Postal Securities: J&T Express (01519) and SF Holding (06936) Plan Cross-shareholding to Collaboratively Boost Overseas Business Development

According to Zhitong Finance APP, Postal Securities issued a research report stating that it is optimistic about the business collaboration between SF Holding and J&T Express after their cross-shareholding. This collaboration will help Chinese enterprise logistics expand overseas and capture global value. As Chinese logistics companies continue to increase their investment in overseas resources and grow through continuous competition and cooperation, they are expected to eventually become strong competitors in the global logistics industry. SF Holding (06936) is recommended. $SF HOLDING (06936.HK)$ , keep an eye on J&T Express-W (01519).

The main viewpoints of CNP Securities are as follows:

SF Express and J&T Express Plan Cross-Shareholding

SF Holding and J&T Express announced on the morning of January 15, 2026, that SF Holding plans to issue 226 million H-shares to J&T Express or its designated entity at HKD 36.74 per share, accounting for approximately 4.29% of SF Holding’s total equity after issuance. J&T Express plans to issue 822 million Class B shares to SF Holding at HKD 10.10 per share, representing approximately 8.45% of J&T Express’ total equity post-issuance. Including the Class B shares of J&T Express previously held by SF Holding, it is expected that after the issuance, SF Holding will collectively hold approximately 10.00% of J&T Express’ total equity.

Each has strengths in cross-border resources, forming a foundation for cooperation

SF Holding is the largest integrated logistics service provider in Asia and the fourth largest globally. In addition to maintaining leadership in domestic time-sensitive express delivery services, SF Holding has significant overseas business operations, particularly with competitive advantages in cross-border trunk line resources and overseas warehouses. In the first 11 months of 2025, SF Holding's international and supply chain business revenue reached RMB 65.79 billion, a year-on-year increase of 3.5%.

J&T Express has expanded aggressively in overseas markets, especially in Southeast Asia, where its end-to-end pickup and delivery network is deeply entrenched. Riding the wave of rising e-commerce penetration in Southeast Asia, J&T achieved rapid growth, with similarly fast expansion in new markets like the Middle East and Latin America. In 2025, J&T Express handled 7.66 billion parcels in the Southeast Asian market and 404 million parcels in new markets, increasing by 67.8% and 43.6% respectively. In the first half of 2025, J&T Express captured over 30% market share in Southeast Asia.

SF Holding held shares in J&T Express even before its IPO. Prior to J&T Express's listing, it acquired SF Fengwang’s operations, establishing an early precedent for collaboration between the two parties. During the expansion of their cross-border logistics footprint, building trunk lines or last-mile networks requires substantial upfront investment, and overlapping investments by multiple companies could lead to unnecessary competitive pressures. Therefore, there is a practical basis for the two sides to engage in deep cooperation leveraging their respective strengths.

The cooperation between the two parties is expected to advance to a deeper level, supporting the globalization of logistics

If the cross-shareholding proceeds smoothly, the two parties may complement each other's strengths in the cross-border logistics market and engage in deep collaboration. By combining SF Holding’s advantage in trunk line resources with J&T Express’s strength in the last-mile network, they can enhance the quality of logistics products and services and improve timeliness stability. They may also explore collaboration in logistics infrastructure and network development across more global regions, offering high-quality, integrated comprehensive logistics services to enhance value across the supply chain. This aligns with one of the core goals of China's postal industry’s '15th Five-Year Plan'—to enhance international delivery capabilities, with a focus on strengthening 'trunk-transfer-warehouse-distribution' capabilities.

Risk Warning:Macroeconomic downturn, unexpected intensification of competition in the express delivery industry, slower-than-expected overseas expansion of express delivery companies, regulatory risks.

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