Author | Huang Yu Editor | Liu Baodan Last year, thanks to the success of the "Speeding" on iQiyi, the company has had a difficult time recently. On the one hand, the explosively popular TV series is on hiatus, and on the other hand, the derivative concert of the variety show "Plant Some Goodness" has been criticized for "free offline but paid online." According to Wall Street News, the second Wheat Field Music Festival, produced by iQiyi's reality show "Plant Some Goodness," was held on June 6th. Some viewers had previously received free offline tickets through official activities, while online viewers, even iQiyi members, had to pay RMB 12 for viewing, and the viewing period was valid until June 14th. This differentiated pricing model has caused dissatisfaction among many viewers, who question that iQiyi's move is "cutting corners." In response, iQiyi's customer service said, "You can buy tickets to watch the concert live according to your own needs, and the edited content of the concert will be launched on the main platform in the future." In fact, this is not the first time that long video platforms represented by iQiyi have been accused of "cutting corners." In recent years, membership grading systems, early access, and inventory restrictions have often caused user backlash, in addition to paying extra for derivative programs. The differential pricing model reflects the growth anxiety faced by long-form video platforms such as "i优腾."

The weather is good today Today's weather is good.

The leader of s.f. holding, Wang Wei, welcomed his fifth listing platform in his life.

After more than a year, on November 27th, s.f. holding (06936, HK) was officially listed on the Hong Kong Stock Exchange. At 9:30 am that day, Wang Wei and Wang Qinjin, who transitioned from a "delivery man" to a cargo plane captain, jointly rang the gong, marking the official trading of s.f. on the Hong Kong Stock Exchange and becoming the first "A+H" listed company in the express logistics industry.

With s.f. holding listed on the Hong Kong Stock Exchange, adding to the previous kerry log net (0636.HK), s.f. express (9699.HK), and s.f. property trust (2191.HK) under its umbrella, Wang Wei now owns 5 listing platforms.

Wang Wei stated that the Hong Kong listing is of great significance to s.f. holding, as the group can leverage the Hong Kong platform to better develop the international markets. He mentioned that from the listing on the A-share market to the current listing in hong kong 7 years later, the company has faced many difficulties and challenges, but the team has the ability and experience to deal with any problems and unforeseeable factors, believing that the performance of recent years can be used as a test.

As the "China's No.1 express delivery company", s.f. holding's IPO on the Hong Kong Stock Exchange this time is not small. According to the s.f. holding announcement, this IPO globally issues 0.17 billion H shares, accounting for 3.41% of the company's total shares after the issuance, and the final issue price is at the median of the price guidance range, priced at HK$34.3 per share, with a total fundraising amount of approximately HK$5.831 billion and a net proceeds of approximately HK$5.661 billion.

In terms of the fundraising amount, s.f. holding's IPO scale is lower than the HK$6.087 billion fundraising of Meituan (09660.HK), ranking as the third largest IPO in the Hong Kong Stock Exchange this year. However, if the 15% over-allotment option is exercised, s.f. holding's fundraising could reach HK$6.603 billion, becoming the second largest IPO on the Hong Kong Stock Exchange this year, second only to Midea Group Co., Ltd.

Compared to last year, the timing of s.f. holding's listing this year is indeed better, but the enthusiasm of the capital markets remains moderate. Not only did the final number of issued H shares fall far short of the initial maximum of approximately 0.625 billion shares, but the issue price also did not reach the high end of the price guidance.

On the first day of trading, although s.f. holding's stock price did not break, it also performed flatly. The opening price on the first day was approximately HK$34.3 per share, and the final closing price was also HK$34.35 per share, with zero daily increase.

According to sources from brokerage firms, s.f. holding's valuation is not cheap, and the enthusiasm in the current Hong Kong stock market is not high. Therefore, the issuance situation is relatively stable, and there will not be too much fluctuation on the first day of trading.

For s.f. holding, the purpose of its secondary listing in Hong Kong is very clear, which is to assist in its global strategy.

s.f. holding stated that relying on the Hong Kong Stock Exchange, it will develop international businesses more effectively. Listing in Hong Kong will help s.f. holding further advance its globalization strategy, build an international capital operation platform, optimize its international brand image, and enhance overall competitiveness.

At last year's shareholder meeting, Wang Wei mentioned that s.f. holding must seize the opportunity for internationalization without trailing behind competitors. "Although we have made some investments before, I think it's not enough. If the company can list in Hong Kong, there will be more opportunities, so this is necessary."

Wang Wei further explained that s.f. holding's main goal is to enter the global capital and hopes to quickly expand through capital in the future. "Because we see many giants rapidly expanding and forming scale through capital, s.f. holding also needs to take the same path, requiring an international capital platform."

Last year, the "three major logistics giants" s.f. holding, sto express, and cainiao all made a dash for the Hong Kong Stock Exchange. In the end, sto express was the first to go public. Cainiao, backed by Alibaba, chose to withdraw its listing application in the end, but still continues to strengthen its global business.

According to SF's prospectus, approximately 45% of the net proceeds raised from the Hong Kong Stock Exchange listing will be used to strengthen its international and cross-border logistics capabilities.

Obviously, with severe internal competition and limited growth space in the domestic express industry, international logistics has become an important direction for SF to seek incremental space.

S.f. holding has been expanding its international business layout for more than ten years. By 2021, it acquired 51.5% of Kerry Log Net's shares for 17.555 billion Hong Kong dollars, further improving its strategic layout in the Southeast Asian market.

According to SF's interim report this year, the trend of Chinese companies' "capacity going global" and "brand going global" has brought huge, stable, and attractive supply chain opportunities. In terms of the scale of value generated from 'capacity going global' and 'brand going global', the six countries in Southeast Asia account for the largest proportion, representing the largest overseas opportunities for Chinese companies.

Aviation network resources are a major weapon for s.f. holding to expand its global market. According to data from s.f. holding, it has the largest cargo aviation company in China and is among the top worldwide. Currently, it operates nearly a hundred freighters and has a total of 139 global flight routes. And s.f. holding's Ezhou freight hub is the top in Asia and the fourth globally as a primarily aviation cargo logistics hub.

As of the end of the first half of this year, s.f. holding's international express business covered 97 countries and regions abroad, while its international small package business covered 202 countries and regions.

Since the beginning of this year, with the improvement of external market conditions and internal business optimization, s.f. holding's international business has reversed the trend of declining revenue from last year. In the third quarter of this year, the supply chain and international business revenue of s.f. holding increased by 27.3% year-on-year, driving the overall revenue to grow by 12% to 72.451 billion yuan.

Wang Wei once set a goal: by 2025, ensure that s.f. holding's business scale and company value rank first in asia and third globally. Now that it is listed on the Hong Kong Stock Exchange, s.f. holding is accelerating towards this challenging goal.