UPS  (UPS) - Get Report announced that it is forming a joint venture with S.F. Express, the parent company of China's largest package delivery service, as the company looks to take advantage of the increasingly lucrative trans-Pacific package delivery industry. 

The Chinese government estimates that the package delivery industry will grow to $116 billion in 2020 from $51 billion last year. 

The 50-50 venture will be formally based in Hong Kong, but the business will operate in mainland China. UPS and S.F. Express will each contribute $5 million in capital to establish the company. 

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