Quanfeng Express eyes IPO

Quanfeng Express, a Chinese courier firm launched in July 2011, has attracted investment interest from three private equity firms, paving the way for an IPO in three to five years.

Leading Capital Fortune Ltd, Beijing Pengkang Investment Co Ltd and Phoenix Capital Asset Management said they will invest 200 million yuan ($32.1 million) in the company to boost its nationwide expansion, said the company's president Chen Jiahai.

"This collaboration shows that investors are optimistic about Quanfeng's business model and prospects. We are grateful for the confidence from investors and believe the cooperation will help enhance the service quality of the industry," Chen said.

Quanfeng's existing shareholders will maintain the controlling rights of the company and other investors will only be involved in financial issues other than daily operations, said company spokesman Dai Changzheng.

The company aims to turn itself into a mid-to-high-end express delivery firm, following the example of SF Express (Group) Co, which charges double for same-city deliveries compared with local rivals, Dai said.

He added the company plans to seek a listing in three to five years, but details have yet to be decided.