China Logistics Giant SF Holding Aims to Spin Off Intracity Express Delivery Business
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Summary:
SF Holding Co. Ltd. (002352.SZ) plans to spin off its Tongcheng intracity express delivery service for an independent listing on the Hong Kong stock exchange, as the Chinese logistics giant looks to steady itself amid a price war that has tipped it into loss-making territory.
The Shenzhen-listed company, which is one of China’s largest couriers and offers both domestic and international express delivery, said Friday the flotation of Hangzhou Shunfeng Tongcheng Industrial Co. Ltd. would help fund the latter firm’s expansion plans while also enhancing its brand awareness and market influence.
The announcement further cements SF’s recent forays into the Hong Kong stock market, after the listing of some of its property assets earlier this month generated around HK$2.6 billion ($335 million ...
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