Hive Box

Hive Box (Shenzhen Fengchao Technology Co., Ltd.) operates China's largest network of self-service smart parcel lockers, letting couriers drop off packages for pickup by recipients without a face-to-face handoff. Founded in Shenzhen in June 2015 as a joint venture backed by SF Express, STO Express, ZTO Express and GLP, the company was built around a locker concept proposed by delivery-driver-turned-founder Xu Yubin, who pitched SF Express founder Wang Wei on automating last-mile parcel handoffs.

By mid-2024 Hive Box's network spanned roughly 330,000 locker units with about 29.9 million compartments across some 209,000 residential communities in 31 provinces, having cumulatively served 367.8 million consumers and 3.5 million couriers. The company charges consumers an overtime storage fee when parcels sit uncollected past a free window, a revenue stream that has drawn regulatory scrutiny and consumer criticism even as it underpinned Hive Box's first profitable period in the first five months of 2024, following three consecutive years of losses.

Hive Box filed for a Hong Kong Stock Exchange listing in August 2024 — which would have made it the fifth SF Express-linked company to go public — but the filing lapsed in February 2025 after required supplementary materials were not submitted, and the company has since faced a shareholder dispute with 2021 investor Asia Forge Capital over share-redemption rights tied to that stalled listing. Founder, Chairman and CEO Xu Yubin resigned in October 2025 for health reasons; Wu Qian took over as chairman and Xu Bin became legal representative in a corporate registration change completed April 13, 2026, and parent SF Holding's board approved a related-party capital increase into Hive Box in August 2026.