Hangzhou SF Intra-city Industrial Co., Ld.’s Mainboard Listing on the Hong Kong Stock Exchange

Herbert Smith Freehills advised the joint sponsors involved in the IPO. Clifford Chance advised SF Intra-City Industrial Co. Ltd.

SF Intra-city operates China’s largest third-party on-demand delivery service platform, adopting a multi-scenario business model featuring full coverage of delivery scenarios for all types of products and services. The company started from a business unit of Chinese delivery service giant SF Holding Group (002352.SZ), and operated independently in 2019. The listing of SF Intra-city constitutes a spin-off of SF Holding Group.

The IPO raised approximately HK$2.15 billion (approximately US$276 million), with the listing on 14 December 2021.

CICC and BofA Securities acted as joint sponsors of on-demand delivery service provider Hangzhou SF Intra-city Industrial Co., Ld. (09699.HK)’s mainboard listing on the Hong Kong Stock Exchange.

Jason Sung (Picture) and Jeremy Shen led the HSF team advising the joint sponsors, assisted by of counsel Jin Kong, senior associate Kris Cheung, associate Crystal Chan, legal manager Eric Hung, and legal assistant Kate Lam. Beijing partners Isaac Chen and Zhong Wang led a team providing additional support, assisted by associate Kathy Zhang. Tom O’Neill supported on US securities law.

Associate Director Lucy Yao led Herbert Smith Freehills Kewei Joint Operation’s Alternative Legal Services business to provide high-efficiency solutions for verification and other document-intensive processes during the offering, assisted by senior legal analyst Ling Jiang and legal analyst Shawna Peng.

The deal was led by Clifford Chance partners Fang Liu (Hong Kong) and Tianning Xiang (Beijing), and supported by consultant Janet Tang (Hong Kong), senior associate Erxin Lu (Beijing), associates Ada Zheng (Beijing), Luyi Jiao (Beijing), and Astrid Zhuang (Shanghai), and trainee Ruonan Tang (Beijing).


Involved fees earner: Liu Fang – Clifford Chance; Luyi Jiao – Clifford Chance; Erxin Lu – Clifford Chance; Tianning Xiang – Clifford Chance; Ada Zheng – Clifford Chance; Crystal Chan – Herbert Smith Freehills; Isaac Chen – Herbert Smith Freehills; Kris Cheung – Herbert Smith Freehills; Jin Kong – Herbert Smith Freehills; Tom O’Neill – Herbert Smith Freehills; Jeremy Shen – Herbert Smith Freehills; Jason Sung – Herbert Smith Freehills; Zhong Wang – Herbert Smith Freehills; Lucy Yao – Herbert Smith Freehills; Kathy Zhang – Herbert Smith Freehills;

Law Firms: Clifford Chance; Herbert Smith Freehills;

Clients: Bank of America Securities; China International Capital Corporation Limited (CICC); SF Intra-City Industrial Co. Ltd.;

Giulia Di Palma

Author: Giulia Di Palma