Core Viewpoint - Zhongyou Securities expresses optimism about the business collaboration between SF Express and Jitu Express following their cross-shareholding, which is expected to enhance the logistics capabilities of Chinese companies in the global market [1] Group 1: Cross-Shareholding Details - SF Express plans to issue 226 million H-shares to Jitu Express at HKD 36.74 per share, representing approximately 4.29% of SF Express's total share capital post-issuance [2] - Jitu Express intends to issue 822 million Class B shares to SF Express at HKD 10.10 per share, accounting for about 8.45% of Jitu Express's total share capital post-issuance; combined with SF Express's existing holdings, it is expected that SF Express will hold around 10.00% of Jitu Express's total share capital after the issuance [2] Group 2: Strengths and Market Position - 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, reflecting a year-on-year growth of 3.5% for the first 11 months of 2025 [3] - Jitu Express has rapidly expanded in overseas markets, particularly in Southeast Asia, achieving a volume of 7.66 billion parcels in 2025, with a year-on-year growth of 67.8%; its market share in Southeast Asia exceeded 30% in the first half of 2025 [3] Group 3: Future Collaboration Potential - The successful implementation of cross-shareholding is expected to facilitate deep cooperation in the cross-border logistics market, leveraging SF Express's trunk resource advantages and Jitu's end-network strengths to enhance service quality and stability [4] - This collaboration aligns with China's "14th Five-Year Plan" goal of improving international delivery service capabilities, particularly in enhancing the "trunk-transfer-warehouse-distribution" capacity [4]