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SF Intra-city (9699.HK) "SoFast" Officially Launches in Hong Kong, with 24/7 One-Hour Intra-City Delivery Service, Starting in Yau Tsim Mong District Riders can earn additional rewards through referrals

SF Intra-city (9699.HK) "SoFast" Officially Launches in Hong Kong, with 24/7 One-Hour Intra-City Delivery Service, Starting in Yau Tsim Mong District Riders can earn additional rewards through referrals

HONG KONG, July 3, 2024 /PRNewswire/ -- Hangzhou SF Intra-city Industrial Co., Ltd. ("SF Intra-city", or the "Group"; Stock Code: 9699.HK), China's largest third-party on-demand delivery service provider, officially launched the "SoFast" brand in Hong Kong on 1 July, 2024. It marks the first time the Group extended its on-demand delivery service beyond mainland China, signifying its initial step towards expanding into overseas markets.

SF Intra-city's "SoFast" is dedicated to offering users professional, efficient, and diversified intra-city on-demand delivery solutions. Initially, the service will be available through the SF Hong Kong mobile App (SFHK App), providing the fastest delivery in one hour which enhances the efficiency of the current local express logistics. The service will cover various categories, including documents, flowers, food and beverages, jewelry, and digital electronics.

Hong Kong users can select the "SoFast" service when placing orders through the SF-EXPRESS App, update to the latest version, to access SF Intra-city's full-category on-demand delivery service in town. New users and existing users could enjoy high discount coupons for their orders. Orders can be placed 24/7, ensuring that users receive swift and professional responses to their on-demand needs, aligning with the slogan "So Fast So Good."

The "SoFast" on-demand delivery service of SF Intra-city aims to leverage its advantages of speed, accuracy, real-time tracking, and professional reliability to address customers' urgent needs. In the initial stage, the service will be available for pickups in the densely populated Yau Ma Tei, Tsim Sha Tsui and Mong Kok ("Yau Tsim Mong District") and delivered across Hong Kong. The service will gradually expand to cover more regions, with the goal of providing citywide coverage by the end of the year.

Data from the Hong Kong Census and Statistics Department shows that local courier businesses in Hong Kong experienced rapid growth in recent years, with an average business revenue growth of 106.7% from 2012 to 2020, far exceeding the international courier activities growth rate of 25.7%. A survey targeting Hong Kong small and medium-sized enterprises ("SMEs") revealed that over 66% of them believe customers prefer same-day or instant delivery services, and as high as 68% stated that customers expect to receive goods within specified time frames. These findings highlight the high demand among Hong Kong consumers for fast and timely delivery, indicating significant potential for the on-demand delivery market in Hong Kong.

Furthermore, the overall demand for both food and non-food delivery in Hong Kong has a tremendous growth potential, with a compound annual growth rate of over 50% in the past five years. According to the market research firm Statista, the penetration rate of food delivery in Hong Kong is projected to be only 3% by 2025, while mainland China's penetration rate is 30%, indicating a significant room for expansion. Research conducted by the Hong Kong Trade Development Council reveals that e-commerce sales accounted for only around 10% of the total retail sales in Hong Kong in 2022, highlighting a substantial gap and growth potential compared to the global e-commerce penetration rate of 30%-40% in countries such as the mainland China, the United States, and South Korea.

The official launch of SF Intra-city's "SoFast" will impact the on-demand logistics market in Hong Kong by providing high-quality and efficient services, including comprehensive delivery solutions for both food and non-food products. In addition to better delivery speed and quality, SoFast is expected to further promote diversified new retail models, such as brand-owned channels, and catalyze more mainland brands to expand into the Hong Kong market. Additionally, in August 2023, SF Intra-city partnered with Meituan, another food delivery platform, to jointly build a delivery network for mainland merchants, co-creating the on-demand delivery industry ecosystem.  Introducing "SoFast" in Hong Kong is not intended to compete with platforms like "KeeTa" but rather strengthens the foundation of the on-demand delivery ecosystem. It also opens opportunities for cooperation with various food delivery platforms, e-commerce platforms, and new retail brands in Hong Kong, collectively expanding the market.

SF Intra-city is actively recruiting a large number of rider partners, including walkers, bicycle riders, drivers of motorcycles, passenger cars, and vans in Hong Kong. The rider-specific mobile application (app), "SoFast Rider", for the Hong Kong region is now available for public download on major mobile app stores. Users can register as the riders with just a mobile phone number, select their working areas, upload identification documents, and undergo offline training to qualify for order assignments. The platform's delivery tasks would focus on documents, small packages, and other non-food deliveries recently. The per-kilometer income for deliveries is twice as high as that of other food delivery platforms, with potential earnings of up to HK$300 per hour.  Additionally, the Group has launched a referral rewards program, encouraging existing "SoFast" delivery partners to recommend friends to join, with rewards reaching over HK$800. Both the referrer and the new joiner can benefit from a successful referral. The more referrals and deliveries, the greater the rewards. Interested individuals can follow SF Intra-city's official communication channels on mobile apps like WhatsApp and Telegram for delivery partner registration procedures and more information.

Looking ahead, SF Intra-city aims to further benchmark its mainland China services, developing and expanding "pick-up and delivery" services for individual users and integrating more merchant-owned apps and food delivery platforms.  Leveraging deep collaboration and integration with the SF Group, SF Intra-city aims to support the development of "last-mile" business and building an integrated supply chain solution. It will provide scalable, open, and round-the-clock professional services to merchants, users, and significant commercial and logistics platforms, enabling order fulfillment from diverse channels. The goal is to achieve full coverage of food delivery, local retail, proximity e-commerce, and on-demand services. SF Intra-city aims to bring a new perspective to Hong Kong by introducing a comprehensive third-party on-demand delivery model. After accumulating overseas expansion experience in this highly internationalized Greater Bay Area city, this milestone launch serves as a springboard for further exploration of opportunities in overseas markets.


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