SF Holding Co., Ltd. announced a revised allocation of its H-share Global Offering proceeds, shifting capital from international expansion to domestic infrastructure upgrades.

The company raised HKD5.66 billion (approximately RMB5.30 billion) in net proceeds from the November 2024 listing. As of 28 February 2026, RMB3.98 billion—about 75% of the total—had been spent.

Key changes approved by the Board:

1. International and cross-border logistics • Original allocation: RMB2.38 billion (45% of proceeds) • Unused balance: RMB1.32 billion • Reallocation: RMB930.00 million redirected to domestic projects • Remaining balance for international initiatives: RMB392.00 million, to be deployed by end-2026

2. Domestic logistics network and service optimisation • New injection: RMB930.00 million – RMB430.00 million for aviation and ground capacity expansion, including additional trucks and all-cargo aircraft as well as related maintenance and component purchases – RMB500.00 million for automation equipment to lift trans-shipment efficiency and cut costs • Utilisation target: by end-2026

Management cited a slower overseas acquisition pipeline and pressing capacity needs at home as drivers of the adjustment, emphasising quicker deployment and higher certainty of returns. The company stressed that its core business focus remains unchanged and expects no material adverse impact from the reallocation.

SF Holding will report progress on the remaining proceeds in forthcoming annual and interim disclosures and may further adjust plans in response to market conditions.