Chinese delivery service SF Express (parent of SF Airlines (O3, Shenzhen)) made its trading debut on the Shenzhen Stock Exchange last week, leading to a 10% increase (the daily maximum) in its stocks, reports the South China Morning Post.

SF Express had entered the market via a backdoor listing through its acquisition of Maanshan Dingtai Rare Earth & New Material Company. Backdoor listings are a popular move with Chinese firms as there is a significant backlog of companies seeking to do IPOs. Last Friday was the first time SF Express had traded under its own brand after renaming Maanshan.

Express delivery is a booming business in China with 20.7 billion parcel deliveries in 2015, according to iResearch. That figure is set to increase to 60 billion by 2020. The other major players in the field are YTO Express (parent to YTO Cargo Airlines (YG, Hangzhou)) and STO Express.

SF Express has a mixed fleet of thirty-five Boeing freighter aircraft which it deploys throughout China, Hong Kong and Taiwan. Tt expects to report sales of CNY57.5 billion (USD8.37 billion) for 2016, an increase of 19.5% on 2015.