On July 8, SF Holdings announced that the company was conducting research, consultation, discussion and demonstration of equity financing in Hong Kong's capital market.。However, as of now, the company has not yet determined a specific timetable or a specific plan.。

As early as May, there was news that SF wanted to go to Hong Kong for a second listing.。At the time, it was rumored that many well-known investment banks, including Goldman Sachs, Huatai and JPMorgan Chase, would be involved in SF's Hong Kong secondary listing.。According to the media, SF Holdings will complete the listing as early as this year, raising about $2-3 billion, and this SF announcement, is directly sitting in Hong Kong listing matters。

The news is not over yet, and on the same day, SF Holdings released its first half 2023 results forecast。According to the data, the Company expects net profit attributable to shareholders of the listed company during the reporting period to be 40.200 million - 42.200 million yuan (RMB, the same below), up 60% -68% YoY; net profit after deducting non-recurring gains and losses attributable to shareholders of listed companies is expected to be 35.$400 million - 37.400 million yuan, up 65% -74% year-on-year。In the first half of the year, the Company's basic earnings per share were 0.83-0.87 yuan, 0 per share in the same period last year.51 yuan。

For the expected significant growth in performance, SF said that the company in the revenue side and cost side of the joint efforts, resulting in good economic benefits。On the revenue side, the company takes customers as the center, continuously improves product competitiveness, ploughs deep into the industry to meet the diversified needs of customers, continues to provide customers with high-quality and high-quality services, and achieves stable and healthy growth in the express logistics business;。

Earlier, on July 5, SF also released news disclosing the latest developments in its share buybacks.。According to the disclosure, following the launch in March 2022 and the completion of the first repurchase in 2022 on September 1, 19.After $996.4 billion, SF again initiated a repurchase of no more than $2 billion on September 22, 2022。As of June 30, 2023, SF has repurchased more than 1.94 million shares of the Company, with a total repurchase amount of more than 100 million yuan (excluding transaction costs), accounting for 0% of the Company's current total share capital..04%, with an average transaction price of 51.67 yuan / share。

Cainiao, extreme rabbit express also want to go to Hong Kong listing, SF fear of falling behind?

The SF is seeking a secondary listing in Hong Kong, some industry insiders speculate, or want to prepare for the increasingly fierce competition in the industry.。At present, rookie, extreme rabbit and other logistics companies, have set their sights on the HKEx market。

One of the reforms announced by Alibaba this year is to spin off Cainiao and seek to go public in the next 12-18 months。However, compared to the complete spin-off of Cloud Intelligence Group, Alibaba Group will hold a 67% stake in Rookie, with other shareholders including strategic investors in the logistics industry and global institutional investors.。

All along, rookie is not like a "pure" courier company, but like the name "rookie station," play the role of express station。After the spin-off of the parent company, Cainiao also set out to launch a new business.。On June 28, Cainiao Group announced the launch of its own express business "Cainiao Express," which focuses on services such as half-day delivery, when the next day, home delivery and night collection.。Cainiao backed by Taobao Tmall, box horse and other Ali system, has a natural advantage。Shuai Yong, vice president of Cainiao Group and general manager of the domestic supply chain division, said in an interview that "Cainiao Express" is targeting the high-quality express services of SF and Jingdong, positioning TOP 3, but will have more advantages in price.。

The rookie's influence overseas should not be underestimated.。Rookie's revenue (after offsetting the impact of cross-segment transactions) for the first quarter was 136.1.9 billion yuan, up 18% year-on-year。72% of total revenue comes from external customers。

Public information shows that the express delivery companies preparing to go public in Hong Kong, in addition to SF, Cainiao, there are extreme rabbit express。And the extremely rabbit express "hands and feet faster," the company in June has been to the Hong Kong Stock Exchange, will be Morgan Stanley, Bank of America Securities and CICC as the contact sponsor.。

Pole Rabbit Express had been developing in Southeast Asia before。In 2020, the extreme rabbit express into the Chinese express market, and the development is very rapid。Today, the geographical coverage of counties and districts in China exceeds 98%.。The company's parcel volume in China grew at a CAGR of 140 from 2020-2022.2%。Extreme Rabbit Express will account for 10% in China in 2022.9% market share。In the same year, SF's domestic market share in China was about 10%, slightly smaller than that of Pole Rabbit Express.。

Although the two market share is similar, but at present, the rabbit express is mainly in the low-end express market, and SF is focused on the high-end market, the two form a certain complementarity.。However, the development of extreme rabbit express in overseas markets is unmatched by SF.。

According to public information, the service started in Indonesia in 2015 and expanded to other Southeast Asian countries such as Vietnam, Malaysia, the Philippines, Thailand, Cambodia and Singapore.。In 2021-2022, Pole Rabbit Express is the number one courier operator in Southeast Asia by parcel volume, with a CAGR of 47 in parcel volume from 2020 to 2022..6%。The company's market share in Southeast Asia in 2022 was 22.5%。

It is worth noting that SF Holdings announced on May 12 that it had sold its 2020 franchise express company, Fengwang Express, to Extremely Rabbit Express at a transaction price of 11.8.3 billion yuan。The move was interpreted as SF Express will gradually abandon the low-end express market and focus on the high-end express sector.。In addition, SF Holdings also holds approximately 1% of Pole Rabbit Express through CELESTIAL OCEAN INVESTMENTS LIMITED..54% of equity。

China's State Post Bureau monitoring data show that as of May 31, China's express business volume has reached 50 billion pieces this year, 155 days ahead of reaching 50 billion pieces in 2019 and 27 days ahead of 2022.。Behind the growth of express delivery volume is the increasingly fierce competition among major express logistics companies.。Some logistics companies choose to dig deep into China, in terms of timeliness, service and other aspects to achieve the ultimate, but also logistics companies choose to turn their attention to overseas。Either way, the development process requires capital investment, in this context, perhaps in the future, we can see more and more express companies seeking to go public。