SF Holding(SZ:002352) Di Yi Cai Jing·2026-01-18 03:03Core Viewpoint - The collaboration between Jitu and SF Express marks a significant milestone in the logistics industry, being the first of its kind based on market capitalization, aimed at jointly developing overseas business opportunities [1][2]. Group 1: Partnership Details - Jitu and SF Express announced a joint investment transaction amounting to HKD 8.3 billion, focusing on expanding their overseas operations [2]. - The partnership is seen as a natural progression due to the long-standing relationship between the two companies, with SF Express being a significant shareholder in Jitu [3]. - The collaboration is expected to leverage SF Express's strengths in cross-border logistics and Jitu's capabilities in local delivery, creating a complementary operational model [3]. Group 2: Market Focus - The partnership aims to target the European and American markets, with Jitu reporting over 50% growth in Southeast Asia, the Middle East, and Latin America in the last quarter of the previous year [4]. - The rapid growth of local e-commerce markets presents significant opportunities, particularly in the U.S. and Europe, where there is a lack of independent third-party logistics providers catering specifically to e-commerce [4]. Group 3: Competitive Landscape - Jitu and SF Express will face competition from major international brands like UPS, FedEx, and DHL, as well as local brands in the markets they are entering [4]. - The collaboration is expected to challenge established players like UPS, particularly in local delivery networks where UPS lacks presence [5]. Group 4: Advantages and Challenges - Chinese logistics companies are perceived to have advantages in technology application and management models, which can lead to cost reductions even in high labor cost markets like Europe and the U.S. [5]. - Challenges include navigating local laws, cultures, and labor protections, as well as ensuring data security while avoiding the replication of domestic competitive practices in international markets [5]. Group 5: Industry Trends - The expansion of Chinese logistics companies aligns closely with the growth of e-commerce platforms, indicating a significant market potential for logistics services driven by e-commerce demand [7]. - Companies like Cainiao and ZTO are also expanding in Southeast Asia, each with distinct operational models, highlighting the diverse strategies within the industry [6][7].