---
title: "UBS: The cross-shareholding between J&T EXPRESS and SF Holding has synergistic effects, paving the way for deeper cooperation"
description: "UBS research report pointed out that J&T EXPRESS and SF Holding announced cross-shareholding last week, with both parties agreeing to subscribe to each other's newly issued shares, involving a total c"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/272931592.md"
published_at: "2026-01-19T03:55:56.000Z"
---

# UBS: The cross-shareholding between J&T EXPRESS and SF Holding has synergistic effects, paving the way for deeper cooperation

> UBS research report pointed out that J&T EXPRESS and SF Holding announced cross-shareholding last week, with both parties agreeing to subscribe to each other's newly issued shares, involving a total cash amount of HKD 8 billion each. The transaction aims to deepen cooperation between the two companies, and UBS believes there are synergies. SF Holding is committed to building supply chain service capabilities, while J&T has a market share of over 30% in Southeast Asia. UBS gives J&T a "Buy" rating and SF Holding an "A-share Neutral" rating

UBS research report pointed out that J&T EXPRESS-W (01519.HK) and SF Holding (06936.HK) announced cross-shareholding last week, agreeing to subscribe to each other's newly issued shares (SF Holding for H shares). Without external financing, the total cash amount involved for both parties is HKD 8 billion each.

UBS stated that the proposed transaction aims to pave the way for deeper business cooperation between the two companies, believing that there are synergies in their collaboration. SF Holding has been committed to building end-to-end supply chain service capabilities to serve Chinese enterprises "going overseas," with Southeast Asia being its initial focus market. Establishing a solid end logistics network overseas may be the final piece of the puzzle. Considering J&T's strong influence in Southeast Asia (with a market share of over 30% by parcel volume), UBS believes that J&T may be the answer.

UBS also indicated that J&T intends to move up the logistics value chain to capture more opportunities from the non-e-commerce market (currently only accounting for about 10% of J&T's total business volume in Southeast Asia), while SF Holding's robust non-e-commerce customer base provides an opportunity for J&T.

At the same time, UBS does not rule out the possibility of further synergies arising from shared capacity in operations in China, and cooperation may also extend beyond Asia. In addition to J&T's rapidly developing business in Latin America and the Middle East, the company has also begun to consider the possibility of exploring the European and American markets together with SF Holding.

UBS gives J&T a "Buy" rating and SF Holding (002352.SZ) a "Neutral" rating

### Related Stocks

- [01519.HK - J&T EXPRESS-W](https://longbridge.com/en/quote/01519.HK.md)
- [002352.CN - SF Holding](https://longbridge.com/en/quote/002352.CN.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.