Herbert Smith Freehills Kramer advises S.F. Holding on HK$5.8 billion H-share placement and convertible bond issue

Leading international law firm Herbert Smith Freehills Kramer has 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 share, raising approximately HK$2.9327 billion in net proceeds. In parallel, the company 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 represented a premium of approximately 5.3% over the prior 5-day average closing price.

Jason Sung, Head of China Corporate, led a team advising S.F. on the new share placement, supported by Aaron Li and Eric Yeung.

"The transaction comes amid renewed strength in Hong Kong’s capital markets," said Jason. "We are proud to have supported S.F. on their Hong Kong IPO last year, and their first Hong Kong fund raising after their Hong Kong IPO. This is a deal that highlights 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," Jason added.

William Ku, Asia Head of Finance, led a team advising on the convertible bond issuance, supported by Sarah Shen and Nicholas Loo.

"With deep experience in complex cross-border debt structures, our team continues to deliver value to clients accessing global capital," said William. "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 S.F. Holding's HK$5.83 billion Hong Kong IPO, SF Express' US$792 million acquisition of Deutsche Post DHL's China supply chain business and an ongoing 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.

*According to regulatory requirements, Jin Kong's official title is Senior Registered Foreign Lawyer in Hong Kong.