yuan last year. Officials from the State Post Bureau expect this figure to grow into 500 billion yuan this year.

However, despite the backing of red hot e-commerce businesses, the sector is also plagued by rising labor costs and scandals of staff mistreatment.

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