S.F. Holding, operator of SF Express, set to raise up to US$345 million from listing of Reit logistics assets in Hong Kong

SF Reit will sell 520 million units in a range of HK$4.68 to HK$5.16 each, with trading set to start on May 17 on Hong Kong stock exchange

Shenzhen-listed S.F. Holding, which operates SF Express, is injecting three logistics centres worth HK$6.1 billion into SF Reit

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Shenzhen-listed S.F. Holding, the operator of courier firm SF Express, is spinning off its logistics assets via a Reit listing in Hong Kong. Photo: Reuters

Published: 8:15pm, 4 May 2021Updated: 10:42pm, 4 May 2021

S.F. Holding, China’s largest listed courier provider, plans to raise up to HK$2.68 billion (US$345 million) through listing an offshore real estate investment trust (Reit) in Hong Kong.

SF Real Estate Investment Trust (SF Reit) will sell 520 million units in a range of HK$4.68 to HK$5.16 each. The company will start marketing the public offering from Wednesday, with the Reit units debuting on May 17.

“We are the first Reit focused on logistic assets in the Greater China market,” Hubert Chak, the CEO of SF Reit Asset Management, told a media briefing on Tuesday.

Two cornerstone investors, state-owned China Orient Asset Management and a Canada-based investment fund, will subscribe to a combined US$50 million worth of Reit units.

Wang Wei, the chairman of SF Express, looks on during a ceremony for the company's listing at Shenzhen Stock Exchange on February 24, 2017. Photo: Handout

A listing application for SF Reit was submitted to the bourse operator Hong Kong Exchanges & Clearing on April 23.

Shenzhen-listed S.F. Holding, which operates SF Express, is injecting three logistics centres worth HK$6.1 billion into the Reit to be listed in Hong Kong as part of a plan to free up cash from its assets, according to the document.

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