Port communicationHow did SF Express move from private equity financing to IPO? (Recommended collection) Introduction：recently，SF Holding listed on Shenzhen Stock Exchange，Open high and go high，The current stock price is 55.21 yuan and has reached the daily limit.，The total market value exceeds that of Vanke and Midea，Become the largest company by market capitalization in Shenzhen Stock Exchange。Calculated based on the average stock price of SF Holding over the past five trading days，SF Holding’s market value is approximately 200 billion yuan，Wei Wei, chairman of SF Express Holdings, is worth more than 120 billion yuan。
At today's listing ceremony，Wei, Chairman of SF Holding, made an appearance，Wearing work clothes and black-rimmed glasses，It seems difficult to tell that he is the boss of SF Express with a net worth of hundreds of billions。Wei said，After SF Express became a public company，Will remind myself to be more cautious in my words and deeds："Starting from today，Don't say anything casually，You can’t go anywhere casually”，As low-key as ever。at the same time，He also reminded SF Express employees to be more cautious，Talk less and do more。
Wei stressed，After SF Express went public，I will never forget my original intention，Persistence in developing the express logistics industry。In the 2025 Forbes China Rich List，Wei ranked fourth。According to media statistics，If SF Holding gains another daily limit next，Wei can surpass Ma Huateng，Ranked third。If you gain 3 daily limits in a row，Can surpass Jack Ma，And after 5 daily limits, you can become the richest man in China。
Why SF Express’s share price soared，An important reason is that performance is good。2On the evening of March 22nd，SF Express released a performance report that exceeded expectations，Express display，SF Holding’s net profit in 2025 will be 4.18 billion yuan，Approximately 1.92 times the performance promised in the corresponding year during the previous restructuring。
Earlier，YTO Express、Yunda shares、STO Express also announced their respective performance in 2025 - YTO Express is expected to achieve a net profit of 1.35 billion-1.45 billion yuan，Yunda Co., Ltd. is expected to achieve a net profit of 1.16 billion-1.22 billion yuan，STO Express is expected to achieve a net profit of 1.238 billion-1.251 billion yuan。
In comparison，SF Holding’s net profit is about 259 million yuan more than the combined maximum net profit predicted by the three companies mentioned above.。
also，Although the net profits of the four companies in 2025 all exceed the amount promised during the restructuring,，However, SF Holdings exceeded expectations to a greater extent than other competitors - YTO Express、Yunda shares、STO Express's estimated maximum net profit in 2025 is 1.32 times the corresponding annual promised performance.、1.08times、1.07times，are lower than SF Holding。The efficiency of backdoor transactions is surprising. The efficiency of SF Express’s backdoor transactions is surprising to the market.。
Released a backdoor plan in May last year，This coincides with the introduction of the “most stringent new restructuring regulations in history” by the China Securities Regulatory Commission.，So the additional issuance plan was adjusted twice，It still took less than 9 months to complete the backdoor transaction。Securities Times sorted out the key time points of SF Express’s backdoor transactions：May 30 last year，SF Express releases backdoor yuan，SF Express’s transaction plan includes (1) major asset replacement；(2) Issuance of shares to purchase assets；(3) Raising supporting funds。
The company plans to acquire all assets and liabilities (for a price of NT$800 million)，Replace with the equivalent part of 100% equity of SF Express Holdings (priced at RMB 43.3 billion), the asset to be placed，The difference will be paid by the company issuing approximately 3.950 billion shares at 10.76 yuan/share.；At the same time, the company plans to raise supporting funds of no more than 8 billion yuan through non-public issuance of shares at no less than 11.03 yuan per share.。
Trading resumes from May 31 to June 21，The stock price has reached the daily limit for 12 consecutive trading days.，Dingtai New Materials has therefore become a hot stock in 2025。It is worth noting that，On June 16 last year, the China Securities Regulatory Commission solicited opinions on the "Measures for the Major Asset Reorganization of Listed Companies"，Against the backdrop of increasingly stringent backdoor listing approvals，SF Holding has made adjustments to its restructuring plan twice。
7Announced in March that it would divest all its financial assets：Hefeng Small Loans held directly or indirectly、100% equity of Lefeng Factoring and Shuncheng Financial Leasing Assets，Valued at approximately RMB 796 million。9end of month，Dingtai New Materials announced again that，SF Holding divested all assets it held in Zhongshun Yihe Win-win Fund。After quickly divesting financial business assets,，SF Express’s backdoor plan is cleared by the China Securities Regulatory Commission。10On March 12, the company’s plan was conditionally approved by the China Securities Regulatory Commission.。
After that, it enters the countdown state.：December last year，Wei serves as president of a listed company，Dingtai New Materials’ original management resigned，Complete asset placement。Until January 18 this year，SF Holding completed the transfer procedures and related industrial and commercial change registration matters，Realize the issuance of shares to purchase assets，Asset reorganization basically completed。2At the general meeting of shareholders on the 15th，The motion to change the company name and securities abbreviation was passed。How did SF Express move from private equity financing to IPO?
