On 8 May 2026, SF Holding (Stock Code: 06936) disclosed that Shenzhen SF Intra-City Logistics Co., Ltd.—a wholly owned unit of Hangzhou SF Intra-City Industrial Co., Ltd. (09699.HK)—has signed a limited-partnership agreement to invest in Suzhou Xiaoyuchengxi Venture Investment Partnership (L.P.).

The fund aims to raise RMB 0.70 billion and will invest in intelligent, low-carbon and new-energy technologies, logistics technology, and emerging local-life opportunities involving unlisted companies. To date, total committed capital stands at RMB 0.44 billion, of which Shenzhen SF Intra-City has pledged RMB 0.21 billion, representing 48.85 % of the current commitments and 30.43 % of the target fund size.

Key terms of the partnership include: • Structure and term: a seven-year life with a four-year investment period and a three-year exit period, extendable by agreement. • Governance: General Partner Xiamen Zhuopu Zhiyuan Investment Partnership (L.P.) holds exclusive management rights and will form a three-member Investment Decision Committee; Shenzhen SF Intra-City appoints one member but does not possess veto power. • Distribution waterfall: 100 % capital return, followed by an 8 % preferred IRR to limited partners, a 20 % catch-up to the GP, and an 80/20 residual split between limited partners and the GP. • Funding schedule: limited partners will initially contribute 15 % of committed capital upon call notices.

SF Holding stated that the investment aligns the intra-city segment with strategic and technological opportunities while fostering interaction between industrial operations and capital deployment. The transaction falls within management approval limits, does not constitute a related-party deal or a major asset restructuring, and will be financed entirely with existing cash, implying no material impact on the group’s financial position.

Risks outlined include the fund’s incomplete fundraising and pending registration with the Asset Management Association of China, as well as typical uncertainties related to project selection, market cycles and policy changes. SF Holding will monitor the fund’s establishment, operations and post-investment management and will disclose relevant progress in accordance with regulatory requirements.