SF Airlines (O3, Shenzhen) parent SF Holdings is eyeing a listing on the Hong Kong Stock Exchange (HKEX) according to a Bloomberg report. The listing has the potential to raise up to USD3 billion. SF Holdings is the first of several China-based entities working in and around aviation cargo and logistics mulling a Hong Kong IPO.
The report says SF Holdings is nutting out the listing's fine print with Goldman Sachs, Huatai Securities, and JPMorgan Chase. While the details not yet finalised, a prospectus may be lodged with the HKEX as soon as June, with an IPO scheduled in the second half of the year. SF Holdings is already listed on the Shenzhen Stock Exchange (SZSE). That 2017 listing propelled the founder and current chairman of the board, Wang Wei, onto China's rich list and saw him secure USD billionaire status.
According to the ch-aviation fleets module, SF Airlines operates 80 aircraft (67 of which it owns) namely fourteen B737-300(F)s, three B737-400(F)s, twoB747-400ERFs, one B747-400FSCD, forty-one B757-200(PCF)s, and nineteen B767-300ER(BDSF)s. The carrier has a further seven aircraft on order. SF Holdings was established in 1993 and has grown to become the world's fourth largest international express delivery operator, after United Parcel Service, Deutsche Post AG, and FedEx. SF Holdings offers scheduled flights to 59 destinations in 14 countries. In addition to aircraft, the company also provides last mile ground transportation delivery and pick up services.
"The business of company has rapidly extended to freight, cold chain, intra-city delivery, supply chain, international logistics and other fields through internal incubation and merger and acquisition, so as to establish an integrated comprehensive logistics service system," say supplementary notes on the SZSE website.
According to SZSE data, the biggest shareholders in SF Holdings are Shenzhen Mingde Holdings Development Co., Ltd., which has a 59.3% stake; Hong Kong Securities Clearing Company Ltd., with a 5.19% stake; Shenzhen Zhaoguang Investment Co., Ltd., with a 4.62% stake; Ningbo Shunda Fengrun Venture Capital Partnership, with a 2.45% stake; and Liu Jilu, who has a 1.53% stake.
