千亿富豪牵手百亿新贵，快递行业要“变天”？

Core Viewpoint - The recent strategic partnership between SF Express and Jitu Express marks a significant milestone in the logistics industry, with both companies engaging in mutual shareholding to enhance collaboration and resource sharing [2][3][5]. Group 1: Strategic Partnership Details - On January 15, SF Express and Jitu Express announced a mutual shareholding agreement with a total investment amount of HKD 8.3 billion [3][4]. - Following the transaction, SF Express will hold 10% of Jitu Express, while Jitu Express will own 4.29% of SF Express [4][8]. - The share issuance will be simultaneous, and both companies are restricted from selling their shares in each other for five years post-transaction [9]. Group 2: Business Synergies - The partnership aims to leverage the complementary strengths of both companies, enhancing their logistics network and service offerings [6][10]. - SF Express will utilize its core resources in cross-border logistics, while Jitu Express will contribute its established local networks in 13 countries [10][11]. - The collaboration is expected to create a more efficient global logistics network, capitalizing on the opportunities presented by cross-border e-commerce [11]. Group 3: Financial Performance and Market Position - As of January 16, SF Express had a market capitalization of CNY 195.6 billion, while Jitu Express was valued at HKD 101.4 billion [7]. - In the first half of 2025, Jitu Express processed 10.6 billion packages in China, reflecting a 20% year-on-year growth, with a market share of 11.1% [24]. - SF Express reported a revenue of CNY 146.9 billion in the first half of 2025, a 9.26% increase year-on-year, but faced a decline in average revenue per package [26]. Group 4: Historical Context and Previous Collaborations - Prior to this partnership, SF Express had already invested in Jitu Express during its pre-IPO financing rounds, indicating a long-standing relationship [14]. - In May 2023, Jitu Express acquired 100% of SF Express's subsidiary, enhancing its capabilities in the e-commerce logistics sector [15][18]. Group 5: Future Outlook - The partnership is expected to strengthen both companies' positions in the logistics market, particularly in international operations and e-commerce logistics [29]. - The collaboration is seen as a strategic move to optimize resource allocation and accelerate global coverage without heavy capital investment [29].