What’s new: SF Holding Co. Ltd., one of the world’s largest package delivery services, saw its revenue surge nearly 38% to 154 billion yuan last year, mainly boosted by China’s massive e-commerce sales.
The Shenzhen-based company has benefitted from rapid growth in the country’s online retailing business last year, which contributed over 40% of its entire revenue last year, according to its financial report Wednesday.
Deliveries of goods ordered online pocketed the logistics company 44.1 billion yuan in revenue in 2020, representing a 64% year over year increase. It did not specify the number of e-commerce orders transported, but said the amount grew 156% from the previous year.
Shares in SF Holding, listed in its hometown Shenzhen, closed down 2.3% at 91.7 yuan per share on Wednesday.
More details: SF Express boasted a nearly 10% share in the fragmented market last year with 8.1 million deliveries, a jump of 68.5% from the previous year.
The Chinese courier announced last month that it will acquire a 51.8% stake in Kerry Logistics Network Ltd., owned by Malaysian business tycoon Robert Kuok, for HK$17.6 billion ($2.27 billion) in cash. The deal is expected to be completed by the fourth quarter of 2021.
SF Holding plans to open its own airport in Central China’s Hubei province this year, in what will be the country’s first airport dedicated to cargo-carrying aircraft. The project, worth 32.1 billion yuan, was co-funded by the Hubei government.
Contact reporter Anniek Bao (yunxinbao@caixin.com) and editor Heather Mowbray (heathermowbray@caixin.com)
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