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$Vipshops(VIPS.US) released its Q4 2025 results on the evening of Feb 26. Despite earlier lowering guidance, the print still came in weaker: revenue slipped back into negative growth, while expense discipline kept profit growing.Specifically: 1) Core operating metrics — GMV growth stalled again this quarter, with YoY growth under 1%, missing market expectations. The drag came from another decline in active users, down Approx. 400k YoY, and a clear drop in order frequency per user, driving total orders down 5% YoY...

VIPS: Negative Growth Again? 10% Shareholder Return to the Rescue

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J&T Global Express Ltd has announced a HK$4.65 billion zero coupon convertible bond offering, set to be listed on the Hong Kong Stock Exchange. The bonds, due in 2033, are guaranteed by J&T Global Express and are aimed at professional investors. The issuance is managed by Morgan Stanley, BofA Securities, and J.P. Morgan, with the listing expected to be effective on February 6, 2026.

Reuters

Yinhua CSI Modern Logistics ETF

J&T EXPRESS-W

J&T Global Express Launches HK$4.65 Billion Zero Coupon Convertible Bond Offering

The Lyon Research Report pointed out that J&T EXPRESS-W plans to issue CNY 4.65 billion convertible bonds with a term of 7 years, aimed at share repurchase, replacing high-interest old debts, and expanding into new markets. Management indicated that refinancing may not be necessary in 2026. The bank believes that the improvement in debt structure and the decline in interest rates will enhance profitability, and continuous share repurchases will boost earnings per share, maintaining an "outperform" rating with a target price of CNY 13.6

AASTOCKS

In "The Big Banks," Citigroup: J&T's debt structure improvement is expected to enhance profitability

J&T Global Express Limited plans to raise HK$4.65 billion through a proposed issue of zero coupon guaranteed convertible bonds due 2033. The bonds will be issued at par, with an initial conversion price of HK$14.55 per Class B share, representing a premium of 25%-31% over recent trading prices. If fully converted, this could result in approximately 319.6 million new shares, equating to about 3.56% of the current issued share capital. The company aims to list the bonds and new shares on the Hong Kong Stock Exchange to enhance its capital structure while managing shareholder dilution.

Tip Ranks

J&T Global Express to Raise HK$4.65 Billion via Premium-Priced Convertible Bonds

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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

SF Holding

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

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The report from Citi Research indicates that SF Holding and J&T EXPRESS-W announced mutual subscription of new shares, valued at HKD 8.299 billion. This collaboration reflects the determination of both management teams to achieve "1 plus 1 greater than 2." SF's logistics foundation complements J&T's overseas delivery network, enhancing the competitiveness of both parties. J&T's net profit forecast for the fiscal years 2025 to 2027 has been raised by 7%-9%, with a target price increased to HKD 13.6, rated as "outperforming the market." SF's net profit forecast for the fiscal years 2026 and 2027 has been lowered by 3%, with a target price reduced to HKD 44.1, also rated as "outperforming the market."

SF HOLDING

Citi: SF Holding and J&T EXPRESS-W cooperation enhances both parties' competitiveness, raises J&T EXPRESS-W target price to 13.6 yuan, ranking it as the industry's top choice

SF Holding and J&T EXPRESS-W have reached a strategic mutual shareholding agreement, with an investment amount of 8.3 billion yuan, making SF Holding the second-largest shareholder of J&T. J&T will issue 822 million Class B shares to SF Holding, while SF Holding will issue approximately 226 million H shares to J&T. This cooperation aims to combine the resources of both parties to build an efficient global integrated logistics network and seize opportunities in e-commerce logistics development

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SF Holding and J&T EXPRESS-W hold shares in each other, involving an investment of 8.3 billion. SF Holding will become the second-largest shareholder of J&T EXPRESS-W

HU-J&T @EC2610A(26682.HK)

VIPS: Negative Growth Again? 10% Shareholder Return to the Rescue

J&T Global Express Launches HK$4.65 Billion Zero Coupon Convertible Bond Offering

In "The Big Banks," Citigroup: J&T's debt structure improvement is expected to enhance profitability

J&T Global Express to Raise HK$4.65 Billion via Premium-Priced Convertible Bonds

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