guard，This man is shrouded in a mysterious halo、The head of SF Express who has always kept a low profile，As SF Express approaches its 20th anniversary, it has made a decision that is destined to be a milestone in its development history.。
2013September，SF Express accepts Yuanhe Shunfeng Equity Investment Enterprise (hereinafter referred to as Yuanhe Shunfeng), a subsidiary of Suzhou Yuanhe Holdings、Jiaqiang Shunfeng (Shenzhen) Equity Investment Partnership, a subsidiary of CITIC Capital (hereinafter referred to as Jiaqiang Shunfeng)、Shenzhen Zhaoguang Investment Co., Ltd. (hereinafter referred to as Zhaoguang Investment), a subsidiary of China Merchants Group、The investment team composed of Suzhou Guyu Qiu Chuang Equity Investment Partnership (hereinafter referred to as Guyu Qiu Chuang), a subsidiary of Guyu Capital, invested in the shares。
According to rumors，The amount of investment planned by the four investment institutions is around 8 billion yuan。The information verified by the author，The final shareholding ratio of the four investment institutions was 24.5%。Has always been famous for being "not short of money"、SF Express has repeatedly rejected the olive branch of investment institutions.，Why were four investors introduced at this time?，And nearly 25% of the shares sold。As the “strategic brain” of SF Express, Wei，What considerations led to this decision?
History is always surprisingly similar，Maybe，You can learn a thing or two from the secret development history of SF Express。
The predecessor of SF Express is Shenzhen Huaan Hengye International Transportation Co., Ltd. (hereinafter referred to as Huaan Transportation)，It was established in November 1997 with joint investment from Shenzhen Huaan Hengye Investment Development Co., Ltd. (hereinafter referred to as Huaan Investment) and natural person Liu Jingqiu.，Registered capital 5 million yuan，Huaan Investment holds 90% of the shares，Liu Jingqiu holds 10% of the shares in a domestic international freight forwarding company approved by the then Ministry of Foreign Trade and Economic Cooperation.。
As early as 4 years before the establishment of Huaan Transportation,，Wei, who was only 22 years old at the time, had already joined the express delivery industry.。1993Year，Wei registered an express delivery company in Shunde, Guangdong，At the same time, we rented dozens of square meters of store space in Hong Kong.，Specialized in delivering letters to Hong Kong companies to the Pearl River Delta。The company was first established，Weibian quickly attracted a large number of customers through the strategy of "grabbing the market at low prices"，opened up the situation。to 1997，Wei almost monopolizes all express delivery business to Hong Kong。
It was widely rumored at that time，70% of the express freight trucks driving on the Hong Kong Highway belong to Wei Company。Wei's wild growth style of play first tasted the fruits of victory。By 2004，The development trajectories of Huaan Transportation and Wei have an intersection.，The shareholders of Huaan Transportation transferred all their equity interests in Huaan Transportation to SF Express (Hong Kong) Co., Ltd. (hereinafter referred to as SF Express Hong Kong)，The actual controller of SF Express Hong Kong is Wei。
After completing the acquisition，Huaan Transportation changed its name to SF Express Co., Ltd. (hereinafter referred to as SF Express)，The nature of the company has also been changed from a domestic-funded enterprise to a foreign-invested enterprise.。2005Year，By implementing business integration，SF Express changed its name to SF Express (Group) Co., Ltd. (hereinafter referred to as SF Group)。
The so-called times make heroes，After Wei completed the business integration of SF Express Group,，It has caught up with the rapid development period of China’s express delivery industry.，Especially the rapid development of e-commerce in recent years，Bring new business growth points to the express delivery industry。Statistics from the State Post Bureau show，2005year to date，my country's express delivery industry maintains a rapid growth rate。
2012The business volume of express delivery service enterprises above designated size in the country increased by 55% year-on-year；Express delivery business revenue reached 105.53 billion yuan，A year-on-year increase of 39%；2013first half of year，A total of 3.84 billion pieces of business have been completed，Total business revenue reached 62.98 billion yuan (Figure 1)。SF Express Group, under the leadership of Wei，We have also embarked on the road of rapid development.。
