(Bloomberg) -- A Xiaomi Corp. unit is among cornerstone investors in Chinese courier SF Holding Co.’s Hong Kong listing, people familiar with the matter said, showing appetite for one of the biggest share sales in the city this year.
SF, China’s biggest express-delivery company, is planning to start taking investor orders for the share sale as early as Tuesday to raise up to about $800 million before the overallotment option, the people said, asking not to be identified to discuss a private matter.
Cornerstones, which agree to invest a set amount at the listing price and hold shares for a certain period, will buy around $200 million worth of shares, the people said.
Representatives for Xiaomi and SF didn’t immediately respond to requests for comment.
SF’s listing is expected to be the last major first-time share sale in Hong Kong this year. Initial public offerings in the city have raised more than $9 billion in 2024, surpassing last year’s total but far below bumper levels in previous years, according to data compiled by Bloomberg.
Goldman Sachs Group Inc., Huatai Securities Co. and JPMorgan Chase & Co. are joint sponsors of the offering.
SF is already listed in Shenzhen, where its shares have risen about 5% this year. The company has a market value of 204 billion yuan ($28 billion). At a peak in early 2021, it was valued at 534 billion yuan.
--With assistance from Jessica Sui.
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