SF Holding Co, China’s largest express delivery company, is planning to raise up to 10 billion yuan (approximately US$1.5 billion) through its first offshore yuan bond offering. The Shenzhen and Hong Kong-listed logistics group, founded by billionaire Wang Wei, has engaged banks to arrange the sale of three-year and/or five-year bonds, though the final terms remain under discussion and may change depending on market conditions.

This planned bond issuance reflects a broader trend of Chinese issuers tapping into the growing offshore yuan debt market, commonly referred to as the dim sum bond market. The surge in issuance this year has been driven by relatively low borrowing costs in yuan, coupled with supportive policies from the Chinese government, including expanded mechanisms to channel mainland capital into the offshore debt space. These factors have deepened investor demand, attracting both new and returning issuers to raise funds via this route.

So far in 2026, sovereign and corporate borrowers have sold a combined total of 863 billion yuan in dim sum bonds, marking a 35% increase compared to the same period last year and setting a record for the issuance volume during this timeframe. Notable recent private-sector issuers include H World Group Ltd, a hotel company that raised 3.35 billion yuan earlier this month through its debut offering in the market.

SF Holding, which holds an investment-grade credit rating, has historically relied on the US dollar bond market for its offshore debt financing. The upcoming offering would mark its return to the offshore bond market after nearly five years. The company currently faces an outstanding US$800 million bond due in November.

With a market capitalization of around US$24.4 billion, SF Holding is a major player in China’s logistics sector. While the company has not publicly commented on the bond sale plans, the deal’s success would further demonstrate the continued appeal of offshore yuan financing for large Chinese corporates amid shifting market dynamics.