Cosco Shipping acquired a stake in SF Express
Cosco Shipping acquired RMB 1 billion (US $ 157 million) of parent company SF Express.
According to TASS, SF Express is China's largest express delivery operator. In the first three quarters of this year, the company delivered 7.736 billion shipments, up 36.4% from a year earlier. Operating income in the first nine months increased 24% to 135.861 billion yuan.
The group owns China's largest cargo airline, with a fleet of 66 freighters by mid-year. To strengthen its international logistics business, SF Holding acquired a 51.5% stake in Hong Kong logistics operator Kerry Logistics at the end of September for HK $ 17.55 billion (US $ 2.3 billion).