(Yicai) Aug. 22 -- SF Holding, China’s largest express delivery company, has filed for a secondary listing of shares in Hong Kong, according to the exchange’s website.

SF chose Hong Kong for the share sale because it is a global financial hub with many active international investors, the Shenzhen-based company said in its prospectus. Hong Kong-listed firms are more likely to get research coverage by international investment banks and institutions, giving SF more opportunities to reach out to overseas investors and expand investor exchanges, it said.

SF announced its secondary listing plans on Aug. 2. It could raise between USD2 billion and USD3 billion, Bloomberg News reported in May, citing people familiar with the matter.

SF plans to use the proceeds to strengthen and enhance its logistics services and network coverage in Asia, especially in Southeast Asia, including investments, an expanded talent pool, and tie-ups with local logistics firms. The company also intends to use some funds to optimize its domestic network and services and research and develop digital solutions, it added.

The Hong Kong listing is based on a long-term consideration, Wang Wei, chairman and general manager of SF, said at a recent shareholders meeting.

Jakarta-based rival J&T Express has also filed for a listing with the Hong Kong Stock Exchange, while Alibaba Group Holding’s courier unit Cainiao Network Technology will likely complete its listing within 12 to 18 months.

A-shares and H-shares -- which trade on Chinese mainland bourses and in Hong Kong, respectively -- have different advantages, and selecting the latter is for internationalization, as SF needs to seize opportunities in the international market to play on the global capital platform, Wang said.

SF used a so-called backdoor listing to join the Shenzhen Stock Exchange in July 2017. The shares [SHE: 002352] fell 0.8 percent today to close at CNY44.30 (USD6.08) apiece. The benchmark Shenzhen Component Index gained 0.5 percent.

The company expects first-half net profit to have been between CNY4 billion and CNY4.2 billion (USD548 million and USD576 million), a 60 percent to 68 percent gain on a year earlier. Last year, profit surged 61 percent to CNY7.1 billion on a 29 percent jump in revenue to CNY267.5 billion (USD36.7 billion), with more than 20 percent coming from abroad.

Editor: Martin Kadiev