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Leading global law firm Herbert Smith Freehills has advised CICC and BofA Securities 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.

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.

"We congratulate SF Intra-city on its successful IPO, which reflects the company's ability to capture new consumption trends and meet evolving customer needs in China," said Hong Kong partner Jason Sung.

"As the infrastructure of the new consumption era, the logistics industry has benefited from the booming internet economy, which at the same time has promoted the development of numerous other sectors from retail and manufacturing to service industry," added Jason.

This deal adds to the growing roster of China "internet plus" listings on the Hong Kong Stock Exchange on which the firm has advised in the past three years, including SaaS firm Duiba Group (01753.HK), AI-based mobile app developer and mobile advertising platform services provider Newborn Town Inc (09911.HK), online marketing solutions provider Netjoy Holdings Limited (02131.HK), brand e-commerce retail and wholesale solutions provider UNQ Holdings Limited (02177.HK), and online marketing solutions provider UJU Holding Limited (01948.HK).

"Our proven expertise in advising clients from internet and related sectors adds to our three-decade local capital market capability. We look forward to seeing more Chinese 'internet plus' companies capture growing opportunities in the capital markets," said Hong Kong partner Jeremy Shen.

Herbert Smith Freehills has previously advised SF Express on a number of high-profile transactions, including its US$792 million acquisition of Deutsche Post DHL's China supply chain business and an ongoing strategic partnership, and acquisition of 75% of HAVI group's cold chain business in mainland China, Hong Kong and Macau.

The annual order volume in the third-party on-demand delivery service industry increased from 0.5 billion in 2016 to 3.0 billion in 2020 at a CAGR of 53.2%, and is expected to further increase to 16.3 billion in 2025 at a CAGR of 40.1%.

Jason Sung and Jeremy Shen led the 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.




史密夫斐尔香港办公室合伙人宋子淳(Jason Sung)表示:“顺丰同城能够捕捉新的消费趋势,满足中国市场不断变化的客户需求,衷心祝贺顺丰同城成功上市!”



香港办公室合伙人沈志良(Jeremy Shen)表示:“史密夫斐尔在为互联网及相关行业的客户提供法律咨询方面经验卓著,令本所30多年的本地资本市场业务如虎添翼。我们期待看到更多的中国‘互联网+’公司借力资本市场抓住增长机遇。”



合伙人宋子淳和沈志良率领本所律师团队为此次上市联席保荐人提供法律服务。主要团队成员包括香港办公室资深顾问孔瑾(Jin Kong)、张昕(Senior Associate)、陈念彤 (Associate)、洪硕甫(Legal Manager)和林乐彤(Legal Assistant)。北京办公室合伙人陈敏和王重率领团队提供支持,主要团队成员包括张凯西(Associate)。Tom O'Neill也就美国证券法提供支持。

姚硕(Associate Director)率领的科伟史密夫斐尔联营办公室替代性法律服务(ALT)联合团队在发行期间为招股书验证及其他文件密集型工作提供高效率的解决方案,主要成员包括江凌(Senior Legal Analyst)和彭祺程(Legal Analyst)。

Key contacts

Jason Sung photo

Jason Sung

Partner, Head of M&A, Asia, Hong Kong

Jason Sung
Jeremy Shen photo

Jeremy Shen

Partner, Hong Kong

Jeremy Shen

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Sally Greig

Head of Communications, Asia

Hong Kong

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For further information on this article please contact

Vivian Huang

Communications Manager, China