Herbert Smith Freehills Kramer advised S.F. Holdings on HK$5.8 Billion H-Share Placement and Convertible Bond Issue
Leading international law firm Herbert Smith Freehills Kramer advised Asia’s largest logistics provider, S.F. Holding Co., Ltd. (06936.HK, 002352.SZ), on its HK$5.8 billion fundraising through an H-share placement and convertible bond issuance.
The H-share placement comprised 170 million new shares, representing 41.2% of existing H shares and 1.4% of total issued shares, raising approximately HK$2.93 billion in net proceeds. In parallel, S.F. is issuing HK$2.95 billion in convertible bonds, representing 35.8% of existing H shares and 1.2% of total issued shares. The initial conversion price of the convertible bonds reflects a premium of about 5.3% over the prior 5-day average closing price.
Jason Sung, Head of China Corporate, led the team advising on the H-share placement, supported by Aaron Li and Eric Yeung. Jason commented, “The transaction comes amid renewed strength in Hong Kong’s capital markets. We are proud to have supported S.F. on their Hong Kong IPO last year, and now their first Hong Kong fundraising since then — highlighting the city’s resurgence as a premier fundraising hub for Chinese businesses. Having supported S.F. on multiple key mandates, we remain deeply committed to their long-term growth and success.”
William Ku, Asia Head of Finance and Restructuring, led the team advising on the convertible bond issuance, supported by Sarah Shen and Nicholas Loo. William noted, “With deep experience in complex cross-border debt structures, our team continues to deliver value to clients accessing global capital. This transaction is a testament to both Hong Kong’s revitalised bond market and our strong track record in debt capital markets.” Partner Jin Kong advised on the US law aspects, supported by Sean Ji and Haiyun Chen.
Herbert Smith Freehills Kramer has previously advised S.F. on a number of high-profile transactions, including its HK$5.83 billion Hong Kong IPO, SF Express’ US$792 million acquisition of Deutsche Post DHL’s China supply chain business and strategic partnership, the acquisition of 75% of HAVI Group’s cold chain business in mainland China, Hong Kong and Macau, and SF Intra-city’s HK$2.15 billion Hong Kong IPO.
The Herbert Smith Freehills Kramer transaction team was led by Jason Sung, William Ku and Jin Kong.
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