SF Group’s revenue increased rapidly from 11.252 billion yuan in 2010 to 21.018 billion yuan in 2012，3Almost doubled in years。
As of 2012，SF Express Group’s operating scale is second only to the state-owned China Post Express，Far surpassing the "three links and one extension" (STO、Yuantong、Zhongtong and Yunda) business level，Market share reaches 20%，The leading position in my country’s express delivery industry has been established (Table 1)，A huge international SF business country is about to emerge (Figure 2)。
In SF Express’s business system，There are five major holding entities，i.e. SF Express Group、Shenzhen Taihai Investment Co., Ltd. (hereinafter referred to as Taihai Investment)、SF Holding Co., Ltd. (HK)、SF Express (Overseas) Co., Ltd. (HK)，(hereinafter referred to as SF Overseas) and Jade Holdings (BVI)，Control and operate SF Express's domestic and international express delivery businesses respectively.、Third party payment、E-commerce、Investment and real estate businesses。
The ultimate controller of these holding entities and businesses is Wei，In addition to Yu Guoqiang’s 1% stake in Taihai Investment,，Almost all other shares are held by Wei and his wife。There is no shortage of money to "attract investment" according to SF Express's development plan，In the future, SF Express will consolidate and develop its main express delivery business.，will also be used in air cargo、Logistics and warehousing、e-commerce、Actively expand financial payment and other fields，Achieve transformation and upgrading through "three streams in one" integrated services。
To implement this plan，SF Express will invest 7.5 billion yuan in the next three years (Table 2)。75The planned investment amount of 100 million yuan is not much different from the market rumored financing amount of 8 billion yuan.。But as a company with operating income of 21.018 billion yuan,，Will SF Express lack 2-3 billion yuan in funds for project expansion every year? Judging from SF Express’s simulated consolidated statements from 2010 to 2013，It is not a big problem for it to invest 2-3 billion yuan every year.。
Whether it is the current situation or future expectations，SF Express has shown strong solvency，Financial strength cannot be underestimated。Especially in 2012, it repaid 2.848 billion yuan of debt in one fell swoop.，It is the best footnote to its good financial status.。In addition, SF Express’s strong business style，Expected future operating performance，Therefore, it is difficult to use solving the problem of future development funds as the main reason for this financing.，There should be another story behind SF Express’s financing。
Judging from the four investment institutions introduced by SF Express this time，They have a common characteristic，All have deep connections with the state-owned assets system。Yuanhe Shunfeng、Jiaqiang Shunfeng、Naturally, there is no need to go into details about recruiting investment.，These three companies are all backed by powerful state-owned groups.，The ancient jade capital that Ancient Jade Qiu Chuang relies on also has a lot of background.。Ancient Jade Capital was registered and established in Beijing in 2011，The initial registered capital is 100 million yuan，The legal representative is Lin Zheying, former deputy director of the Foreign Investment Department of the Ministry of Commerce.。
According to information disclosed on the website of the Ministry of Commerce，The Department of Foreign Investment is mainly responsible for macro-guidance and comprehensive management of my country’s absorption of foreign investment.，Develop corresponding policies and regulations，Approval of foreign investment, etc.。According to public information，When Lin Zheying was working at the Ministry of Commerce，Mainly responsible for foreign mergers and acquisitions、Venture capital、lease、Establishment of laws and regulations for foreign investment in distribution and other areas，One of the main achievements is the design and implementation of the opening pilot project of the China-Singapore Cooperation Suzhou Industrial Park.。
