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SF Express Invests 100 Million Yuan as LP in Matrix Partners China Fund
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SF Holding, through its wholly-owned subsidiary Shenzhen SF Investment Co., Ltd., has signed a partnership agreement to invest 100 million yuan as a limited partner in the Hangzhou Chuangyi Future Equity Investment Partnership. The fund is managed by Shanghai Jingzhuo Investment Management Co., Ltd., an entity established by Matrix Partners China (MPCi) to manage its RMB funds. This marks SF Holding's third fund investment in 2026, following a 213 million yuan investment by its subsidiary SF City in the Suzhou Xiaoyu Chengxi Venture Capital Partnership in May, and a $10 million investment by SF Express (Overseas) in Linear Capital VI L.P. in August. Logistics industry expert Zhao Xiaomin commented that the logistics sector is shifting from network scale competition to competition in digitalization, automation, and green supply chain capabilities. He noted that by acting as an LP in industrial funds, SF Express can cost-effectively observe multiple technology tracks, and once technologies mature, they can be applied to warehousing, transportation, and last-mile delivery scenarios, while also retaining a financial exit channel. The three investments form a layered investment matrix: SF City's fund focuses on local life and logistics technology; the Hangzhou fund covers domestic hard-tech growth-stage projects; and the Linear Capital fund targets overseas early-stage frontier technology, aligning with SF's global supply chain ambitions.
Source report
*September 22 — by Xu Cihao, Star Market Daily***
SF Holding Co., Ltd. (SF Express) has announced that its wholly-owned subsidiary, Shenzhen SF Investment Co., Ltd., signed a partnership agreement on September 21 to invest RMB 100 million as a limited partner in the Hangzhou Chuangyi Future Equity Investment Partnership (Limited Partnership).
This marks the third time in 2026 that SF Express has participated in an equity investment fund, according to Star Market Daily.
Investment Details
- Fund Manager: Shanghai Jingzhuo Investment Management Co., Ltd., a licensed private equity fund manager established by Matrix Partners China (MPCi) to manage its RMB-denominated funds.
- General Partner: Hangzhou Chuangsheng Enterprise Management Partnership (Limited Partnership).
With this RMB 100 million commitment, SF Express becomes a limited partner in Matrix Partners China.
Dual-Track Domestic Investment Strategy
This is SF Express's second onshore industrial fund investment this year. In May, its Hong Kong-listed subsidiary, SF Intra-city, invested RMB 213 million in the Suzhou Xiaoyu Chengxi Venture Capital Partnership, a fund targeting RMB 700 million. That fund focuses on logistics and new energy, closely aligned with SF Intra-city's core business.
Together, the two investments form a dual-track investment system:
- SF Intra-city's investment is business-supportive, targeting last-mile delivery and local fulfillment to upgrade existing operations.
- SF Holding's group-level investment is strategic and long-term, leveraging large funds to access high-quality hard-tech projects and build core technology reserves.
Scale Differences
| Investment | Amount | Fund Size | Role | |---|---|---|---| | SF Intra-city in Xiaoyu Chengxi | RMB 213 million | RMB 700 million | Major LP | | SF Holding in Hangzhou Chuangyi Future | RMB 100 million | RMB 7 billion | One of many LPs |
Industry Perspective
Zhao Xiaomin, a logistics industry expert and CEO of Guanshuo Capital, told Star Market Daily that automation and digital transformation in logistics rely heavily on hard-tech sectors, including robotics, machine vision, sensors, and new energy equipment.
"Relying entirely on in-house R&D is time-consuming, costly, and cannot cover all technology paths," Zhao said. "By becoming an LP in industrial funds, companies can observe multiple tracks at low cost. Once a technology matures, it can be applied in warehousing, transportation, and last-mile scenarios for industrial synergy, while also retaining an exit channel for financial returns."
Overseas Expansion: $10 Million in Early-Stage Frontier Tech
Beyond its domestic dual-track strategy, SF Express has also expanded its capital布局 overseas.
In late August, SF Express's overseas wholly-owned subsidiary, SF Express (Overseas) Co., Ltd., signed a subscription agreement to invest US$10 million in Linear Capital VI L.P. , an offshore fund targeting US$250 million. The fund focuses on equity investments in early-stage frontier technology companies.
Compared with the two domestic funds, Linear Capital VI targets earlier-stage, overseas-based startups in frontier underlying technologies. This move aligns with SF Express's long-term goals for its global supply chain and cross-border logistics automation.
A Layered Investment Matrix
SF Express's three fund investments in 2026 form a structured investment matrix:
| Fund | Focus Area | Stage | Geography | |---|---|---|---| | SF Intra-city Fund | Local life + logistics tech | Business-oriented | Domestic | | Hangzhou Chuangyi Future | General hard-tech growth-stage | Medium-to-long-term tech reserve | Domestic | | Linear Capital VI | Frontier early-stage tech | Early-stage, global tech sourcing | Overseas |
Each entity invests independently, with complementary focus areas, geographies, and investment stages.
Expert Commentary
Zhao Xiaomin further noted that competition in the logistics industry has shifted from network scale to capabilities in digitalization, automation, and green supply chains.
"Modern logistics is no longer just about labor and transport capacity—it is becoming a technology-intensive industry," he said. "Smart warehousing, unmanned delivery, low-carbon supply chains, and cross-border digital supply chains are all areas requiring sustained investment."
He added that warehouse robots, sorting vision systems, new energy transport equipment, and AI-powered supply chain systems are key drivers of cost reduction and efficiency gains. However, hard-tech R&D involves uncertainty and high internal costs when pursuing multiple technology paths simultaneously.
"By investing in external funds, companies can build external technology observation windows with relatively controlled capital," Zhao said.
(Source: Cailianshe)
Source
东方财富网-公司资讯Eastern
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**SF Holding invests 100 million yuan as LP in Matrix Partners China hard-tech fund**