(Bloomberg) -- China’s biggest express-delivery firm SF Holding Co. is seeking to raise as much as HK$6.2 billion ($793 million) in its Hong Kong listing in another test of appetite for large share sales in the city this year.

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The company will start taking investor orders Tuesday and expects to list shares on Nov. 27, according to its listing document on Tuesday. It is offering 170 million shares at HK$32.30 to HK$36.30 apiece.

At the low end of the marketed range, the share sale would give SF a discount of about 29% to its Shenzhen-listed stock as of Monday. The company, whose shares have risen about 5% this year, has a market value of 204 billion yuan ($28 billion).

SF drew about $205 million from cornerstone investors, including a unit of smartphone maker Xiaomi Corp., confirming a report from Bloomberg News on Monday.

Other cornerstones, which agreed to hold shares for at least six months, include investment firm Oaktree Capital Management LP, a unit of Hong Kong property developer Sino Land Co. as well as a vehicle backed by the family of Henry Cheng, the billionaire chairman of property developer New World Development Co.

While investor sentiment in China has improved after multiple stimulus announcements by Beijing, Chinese shares have remained volatile amid concerns over fresh trade tensions with the US. Initial public offerings in Hong Kong have raised more than $9 billion in 2024, surpassing last year’s total but far below bumper levels in previous years, according to data compiled by Bloomberg.

Founded in 1993, SF Holding said its logistics network covers all cities in China and 202 countries and regions worldwide. It posted a profit of 4.76 billion yuan for the first six months of the year.

Goldman Sachs Group Inc., Huatai Securities Co. and JPMorgan Chase & Co. are joint sponsors of the offering.

--With assistance from Jessica Sui and Ben Scent.

(Updates throughout with details from the prospectus)

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