The Zhitong Finance App learned that on September 22, the China Securities Regulatory Commission issued the “Additional Filing Requirements for Overseas Issuance and Listing (September 15, 2023 to September 21, 2023)”. The China Securities Regulatory Commission issued supplementary material requirements for SF Express Holdings (002352.SZ), which covered aspects such as the situation, shareholding structure, and share transfers of subsidiaries under the “domestic express delivery business that operates letters”. According to reports, SF Holdings submitted a listing application on the Hong Kong Stock Exchange on August 21, with Goldman Sachs, Huatai International, and J.P. Morgan Chase as co-sponsors.
Specifically, the China Securities Regulatory Commission requested SF Holdings to provide additional explanations on the following matters, and requested lawyers to conduct checks and issue clear legal opinions:
1. Please compare the requirements of the “Guidelines for the Application of Supervisory Rules - Overseas Issuance and Listing No. 2: Guidelines on the Content and Format of Filing Materials” to supplement the situation of subsidiaries under the company engaged in the “Domestic Express Delivery Business that Operates Letters” and their share of corresponding business revenue.
2. Regarding the shareholding structure, please explain whether the company's equity pledge situation may change before and after the issuance is completed, taking into account circumstances such as solvency.
3. Regarding equity transfers, please explain the pricing basis and related tax payments for the equity transfer between Shenzhen Mingde Holdings Development Co., Ltd. and Shenzhen Weishun Enterprise Management Co., Ltd., the controlling shareholders of the company in March 2023.
4. Please add the supervisory opinions of the industry supervision department of SF Express Hengtong Payment Co., Ltd., a subsidiary of the company.
5. Regarding the personal information protection and data security situation, please explain the situation and scale of personal information collected, used, analyzed and stored by the company and its subsidiaries, and whether the personal information protection and data security arrangements or measures adopted comply with national personal information protection and data security laws and regulations.
According to the prospectus, according to the Frost & Sullivan Report, in terms of revenue in 2022, SF Express is the largest integrated logistics service provider in China and Asia, and the fourth largest integrated logistics service provider in the world. SF Express is in a market-leading position in the five logistics segments in China and the four logistics segments in Asia. It provides customers with comprehensive logistics services, including express delivery, express delivery, cold transportation, instant delivery in the same city, supply chain solutions and international logistics services.
In terms of logistics networks, as of March 31, 2023, SF Express covered 99.7% of China's cities and 97.3% of counties and 208 countries and regions around the world. According to the Frost & Sullivan Report, as of the same date, SF Express was China's largest air cargo carrier, operating a fleet of 95 freighters, accounting for 36.1% of China's air cargo volume in the first quarter of 2023.