CHINA’S largest express delivery company S.F. Holding said yesterday it plans to raise up to HK$6.17 billion (US$792.71 million) in a Hong Kong listing, the latest sign of a revival in the city’s capital markets.

The Shenzhen-listed company will issue 170 million shares in a price range of HK$32.3 to HK$36.3 per share, according to its regulatory filings.

The company said it will announce the final offer price Nov. 26, and the stock is due to start trading a day later.

The courier group, known for its flagship SF Express delivery business, is regarded as China’s answer to FedEx and DHL.

Earlier in June, S.F. Holding had received regulatory approval for a second listing in Hong Kong.

The listing has attracted 10 cornerstone investors, led by Oaktree Capital Management, which have subscribed for up to HK$204.8 million worth of stock, the filings showed.

The company said about 45% of the funds raised in the listing would be spent on growing its international business, especially across Southeast Asia. It added it has earmarked about HK$1.1 billion for buyout activity, forming joint ventures or making minority investments in businesses.

S.F. Holding initially filed for a Hong Kong listing in August last year. Reuters reported in May last year the company was aiming to raise between US$2 billion and US$3 billion.

There have been US$9.1 billion worth of new listings in Hong Kong in 2024, according to Dealogic data, compared to US$5.88 billion in 2023.

While well off the 2020 peak of US$51.6 billion, the prospect of lower global interest rates has prompted some revival in the city’s listing market.(SD-Agencies)