SF Express sells 25pc for US$1.3 million to Citic, Oriza, China Merchants
SHENZHEN's SF Express has announced the sale of a 25 per cent stake for CNY8 billion (US$1.3 million) to a consortium including Beijing's Citic Capital, Suzhou's Oriza Holdings and Hong Kong's China Merchants Group.
SF Express president Wang Wei is accepting the first external investors since the company began 20 years ago. According to the Nanfang daily, the money will be used to expand the business.
The sales value of SF Express has hit CNY13 billion. It is second only to that of EMS and takes up about 20 per cent of the total market share, said the report.
SF Express now owns 30 cargo carriers, operates from more than 5,000 business outlets, more than 150 transit fields and runs 10,000 vehicles.