The back-door listing plan of China's largest express delivery firm S.F. Express has been approved conditionally by Chinese securities regulator, paving the way for the transaction to press ahead toward completion in the next couple of weeks.
S.F. Express, backed by CITIC Capital Holdings Ltd., Oriza Holdings and China Merchants Group, said in May that it planned to conduct a reverse merger with Shenzhen-listed Maanshan Dingtai Rare Earth & New Materials Co., Ltd. in a deal that values the express delivery firm at an estimated RMB44.8 billion (US$6.8 billion).
Since then, S.F. Express has made two amendments to the merger plan, including spinning off its financial services unit and selling minority stakes in two Shenzhen enterprises to its controlling shareholder to satisfy regulator requirements.
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