Among the four investment institutions introduced by SF Express this time，There are two institutions registered in Suzhou，The registered address of Suzhou Yuanhe Holdings is located in Suzhou Industrial Park，Guyu Qiuchang was also established on August 10, 2013 in Suzhou Dongsha Lake Equity Investment Center。After Lin Zheying founded Ancient Jade Capital,，Investments so far include Heshun Environmental Protection、Nearly ten companies including Lakala，and holds Neusoft Carrier、XCMG shares total more than 0.5% of the shares。
Lin Zheying herself also serves as the executive director of Hong Kong-listed company Zhongqing Foundation (01182.HK) and Singapore-listed Hanke Environment (B22.SG)。at present，There are three companies as shareholders of Ancient Jade Capital，They are Suzhou Xinkang Investment 51.042 million yuan，Xiamen Xinshiji invested 49 million yuan，Beijing Xinyue Fangde invested 104.12 million yuan。
In addition to Xinshiji Group, the three shareholders are well-known in Fujian.，In 2007, he participated in Everbright Securities as one of the founders.，The other two companies appear to be unknown。Although Lin Zheying is no longer the legal representative of Ancient Jade Capital at this time,，But he is still the chairman and president of Ancient Jade Capital。
From the background of the four investors，Wei attracted investment this time and transferred 24.5% of its equity.，Quite a "mixed blood" meaning，Transform SF Express, a purely private enterprise, into a state-owned equity diversified enterprise with greater influence。Wei's move may be a strategy adopted to adapt to changes in the general environment.。From the perspective of SF Express’s development history，Wei has long been involved in adapting to changes in the environment by changing its shareholdings.。
2010September 6，SF Express Group completed an equity change。before that，The sole shareholder of SF Express Group is SF Express China (renamed from SF Express Hong Kong)，SF Group is therefore a foreign-invested enterprise。
In September 2010，Wei and Taihai Investment respectively acquired 99% of the SF Express Group held by SF Express China、1%Equity，Taihai Investment is a domestic enterprise，Wei Ze had previously given up his Hong Kong resident status.，Become a citizen of Mainland China。therefore，After completing the equity change, SF Express Group has changed from a foreign-invested enterprise to a purely domestic-funded enterprise.。
Weiwei changed the corporate nature of SF Express Group from a foreign-invested enterprise to a domestic-funded enterprise，Don’t hesitate to give up your Hong Kong resident status，The reason is that in 2009, our country promulgated and implemented the "Postal Law of the People's Republic of China"，Paragraph 2 of Article 51 of the Law clearly stipulates，Foreign investors are not allowed to invest in the domestic express delivery business of letters。obviously，If SF Express Group remains unchanged in its nature as a foreign-invested enterprise，Its business volume will undoubtedly be severely hindered。
thereafter，Always low-key、Wei, who does not accept media interviews, gave a rare interview to three party newspapers in 2011.，Including the People's Daily。In an interview with People's Daily，Wei mentioned "government" many times、"policy"：“How fast can China’s private express delivery go?、how far to go，It has nothing to do with the government’s determination.”；"We are not saying that the government must give any amount of subsidies，Enterprises will find ways to solve some small problems themselves。
The key is that the country’s policy environment should support the development of private express delivery companies.”；"I believe，As long as the country’s policy environment remains unchanged，China’s private express delivery companies will definitely have some bright spots within five years!"From the development history of SF Express Group and a few words from Wei's interview,，The public may understand the real reason behind SF Express’s investment。Maybe Wei’s focus isn’t on price，It’s about share ratio and investor background.。
2013September 12，Four investment institutions’ investment in SF Express completed industrial and commercial changes，Wei appointed as chairman of New SF Express，Lin Zheying from Ancient Jade Capital serves as Vice Chairman，Yu Guoqiang serves as President，Lin Xianghong of Yuanhe Shunfeng and other investment institutions sent personnel to serve as directors，Wei’s “dream” of attracting investment came true。
