Group 1 - Core viewpoint: Zhongyou Securities is optimistic about the business collaboration between SF Express and Jitu Express following their cross-shareholding, which is expected to enhance the logistics capabilities of Chinese enterprises in the global market [1][2] - SF Express plans to issue 226 million H-shares at HKD 36.74 per share to Jitu Express, representing approximately 4.29% of its total share capital post-issuance; Jitu Express will issue 822 million B-shares at HKD 10.10 per share to SF Express, accounting for about 8.45% of its total share capital post-issuance [2] Group 2 - SF Express is the largest logistics service provider in Asia and the fourth largest globally, with significant international and supply chain business revenue of CNY 65.79 billion, a year-on-year increase of 3.5% for the first 11 months of 2025 [3] - Jitu Express has rapidly expanded in Southeast Asia, achieving a volume of 7.66 billion parcels in the region, a year-on-year growth of 67.8%, and over 30% market share in Southeast Asia as of the first half of 2025 [3] - The collaboration between SF Express and Jitu Express is expected to leverage their respective strengths in cross-border logistics, enhancing service quality and operational efficiency, aligning with China's "14th Five-Year Plan" goals to improve international delivery capabilities [4]
中邮证券：极兔(01519)顺丰(06936)拟交叉持股 协同助力海外业务发展