SF Holding
| Company type | Public company |
|---|---|
| Industry | Logistics |
| Founded | March 26, 1993 in Shunde, Guangdong, China |
| Founder | Wang Wei |
| Headquarters | Shenzhen , China |
Area served | Worldwide (339 prefecture-level cities in China; over 200 countries) |
Key people | Wang Wei (Chairman) |
| Products | Express delivery, freight transportation, cold chain logistics, intra-city on-demand distribution, supply chain management, international shipping |
Number of employees | 200,000+ vehicles (fleet size); number of employees not specified exactly |
SF Holding Co., Limited is a global logistics conglomerate based in Shenzhen, Guangdong, China. The company provides a wide range of services including express delivery, freight transportation, cold chain logistics, intra-city on-demand distribution, supply chain management, and international shipping. Its network covers 339 prefecture-level cities across China and extends to more than 200 countries worldwide. SF Holding operates a fleet comprising 99 cargo aircraft and upwards of 200,000 vehicles, making it the largest air and ground transportation operator in Asia. It also owns SF Airlines, recognized as the largest cargo airline in China.
The enterprise employs a business strategy that integrates direct operations with comprehensive capabilities and partnerships with third-party providers. SF Holding is publicly traded on the Shenzhen Stock Exchange and is listed in both the CSI 300 and MSCI Emerging Markets Indexes. It has four publicly listed subsidiaries: Kerry Logistics, SF Intra-city, SF REIT, and KEX Express (Thailand) (KEX). In 2023, the company achieved a net profit of RMB 8.2 billion.
History
The origins of SF Holding trace back to March 26, 1993, when Wang Wei established SF Express in Shunde, Guangdong. Starting with a team of six employees, the company initially focused on express deliveries between Shunde, Lufeng, and Hong Kong. Toward the end of the 1990s, SF Holding implemented a performance-driven compensation system that tied couriers’ pay to parcel volumes and freight charges.
In 2002, the company discontinued its franchise model in favor of direct operational control and relocated its headquarters to Futian District in Shenzhen. The SARS epidemic in 2003 accelerated the growth of e-commerce, opening new avenues for development. That same year, SF Holding began leasing five aircraft through a partnership with Yangtze River Express.
By 2009, SF Holding had launched SF Airlines and acquired two cargo airplanes, becoming the sole private express delivery firm in China to own aircraft. The company expanded internationally in 2010 by entering the Singapore market. By 2012, its air fleet had grown to include 30 dedicated cargo flights; its network comprised over 5,000 business points, more than 150 hubs, and a fleet exceeding 10,000 vehicles; annual revenue surpassed RMB 20 billion.
In 2013, SF Holding broadened its service offerings by entering cold chain logistics, pharmaceutical distribution, and less-than-truckload (LTL) freight sectors—transitioning into a fully integrated logistics provider. By 2015, revenue climbed to RMB 47.3 billion (an increase of 23.6%), net profit rose to RMB 1.967 billion (up by 80%), and gross margin improved to 20.42%. The air fleet expanded beyond 30 dedicated cargo flights; business locations exceeded 30,000 with over 200 hubs and more than 15,000 vehicles.
On May 23, 2016, SF Express sought a backdoor listing on the Shenzhen A-share market by acquiring Maanshan Dingtai Rare Earth & New Material Co., Ltd. for RMB 44.3 billion. After this transaction, Wang Wei’s Mingde Holding held a controlling stake of 64.58% in the newly formed entity. The company was officially listed on the Shenzhen Stock Exchange in January 2017; Maanshan Dingtai was renamed SF Holding Co., Limited in February.
In February 2018, SF Holding invested RMB 45.9 billion toward developing Ezhou Airport. That July, it secured a controlling interest (75%) in HAVI China Holding LLC to strengthen its cold chain logistics footprint across Mainland China, Hong Kong, and Macau. Additionally, it acquired Guangdong Xinbang Logistics and launched "SX Freight," an independent franchise specializing in LTL freight services.
During 2018, SF Holding purchased Deutsche Post DHL Group’s supply chain operations located in Mainland China, Hong Kong, and Macau for RMB 5.5 billion—including DHL Global Forwarding (Hong Kong) LTD.—which was rebranded as SF DHL Supply Chain China in February 2019.
In 2021, SF REIT debuted on the Hong Kong Stock Exchange Main Board. That year also saw SF Holding announce a RMB 17.56 billion acquisition for a majority stake (51.8%) in Kerry Logistics; following completion, Wang Wei assumed the role of Chairman at Kerry Logistics Network Limited. Furthermore, SF Holding completed a private placement that raised RMB 20 billion and successfully listed SF Intra-city on the Hong Kong Stock Exchange Main Board.
By the year 2023, SF Holding earned recognition as a candidate for the Fortune Global 500 list and ranked among China's top fifty private logistics enterprises according to the China Federation of Logistics & Purchasing.
In that same year, Ezhou Huahu Airport became China’s first dedicated air cargo hub featuring extensive domestic routes alongside international connections across Asia, Europe, and America. In September, operations commenced at SF Holding's sorting and transshipment center located at Ezhou.
In May 2024, SF Holding filed a prospectus for a secondary listing in Hong Kong; after clearing the November hearing with joint sponsors Goldman Sachs, Huatai International, and JPMorgan Chase, it planned to list on November 27—becoming the inaugural "A+H" listed company within China's logistics sector.
By December 2024, SF Holding’s H shares were incorporated into the Hong Kong Stock Connect program.
Express, Freight, and Cold Chain
SF Holding focuses on the mid- to premium-tier express delivery segment and broadened its scope to include express freight services in 2013. In June 2017, the company founded SF Cold Chain Logistics Co., Ltd., marking it as the first express logistics provider in China to operate a nationwide cold chain logistics network.
Intra-City On-Demand Delivery
SF Intra-City offers instant, end-to-end delivery solutions within urban areas, catering to merchants, consumers, couriers, and collaborators. By leveraging the rapid expansion of e-commerce and live streaming in China, it has integrated on-demand delivery with live commerce platforms. The company was listed on the Hong Kong Stock Exchange in 2021 and became part of the Hong Kong Stock Connect program in September 2024.
International Delivery Service
SF’s international logistics division delivers comprehensive direct mail services that encompass cargo transport, customs clearance assistance, and shipment tracking. Utilizing dedicated cargo aircraft and flight operations, it optimizes transportation and port processes to support cross-border e-commerce, trade activities, and personal shipments. In July 2024, SF International introduced a direct mail service in collaboration with Amazon Global Store.
International Freight Forwarding Services
Kerry Logistics (00636.HK) provides expedited international freight solutions including full container load shipping and air freight forwarding. The company streamlines customs clearance procedures while offering transparent end-to-end tracking to facilitate enterprises’ cross-border expansion efforts.
SF Holding’s Supply Chain Service SF Supply Chain offers comprehensive logistics services covering consulting, warehouse management, transportation coordination, supply chain optimization, and strategic partnerships. In collaboration with Amazon Web Services (AWS), SF developed the intelligent integrated management system "Shuzhi Gate," designed to address diverse park logistics scenarios and deliver complete supply chain transparency. This service encompasses inbound logistics, manufacturing support, distribution channels, and after-sales logistics.