Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/maanshan-dingtai-rare-a" target="_blank" data-smartkarma-citation="entities:4128:1" rel="noopener">S.F. Holding (002352 CH)</a> (SFH), China’s largest express delivery company, is now said to be looking to raise around US$1-1.5bn in its H-share listing in Hong Kong.</li>
<li>SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017.</li>
<li>We have covered the company and deal background in our previous notes. In this note, we talk about the past A/H listing and possible premium.</li>
</ul>



S.F. Holding (002352 CH) (SFH), China’s largest express delivery company, is now said to be looking to raise around US$1-1.5bn in its H-share listing in Hong Kong.
SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017.
We have covered the company and deal background in our previous notes. In this note, we talk about the past A/H listing and possible premium.


SF Holdings A/H Listing - Thoughts on A/H Premium and past A/H Listings

<ul>
<li>
<a href="https://www.smartkarma.com/entities/maanshan-dingtai-rare-a" target="_blank" data-smartkarma-citation="entities:4128:1" rel="noopener">S.F. Holding (002352 CH)</a> (SFH), China’s largest express delivery company, is now said to be looking to raise around US$1-1.5bn in its H-share listing in Hong Kong.</li>
<li>SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we look at its recent updates.</li>
</ul>



S.F. Holding (002352 CH) (SFH), China’s largest express delivery company, is now said to be looking to raise around US$1-1.5bn in its H-share listing in Hong Kong.
SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017.
We have looked at the company’s past performance in our previous notes. In this note, we look at its recent updates.


SF Holdings A/H Listing - Recent Updates as the US$1.5bn Raise Gets Closer

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>September &amp; Q324 data confirm slowing of domestic parcel volume growth</li>
<li>Y/Y ASP declines also moderated in Q324, which is beneficial to margins</li>
<li>Meanwhile, X-border parcel volume growth continued to surge last month</li>
</ul>


September &amp; Q324 data confirm slowing of domestic parcel volume growth
Y/Y ASP declines also moderated in Q324, which is beneficial to margins
Meanwhile, X-border parcel volume growth continued to surge last month


Monthly Chinese Express Tracker | Q3 Volume Growth & Price Declines Both Moderated | (October 2024)

China New Economy Equity Analyst, Blue Lotus Research Institute

Robert McKay

China New Economy Equity Analyst

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>Following a year of pure low-price competition, e-commerce platforms are shifting towards providing better services to customers - the major focus of this upgrade has been logistics. </li>
<li>This shift has has manifested through (1) the opening of Taobao/Tmall's merchant back-end to JD Logistics, (2) the resurgence of O2O, and (3) algorithm weighting tilt towards higher-scoring merchants.</li>
<li>Amid this shift we prefer JD Logistics (2618 HK) followed by ZTO (ZTO US). We are most negative towards S.F. Holding (002352 CH) followed by J&amp;T Express (1519 HK).</li>
</ul>


Following a year of pure low-price competition, e-commerce platforms are shifting towards providing better services to customers - the major focus of this upgrade has been logistics. 
This shift has has manifested through (1) the opening of Taobao/Tmall's merchant back-end to JD Logistics, (2) the resurgence of O2O, and (3) algorithm weighting tilt towards higher-scoring merchants.
Amid this shift we prefer JD Logistics (2618 HK) followed by ZTO (ZTO US). We are most negative towards S.F. Holding (002352 CH) followed by J&amp;T Express (1519 HK).


Major Changes in China's Last-Mile Delivery Market: Who Wins, Who Loses?

<ul>
<li>SF Holding proposes interim &amp; special dividends for owners of A-shares</li>
<li>Combined cash dividend totals 1.40 CNY per share, yielding about 3.3%</li>
<li>Meeting October 29 to approve dividends, Q3 results, planned HK listing</li>
</ul>


SF Holding proposes interim &amp; special dividends for owners of A-shares
Combined cash dividend totals 1.40 CNY per share, yielding about 3.3%
Meeting October 29 to approve dividends, Q3 results, planned HK listing


SF Holding Pre-IPO: Proposed Interim & Special Dividends of 1.40 CNY Per Share Ahead of HK Listing

China

YTO Express Group Co., Ltd. provides global express services. The Company also provides general cargo warehousing, domestic air transport agency, car rental, supply chain management, and other related services throughout China..

Price Gauge
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YTO Express (600233 CH)

SF Holdings A/H Listing - Thoughts on A/H Premium and past A/H Listings

S.F. Holding (002352 CH) is now said to be looking to raise around US$1-1.5bn in its H-share listing in Hong Kong. In this note, we talk about the...

Sumeet Singh

SF Holdings A/H Listing - Recent Updates as the US$1.5bn Raise Gets Closer

S.F. Holding (002352 CH), China’s largest express delivery company, is now said to be looking to raise around US$1.5bn in its H-share listing. In...

Sumeet Singh

Monthly Chinese Express Tracker | Q3 Volume Growth & Price Declines Both Moderated | (October 2024)

Parcel volume growth moderated for the express companies in Q3, but so did price declines. We expect the Chinese express companies to report...

Tracking Traffic

Major Changes in China's Last-Mile Delivery Market: Who Wins, Who Loses?

E-commerce platforms are prioritizing better customer service through logistics upgrades, with JD Logistics and ZTO as top picks and S.F. Holding...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SF Holdings A/H Listing - Thoughts on A/H Premium and past A/H Listings

S.F. Holding (002352 CH) is now said to be looking to raise around US$1-1.5bn in its H-share listing in Hong Kong. In this note, we talk about the...

Sumeet Singh

SF Holdings A/H Listing - Recent Updates as the US$1.5bn Raise Gets Closer

S.F. Holding (002352 CH), China’s largest express delivery company, is now said to be looking to raise around US$1.5bn in its H-share listing. In...

Sumeet Singh

Monthly Chinese Express Tracker | Q3 Volume Growth & Price Declines Both Moderated | (October 2024)

Parcel volume growth moderated for the express companies in Q3, but so did price declines. We expect the Chinese express companies to report...

Tracking Traffic

Major Changes in China's Last-Mile Delivery Market: Who Wins, Who Loses?

​E-commerce platforms are prioritizing better customer service through logistics upgrades, with JD Logistics and ZTO as top picks and S.F. Holding...

Blue Lotus Research Institute

SF Holding Pre-IPO: Proposed Interim & Special Dividends of 1.40 CNY Per Share Ahead of HK Listing

China's leading express company, SF Holding, has announced interim and special dividends to be paid to existing shareholders ahead of a planned...

Tracking Traffic

E-commerce platforms are prioritizing better customer service through logistics upgrades, with JD Logistics and ZTO as top picks and S.F. Holding...