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HTFL’s Client Shengfeng Development Limited Successfully Closed its Initial Public Offering

April 05, 2023

Ying Li

Lisa Forcht

On April 4, 2023, Shengfeng Development Limited (the “Company”), a contract logistics company in China providing customers with integrated logistics solution services, successfully closed its initial public offering (the “IPO”) of 2,400,000 Class A ordinary shares at a price to the public of US$4.00 per share. The Company received aggregate gross proceeds of US$9,600,000 from the IPO, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 360,000 Class A ordinary shares at the public offering price, less underwriting discounts.

The Company’s Class A ordinary shares commenced trading on the Nasdaq Capital Market on March 31, 2023 under the ticker symbol “SFWL.”

Hunter Taubman Fischer & Li LLC (“HTFL”) acted as counsel to the Company. HTFL is a boutique law firm specializing in corporate, commercial, and securities transactions, cross-border financing, immigration and taxation. Our team of lawyers works together so our clients can benefit from astute business experience and sophisticated legal solutions.