J&T Global Express, SF Holding ink $1.1B cross-shareholding deal to build new global smart logistics ecosystem

J&T Global Express (J&T Express), a global integrated logistics service operator, and S.F. Holding, a Chinese multinational delivery services and logistics company, jointly announced Thursday that they have entered into a strategic cross-shareholding agreement involving the mutual issuance of new shares, with an investment and transaction amount of HKD 8.3 billion ($1.06 billion). J&T Express said in a statement that pursuant to the agreement, the firm will issue 822 million Class B Shares to SF Holding at an Issue Price of HKD 10.10 ($1.3) per share; simultaneously, SF Holding will issue 226 million H Shares to J&T Express at a Subscription Price of HKD 36.74 ($4.71) per share. Upon completion, SF Holding will hold 10 percent of the issued shares of J&T Express as enlarged by the issuance, and J&T Express will hold approximately 4.29 percent of the issued shares of SF Holding as enlarged by the issuance. This collaboration is designed to deeply integrate the resources of both industry leaders. The goal is to jointly construct a more extensive, efficient, and resilient global integrated logistics network, better positioning both companies to serve Chinese companies expanding overseas and adapt to the evolving landscape of the global e-commerce logistics market. According to the statement, the cross-shareholding structure aims to unlock highly complementary strategic synergies. J&T brings its extensive last-mile network and localized operational experience across 13 countries, pairing effectively with SF Holding’s core resources and mature operating systems in cross-border first-mile and line-haul. Together, the parties will enhance the network coverage and competitiveness of their end-to-end cross-border logistics solutions. In the China market, large complementarities in network resources, customer bases, product structures, and differentiated positioning will create broad opportunities to expand service boundaries. In a joint statement, Jet Lee, Founder of J&T Express, and Wang Wei, Founder of SF Holding, noted that the two companies are long-standing strategic partners and that this cross-shareholding marks a major milestone, elevating their relationship from operational collaboration to a closer, mutually beneficial strategic partnership. “They will work together to build a more efficient global smart logistics network, seize the historic opportunities created by Chinese enterprises going global and the rise of cross-border e-commerce, and deliver greater value to customers across global supply chains,” they added. J&T Express hits record 30B parcel volume in 2025 with 22.2 percent y-o-y growth