But for the four investment institutions，Faced with SF Express’s complicated equity structure system，It is destined to be a long process to realize SF Express’s “dream” of listing in 2025.，The first task is to "surgically" adjust and integrate SF Express's equity and business structure。Integrate ideas and guess according to general ideas，The core of SF Express’s integration should be to form a holding platform，Streamline management processes，Enhance business collaboration。
During the adjustment of SF Express system，The holding platform selected by the four investment institutions is Taihai Investment。The reason for choosing Taihai Investment is very simple：Taihai Investment controls the soul business of express delivery companies—call centers、Information system and third-party payment business required by SF Express to develop e-commerce in the future。
After selecting the holding platform，The adjustments to SF Express by the four investment institutions may be divided into five steps.，The investment funds from investment institutions will also be provided step by step.，at the same time，Wei also gradually injected its business into the holding platform。in this process，To circumvent the evaluation procedures required for state-owned capital contributions，The countermeasures adopted by both parties may be to agree on the amount and share ratio of the shares at one time，Subsequent capital increases in batches at the same proportion。
first step：adjust guard、Yu Guoqiang and Taihai Investment、The equity relationship of SF Express Group will build Taihai Investment into the holding platform of the new SF Express，The first task is to resolve the current equity relationship between Taihai Investment and SF Express Group，Especially the equity relationship between Wei and the two companies。Weiji holds 99% of the shares of SF Express Group，Also holds 99% stake in Taihai Investment，Taihai Investment also holds 1% stake in SF Express Group，The shareholding structure is very confusing。
To resolve this mess，The strategy adopted by the four investment institutions is to change Taihai Investment into a wholly-owned subsidiary of SF Express Group，The equity of existing shareholders of Taihai Investment was replaced by the equity of SF Express Group (Figure 3)。in this process，The key issue is that Yu Guoqiang’s 1% stake in Taihai Investment will be changed to SF Express Group’s stake。
Yu Guoqiang holds 1% equity of Taihai Investment，Taihai Investment holds 1% stake in SF Express Group，This means that Yu Guoqiang actually enjoys 0.01% equity in SF Express Group，The remaining 99.99% interest is held by Wei。
Step 2：Four investment institutions invested in SF Holding. After completing the establishment of the SF Holding platform,，Four investment institutions appeared on the scene，Among them, Yuanhe Shunfeng、Jiaqiang Shunfeng、Zhaoguang Investment invested an average of 600 million yuan，Occupies 7.658% of SF Holding’s shares，Gu Yuqiu Chuang invested 120 million yuan，Occupies 1.532% of SF Holding’s shares。
Four investment institutions invested a total of 1.92 billion yuan，Occupies 24.506% of SF Holding’s shares，The remaining 75.494% equity of SF Holding is held by SF Group (Figure 4)。On the surface，There are four investment institutions that have invested in SF Holding this time.，The actual situation may be more。According to public information，Of the three limited partnerships，The composition of the limited partners of Yuanhe Shunfeng is very representative.。
In the limited partnership Yuanhe Shunfeng，Its general partner is Yuanhe Zhongyuan, which was jointly established by Yuanhe Holdings and its management team.，Its limited partners (LP) include Yuanhe Holdings、Boyu Capital、CDB Financial、China Life Investment Holdings Co., Ltd. (hereinafter referred to as China Life Investment), a subsidiary of China Life Group, and Pacific Asset Management Co., Ltd. (hereinafter referred to as Pacific Asset), a subsidiary of China Pacific Insurance Group。
At the same time, according to different investment preferences，Yuanhe Holdings divided each limited partner into special LP、Priority LP、Ordinary LP and inferior LP (Figure 5)，And clarified the corresponding investment income standards, rights and obligations (Table 6)。Step 3：Restructuring the domestic express delivery business If investing in shares is just the beginning of the story，So the internal business integration of SF Express is the climax and focus of this investment attraction drama.。
