Supply Chain · Profile from Supply Chain Research Companion
SF Express (SF Holding)
China's premium express carrier, founded by Wang Wei in Shunde, Guangdong, in 1993 to carry documents and samples between Hong Kong and the factories of the Pearl River Delta, that chose to own and directly operate its network — staff, depots, trucks, its own airline (SF Airlines, 2009) and a dedicated cargo airport at Ezhou in Hubei (opened 2022) — in a market where most rivals were low-cost franchise couriers. It sells reliability at a premium price in a price-war market: business documents, time-definite parcels, high-value e-commerce and cold chain, and increasingly supply-chain and international logistics after it bought DHL's supply-chain business in Greater China (2018–19) and control of Hong Kong's Kerry Logistics Network (KLN, ~51.8% for ~HK$17.6bn, announced February 2021). Listed in Shenzhen by reverse merger (February 2017) and in Hong Kong from 27 November 2024 (HK$34.30 a share, ~HK$5.83bn / ~US$749m raised, reported), SF Holding passed RMB 300bn of revenue in 2025 (RMB 308.2bn, +8.4%; net profit attributable ~RMB 11.12bn, +9.3%; ~16.6bn parcels, +25.4%, company). For US readers it is the closest Chinese equivalent of FedEx or UPS: an integrator that owns its aircraft and hub, earning a premium for time-definite delivery while cheaper networks grow faster.
At a glance
- Founded
- 1993, Shunde (Foshan), Guangdong, by Wang Wei (reported); early operations between Hong Kong and Guangdong
- Headquarters
- Shenzhen, Guangdong, China
- Ownership / structure
- S.F. Holding Co., Ltd.: A shares on the Shenzhen Stock Exchange (002352) since a reverse merger completed in Feb 2017; H shares on HKEX (6936) since 27 Nov 2024. Wang Wei controls the group through Shenzhen Mingde Holding (a majority-level stake, reported, verify percentage). Controls KLN (Hong Kong-listed, 0636) and SF Intra-city (Hong Kong-listed, 9699, verify)
- Leadership (2026)
- Wang Wei, founder and chair (and CEO, reported, verify title in 2026)
- Scale
- 2025: revenue RMB 308.2bn (+8.4%), net profit attributable RMB 11.12bn (+9.3%, net margin ~3.6%), ~16.63bn parcels (+25.4%), free cash flow ~RMB 17.9bn (−19.6%) (company, 30–31 Mar 2026). H1 2026: revenue RMB 155.5bn (+5.9%), net profit attributable RMB 5.50bn (−4.1%, against a 2025 base with a ~RMB 590m after-tax one-off REIT disposal gain), adjusted net profit ~RMB 5.0bn (+9.3%); supply-chain and international revenue +15.6% (+46.6% excluding KLN) (company, 28 Aug 2026, reported)
- Network
- Direct-operated express network across China; SF Airlines (founded 2009; China's largest cargo airline by fleet, ~80+ freighters, company claim, verify); Ezhou Huahu cargo hub airport in Hubei (opened Jul 2022); KLN's forwarding, contract logistics and express in Asia, Europe and the Americas; cold chain, intra-city and freight (LTL) units
- Signature moves (incl. failures)
- Founding and the direct-operated model (1993–2002); SF Airlines (2009); Shenzhen backdoor listing (2017); Cainiao data dispute (2017); Kerry Logistics control (2021); 2021 profit collapse and the economy-express push (failure); Ezhou hub (2022); Hong Kong listing (2024)
8 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
1993
Founding Shunde Hong Kong Express
Founding; strategy pivot (franchise to direct operation, ~1999–2002)
2009
SF Airlines Own Cargo Fleet
Network build (fleet — own cargo airline)
2017
Cainiao Data Dispute
Customer or carrier contract (data-sharing dispute with a marketplace's logistics platform)
2017
Shenzhen Backdoor Listing
Spin-off or IPO (reverse merger into a listed shell)
2021
Kerry Logistics Control
Acquisition (control of a listed Hong Kong forwarder and contract-logistics group)
2021
Profit Collapse and Economy Express Push
Pricing or service change (low-price e-commerce products and capacity build) — failure, then reversal
2022
Ezhou Huahu Cargo Hub
Network build (dedicated cargo hub airport)
2024
Hong Kong Listing
Spin-off or IPO (Hong Kong H-share listing by an A-share company)