SF Express, which has been eying an IPO for some months, is planning a back-door listing on the Shenzhen Stock Exchange in a valuation worth Rmb43.3bn ($6.6bn).

Maanshan Dingtai, a steel wire maker, will take over SF Holdings via an asset swap deal, according to SCMP. SF’s chairman will run the company. An analyst noted that SF was hungry for cash but concerned over complexities and delays in getting listed. The express company has ambitious plans, including building a cargo airport in Hubei and adding to its aircraft fleet. Rivals STO Express and YTP Express have also announced plans to do a reverse listing.

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