SF Express’s existing business lacks effective coordination and cooperation，This barbaric growth method will never be adopted by investment institutions，It is also not conducive to subsequent listings.，therefore，It is very necessary to effectively integrate SF Express’s business under the platform of SF Express Holdings，The first thing to appear on the stage is domestic business integration.。SF Express’s domestic business mainly consists of two parts:，Express business and commercial business。
Express delivery business is managed by each express delivery sales department、SF Airlines and corresponding backend support system composition，Commerce is mainly composed of traditional commerce and e-commerce, which will be focused on development in the future.。therefore，Domestic business integration is likely to revolve around these two cores。
A more likely integration solution is：Established SF Express，Integrate the existing express business department and back-end support system of SF Express；Integrate e-commerce and third-party payment companies using SF Business as a platform；Due to the particularity of the industry，Continue to retain SF Airlines and SF Properties。
thus，SF Holding will form SF Express、SF Business、SF Airlines、SF Property’s four major domestic business segments (Figure 6)，The related asset business of SF Express Group may enter SF Holding through capital increase by SF Express Group through assets (equity).，Four investors followed up with cash capital increases。at the same time，To avoid duplication of work caused by assessment，The share ratio will remain unchanged after the capital increase。
Step 4：Reorganization of overseas express business compared to integration of SF Express’s domestic business，SF Express’s overseas business integration will be a lot more troublesome，There are mainly three constraints。First, in addition to 99% of SF Express Enterprises (BVI) being controlled by Wei，The equity of other overseas business units of SF Express is controlled by Wei’s wife，Increased integration complexity。Second, there is a lack of precedents and corresponding operating procedures in my country for cases of capital increase in domestic companies using the equity of overseas companies.。
According to the "Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors"，Shareholders of overseas companies can use their equity holdings in the overseas company to，Or an overseas company uses its additional shares to issue，as a means of payment，Purchase the equity of shareholders of domestic companies or additional shares issued by domestic companies。
However, this provision does not apply to overseas companies
Require
Relatively strict，For example, an overseas company should be legally established and its place of registration should have a sound corporate legal system.，And the company and its management have not been punished by regulatory agencies in the past three years；At the same time, the overseas company should be a listed company (except special purpose companies)，The place where it is listed should have a complete securities trading system。Even if there are regulations，But in actual operation，In my memory, there are no cases that have been approved.。
also，The current "Equity Contribution Registration and Management Measures" are also limited to the equity of limited liability companies or joint stock companies established in China.，And the investment of equity (shares) is also limited to other limited liability companies or joint stock companies in China.。Third, business entities are dispersed。SF Express overseas has SF Express Overseas (HK)、Three operating platforms: SF Enterprise (BVI) and Cuiyu Holdings (BVI)，The degree of business dispersion is even greater than within China。
Moreover, different countries or regions have different requirements on communication services (according to WTO modern service industry classification).，(Express services are communication services) have different access conditions and opening status.，Bringing obstacles to subsequent integration。For example, in this integration，SF Express Taiwan was excluded from the scope of integration，And set up Qiaoshun (HK) as an asset undertaking platform。
Based on the above factors，SF Holding is most likely to adopt a cash acquisition method to integrate SF Express’s overseas business.，That is, using the time difference between the registered capital and the arrival of the registered capital (the "Company Law" stipulates，The registered capital of a limited liability company shall be paid in full by shareholders within two years from the date of establishment of the company)，Four investment institutions increased capital in SF Holding in advance，To acquire overseas assets controlled by Wei and his wife，Defender then used this capital to indirectly inject it into SF Holding through SF Express Group.，SF Holding makes another acquisition，This cycle continues until the acquisition is completed。
