Chinese Logistics Giants SF Holding, J&T Express Ink $1 Billion Share Swap
00:00/00:00
Listen to this article
1x
Subscribe now
Listen to the full version
Listen to the full version
SF Holding and J&T Global Express announced on Jan. 15 a strategic cross-shareholding deal to issue new shares to each other. Photo: VCG
Chinese logistics giants SF Holding Co. Ltd. (002352.SZ) and J&T Global Express Ltd. said they plan to take minority stakes in each other through a share-swap deal worth about HK$8.3 billion ($1 billion), a move aimed at deepening cooperation as competition in both domestic and cross-border delivery markets intensifies.
J&T Express will issue about 822 million new Class B shares to SF Holding at HK$10.10 apiece, valuing the transaction at about HK$8.3 billion. SF Holding, in turn, will issue about 226 million new H shares to J&T Express at HK$36.74 each, for a similar consideration.
You've accessed an article available only to subscribers
VIEW OPTIONS
Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.
Subscribe to both Caixin Global and The Wall Street Journal — for the price of one.
- RELATED
Share this article
Open WeChat and scan the QR code
- DIGEST HUB
Digest Hub
Back
Explore the story in 30 seconds
- SF Holding and J&T Express plan a HK$8.3 billion ($1 billion) share-swap, giving SF a 10% stake in J&T and J&T a 4.3% stake in SF.
- The deal aims to expand cooperation in domestic and international logistics, utilizing each company’s strengths in premium and last-mile delivery networks.
- In Q3 2025, SF’s revenue rose 8.2% to 78.4 billion yuan, but net profit fell 8.5%; J&T’s parcel volume in emerging markets grew 21.7% in H1 2025.
AI generated, for reference only
Who’s Who
- SF Holding Co. Ltd.
- SF Holding Co. Ltd. (002352.SZ) is a Chinese logistics giant. It plans a share-swap deal with J&T Global Express Ltd., aiming to take a 10% minority stake worth HK$8.3 billion. This collaboration seeks to combine SF Holding's high-end logistics and air cargo dominance with J&T's last-mile network, focusing on domestic and cross-border expansion in Europe and the U.S. In Q3 2025, SF Holding reported 78.4 billion yuan revenue, but net profit fell 8.5%.
- J&T Global Express Ltd.
- J&T Global Express Ltd. will soon be 10% owned by SF Holding Co. Ltd. through an HK$8.3 billion share-swap deal. This partnership aims to leverage J&T Express's Southeast Asian network and SF Holding's high-end logistics and air cargo strength. The companies plan to expand cooperation in European and U.S. markets, utilizing SF Holding's established infrastructure.
- Shenzhen Fengwang Holdings Co. Ltd.
- Shenzhen Fengwang Holdings Co. Ltd. was SF Holding's franchise-based budget courier unit. In May 2023, SF Holding sold Shenzhen Fengwang to J&T Express for 1.18 billion yuan ($165 million). This divestment allowed SF Holding to exit a lower-margin segment focused on price-sensitive e-commerce shipments.
AI generated, for reference only
What Happened When
- 2023：
- J&T Express paused its international small-packet business due to weak trunk line and warehousing capabilities at the time.
- May 2023：
- SF Holding sold its franchise-based budget courier unit Shenzhen Fengwang Holdings Co. Ltd. to J&T Express for 1.18 billion yuan ($165 million).
- First half of 2025：
- J&T Express's parcel volumes in new markets (including Saudi Arabia, the UAE, Mexico, Brazil, and Egypt) grew 21.7%.
- Third quarter of 2025：
- SF Holding reported revenue of 78.4 billion yuan, up 8.2% year-on-year, but net profit fell 8.5% to 2.57 billion yuan. Average revenue per shipment dropped 14.2%.
- Third quarter of 2025：
- J&T Express saw rapid growth in parcel volumes in new markets including Latin America, Middle East, and North Africa.
- Before 2026：
- SF Holding and J&T Express cooperated on loans in Southeast Asia.
- January 2026：
- J&T Express executives held a Thursday conference call discussing cooperation with SF Holding.
AI generated, for reference only
- MOST POPULAR
Sign in with Google
Sign in with Facebook
Sign in with 财新