BEIJING, Feb. 24 (Xinhua) -- SF Express, one of China's largest courier firms, is set to ring the bell and complete its back-door listing on the Shenzhen Stock Exchange on Friday.
After an asset swap that valued the express delivery giant at an estimated 44.8 billion yuan ($6.8 billion), its reverse merger partner Maanshan Dintai Rare Earth & New Materials Co will be officially renamed as SF Express, according to regulatory filings to the local bourse.
The listing will make SF Express the biggest Chinese courier company by market cap, surpassing its rival ZTO Express that went public in October at New York Stock Exchange, raising $1.4 billion.
The move also makes Wang Wei, SF Express's chairman and founder, worth more than 111.1 billion yuan, according to media outlet China Money Network, as he holds 64.6 percent of the merged company via an entity 99.9 percent owned by him.
Founded in 1993, SF Express is known to be backed by leading private equity players including CITIC Capital Holding, Oriza Holdings, China Merchants Group and Jade Capital.
Chinese securities watchdog approved the back-door listing deal in October.
SF Express's listing comes at a time when China's booming courier service sector reported a business revenue of 400 billion yuan last year. Officials of State Post Bureau expect this figure to grow into 500 billion yuan this year.
However, despite the backing of red hot e-commerce businesses, the sector is also plagued by rising labor cost and scandals of staff mistreatment. (chinadaily.com.cn)
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