certainly，If investors have enough trust in Wei，You can borrow money from Wei first，Both parties increased capital in SF Holding in equal proportions and then acquired SF Express's overseas business.，This will integrate SF Express's overseas business into SF Holding.，The business structure of SF Holding has been completed (Figure 7)。If the above conjecture is true，Then there are two problems that need to be solved：First, will Yu Guoqiang’s shareholding ratio in SF Group change?。
If Yu Guoqiang did not follow up on Wei’s capital increase when SF Holding integrated SF’s overseas business,，Its shareholding in SF Express Group is bound to be diluted。With SF Holding’s listing expected，It would be difficult to give up this part of the income。The second is the time factor。SF Holding’s acquisition of SF Express’s overseas business is somewhat similar to dismantling the red-chip structure，Mergers and acquisitions between related parties。
despite this，It is still essentially an overseas investment，And the amount is expected to far exceed US$100 million，Therefore, the corresponding approval procedures will be escalated to relevant national ministries and commissions.，Such as the Ministry of Commerce。This will have an impact on the time it takes to complete the integration，And further affect the future listing time of SF Holding。More importantly,，SF Express’s business integration，Whether inside or outside the country，will involve a large number of equity transfers，Will trigger income tax payment issues。
For example, domestic business integration adopts equity investment method，Based on its existing shareholdings，Special tax treatment under Circular 59 may apply，Delayed payment of income from equity restructuring；If overseas equity integration adopts cash transaction method,，It will need to be processed in accordance with the general tax treatment method.，Proceeds must be paid upon completion of the reorganization，This is especially true for Wei himself and SF Express Enterprises (BVI)。
therefore，How to reduce tax burden on business restructuring，This is also an issue that must be considered during the integration process.。Step 5：Exit from the IPO with no turning back，Although there are many difficulties in integrating，But the benefits from SF Holding’s listing will be more attractive。On the choice of listing place，If there are no major changes to current policies，SF Holdings is likely to be listed on the A-share market，Because this is the only choice to ensure the purity of the bloodline of SF Holding’s domestic enterprises.。
on time to market，According to the agreed share price and proportion、The idea of following up the investment in batches，The injection of relevant assets and businesses of SF Express into SF Holding should be completed before the end of August 2014，This is work that must be completed to ensure that the evaluation results are valid within one year.。after this，Since A-share listing requires a three-year performance period and the waiting time for IPO approval,，The listing time of SF Holding should be around 2025。
in this process，The central task of SF Holding is to further enhance market control through incremental capital investment，Further streamline internal management processes，enhance its profitability，Waiting for the market launch window to arrive。Four investment institutions use step-by-step operations to，Integrate almost all of SF Express's existing businesses into SF Holding，And holds approximately 24.5% of SF Holding’s shares，The first phase of investment reached 1.92 billion yuan。
According to market rumors，Four investment institutions invested approximately 8 billion yuan。if true，SF Express’s post-investment valuation is approximately 32.65 billion yuan，Pre-money valuation is 24.65 billion yuan。Financial statements simulated based on SF Express，Its P/E ratio is around 20 times，with UPS、FedEX's recent price-to-earnings ratios have been roughly the same。This shows that investors have placed deep expectations on SF Express。
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