China's largest express delivery firm S.F. Express is to complete the last step of its back-door listing on the Shenzhen Stock Exchange on February 23, completing an IPO process started a year ago.
Shenzhen-based S.F. Express will ring the bell at the city's local bourse and its reverse merger partner, Maanshan Dingtai Rare Earth & New Materials Co., Ltd., will be officially renamed to S.F. Express in two days, Chinese media reported. Last week, shareholders voted to approve the change of its name and stock ticker.
One month earlier, the two companies completed an asset swap that valued S.F. Express at an estimated RMB44.8 billion (US$6.8 billion). The combined company now has 4.18 billion shares, and is worth RMB175.6 billion (US$25.5 billion) based on today's trading price of RMB41.99 per share.
S.F. Express' founder, Wang We...
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