Tag: SF Intra-city

Business

SF Intra-city(09699.HK) Expand Its on-demand Delivery Business in Hong Kong in July

Jun 27, 2024 by Sujata Muguda 0 Comments #Delivery Business in Hong Kong in July, #Hangzhou SF Intra-city Industrial Co., #Hong Kong, #Ltd, #RMB, #SF Intra-city, #SoFast

HONG KONG, June 27, 2024  — Hangzhou SF Intra-city Industrial Co., Ltd. (“SF Intra-city”, Stock Code: 9699.HK), China’s largest third-party on-demand delivery service provider, is pleased to announce that it will develop and expand its intra-city on-demand delivery services in Hong Kong, China in July 2024. Leverage its extensive industry experience and operational strengths of on-demand delivery industry accumulated over the years, SF Intra-city aims to provide better services to merchants and consumers.

Together with recent recruitment postings on various platforms, SF Intra-city is actively recruiting a large number of rider partners, including walkers, bicycle riders, drivers of motorcycle, passenger car, and van in Hong Kong. The rider-specific mobile application (App), “SoFast Rider”, for the Hong Kong region has been officially launched gradually and has been available for public download on major mobile app stores. SF Intra-city will launch its services in Hong Kong under the “SoFast” brand.

The recruitment postings show that unlike food delivery services, the platform’s delivery tasks will primarily focus on documents, small parcels rather than food delivery. The per-kilometer income for deliveries is twice as high as other food delivery platforms, and the hourly revenue can reach up to HKD $300. Riders can choose delivery tasks based on their own schedules without any fixed online time limits, allowing them to freely decide how many tasks to accept. Additionally, they can participate in lucrative incentive programs.

It is reported that SF Intra-city has always regarded its riders as primary partners, placing the utmost efforts to protect their rights and interests, providing them income opportunities and long-term development. This initiative aims to offer Hong Kong riders the opportunity to “earn flexibly, accept orders freely, enjoy stable order volumes, and receive generous rewards,” fostering a mutual beneficial ecosystem.

SF Intra-city has introduced a range of equipment for Hong Kong riders featuring the “SoFast” logo, including T-shirts, vests, hand carry cases, backpacks, sun protection clothing, and rain gear. Currently, the first batch of registered riders will receive “SoFast” basic gear (T-shirt or vest) for free, and those who become pioneer riders would have the chance of receiving the full “SoFast” gear set for free.

In recent years, the on-demand delivery market in mainland China has experienced rapid development. According to data from iResearch, the market size of on-demand delivery industry in mainland China is expected to maintain high growth from 2023 to 2028, and is projected to RMB 810 billion by 2028. Data from the Hong Kong Census and Statistics Department shows that revenue from local courier activities business in Hong Kong recorded a rapid growth of 116% to HKD 2,253 million during 2012 to 2020. This indicates significant room for penetration and commercial development in Hong Kong’s on-demand delivery market in the future.

The expansion of SF Intra-city’s on-demand delivery business to the Hong Kong market marks an important milestone for the Group in its overseas expansion development. Last year, the Group’s business continued to grow healthily, pioneering the industry in achieving profitability, fully demonstrating the release of the Gorup’s economies of scale and network effects in the mainland business. Moreover, the Group’s differentiated services attracted high-value orders while technology-driven comprehensive co-ordination and scheduling has boosted the efficiency of the delivery network. The continuous measures to refine management and improve operational quality have enhanced the efficiency of resource input-output.

The Group’s business integration in various markets in mainland China, including food delivery, instant retail, personal services and last-mile delivery have unlocked more exciting business opportunities, which will lead to a more even distribution of orders. This has driven improvements in the operational efficiency of riders around-the-clock, allowing the Group to increase business scale and rider order density.

SF Intra-city will strive to leverage its extensive and successful experience in on-demand delivery from the mainland China market, along with its leading technology and solutions, to offer high-quality on-demand delivery services to Hong Kong users. The third-party multi-scenario business model, proven in the mainland China market, is expected to be effectively applied in Hong Kong. By partnering with various e-commerce platforms and new retail brands, SF Intra-city will bring more momentum and growth opportunities to Hong Kong’s on-demand delivery market.

As the largest third-party on-demand delivery platform in China, SF Intra-city is actively exploring overseas expansion to find new growth opportunities. Entering the Hong Kong market will help SF Intra-city validate its business model in international markets, aiding the Group in discovering more opportunities abroad in the future. As SF Intra-city strives to fulfill its mission of “letting more people enjoy a close and beautiful life,” the Group looks forward to steady progress, high-quality growth, and delivering increased value to shareholders and investors.

Business

SF Intra-city (9699.HK) Intends to Continue Shares Repurchase

Jun 11, 2024 by Sujata Muguda 0 Comments #Hong Kong, #Ltd, #m Hangzhou SF Intra-city Industrial Co., #SF Intra-city, #Stock Exchange

HONG KONG, June 11, 2024  — Hangzhou SF Intra-city Industrial Co., Ltd. , China’s largest third-party on-demand delivery service provider, is pleased to announce that the Board of Directors intends to continue to conduct H Shares repurchases by utilising the Share Repurchase Mandate and repurchase H shares in the open market from time to time by using the remainder of the HK$200 million limit for repurchasing H shares as announced in 19 October 2023, which is approximately HK$37 million.

On 19 October 2023, the Board of the Group decided to utilise the 2023 Share Repurchase Mandate passed at the 2022 annual general meeting of the Company held on 6 June 2023 and, it plans to repurchase H shares in the open market from time to time by using up to HK$200 million limit. As at 6 June 2023, the Company had used a total of HK$163,109,888.01 to repurchase 16,082,200 H shares. The H shares repurchased by the Company before 11 June 2024 (being the date on which the proposed amendments to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited relating to treasury shares will come into effect) shall be cancelled in due course.

Pursuant to the 2023 annual general meeting of SF Intra-city held on 6 June 2024, the Board was granted the powers under the general mandate (the “Share Repurchase Mandate”) to repurchase the H Shares. And the Board announced on 6 June 2024, to continue to conduct H shares repurchases by utilising the Share Repurchase Mandate and repurchase H shares in the open market from time to time by using the remainder of the HK$200 million limit for repurchasing H shares as announced in 19 October 2023, which the remainder is approximately HK$37 million.

The Proposed Share Repurchase is intended to be financed by the Group’s own financial resources other than proceeds from the listing of the H Shares on the Main Board of The Stock Exchange of Hong Kong Limited in December 2021. The Group believes that the current financial resources of the Company would able to implement the Proposed Share Repurchase while maintaining a solid financial position.

The Group believes that a share repurchase in the present market conditions will demonstrate the Company’s confidence in its own business outlook and prospects and would, ultimately, benefit the Group and create value for the shareholders.

SF Intra-city stated that the share repurchase demonstrates the Group’s confidence in its business development and prospects, conveying a positive signal to the market and investors. It will enhance investors’ understanding of the Company’s potential to increase earnings per share and improve the attractiveness of the Group’s financial indicators. This aims to deliver greater value and returns to its shareholders and investors.