Core Insights - SF Holding and Jitu Express have reached a strategic mutual shareholding agreement, with a total transaction amount of HKD 8.3 billion [1] - SF Holding will issue 226 million H shares at HKD 36.74 per share to Jitu Express, while Jitu Express will issue 822 million Class B shares at HKD 10.10 per share to SF Holding [1] - Post-transaction, SF Holding will hold 10% of Jitu Express, and Jitu Express will hold 4.29% of SF Holding [1] Strategic Considerations - SF Holding views this shareholding increase as a key move to deepen its globalization strategy, leveraging its strong cross-border logistics capabilities [2] - The partnership aims to optimize resource allocation and accelerate global coverage, with a focus on enhancing operational efficiency and customer satisfaction [2] - The collaboration is expected to create a more efficient and resilient global smart logistics network [2] Operational Synergies - The strategic collaboration will focus on providing a one-stop comprehensive logistics service by combining SF Holding's core resources in cross-border logistics with Jitu Express's efficient last-mile delivery network [3] - SF Holding's global warehouse resources will be integrated with Jitu Express's delivery advantages to optimize inventory efficiency and improve delivery timeliness [3] - The partnership aims to create a complete global logistics service ecosystem by focusing on international express, supply chain, cross-border e-commerce, and freight forwarding [3] Market Valuation - According to estimates, Jitu Express's valuation corresponds to a projected P/E ratio of 29 times and 20 times for 2025 and 2026, respectively, while SF Holding's valuation corresponds to a projected P/E ratio of 16 times and 14 times for the same years [3]