Herbert Smith Freehills Kramer, CM Law Firm and Ogier are among five law firms to assist SF Holding to complete dual-track financing, raising HKD5.9 billion through an H-share placement and convertible bonds issuance.
The courier group placed 70 million new shares at HKD42.15 apiece, raising HKD2.95 billion. At the same time, SF Holding completed the issuance of zero-coupon guaranteed convertible bonds at HKD2.95 billion, which will mature in 2026, with an initial conversion price of HKD48.47 per H share.
CM Law Firm and Ogier acted as SF Holding’s PRC and British Virgin Islands legal counsel, respectively.
HSF Kramer advised the Shenzhen and Hong Kong-listed company on UK and Hong Kong law, with Jason Sung, the firm’s head of China corporate, and his team advising on the H-share placement. William Ku, head of finance and restructuring in Asia, advised on the convertible bond issuance. Partner Kong Jin counselled on US law.
Linklaters and King & Wood Mallesons guided the underwriters, Goldman Sachs and Huatai International. Linklaters’ capital markets partner Ki Taiki and corporate partner Donnelly Chan acted as Hong Kong and US legal counsel, while King & Wood Mallesons advised on PRC law.
SF’s documents published on the HKEX show that the capital raised will be used to strengthen the company’s international logistics capabilities, research and development and improve its cost structure.
Chinese multinational SF Holding is the largest integrated logistics service provider in China and Asia, and the fourth largest globally.
