SF Holding(SZ:002352) Nan Fang Du Shi Bao·2026-01-20 23:09Core Viewpoint - The strategic shareholding agreement between SF Express and J&T Express marks a significant shift in the logistics industry, moving from high growth to a focus on quality development and global expansion [1][5]. Group 1: Strategic Partnership Details - SF Express and J&T Express announced a strategic shareholding agreement with a transaction value of approximately HKD 8.3 billion, where SF will hold about 10% of J&T and J&T will hold about 4.29% of SF [1][2]. - SF plans to subscribe to approximately 822 million new B shares of J&T at HKD 10.10 per share, a 13.97% discount compared to J&T's previous closing price [2]. - J&T will subscribe to approximately 226 million new H shares of SF at HKD 36.74 per share, a 3.9% premium over SF's previous closing price [2]. Group 2: Business Implications - The partnership allows SF Express to leverage J&T's established network in Southeast Asia, enhancing its international business capabilities, while J&T can benefit from SF's strong air freight resources and brand reputation [3]. - J&T has rapidly gained a 32.8% market share in Southeast Asia, showcasing its strong profitability, while SF maintains a solid position in the domestic market but faces challenges in international last-mile delivery [3]. Group 3: Cultural and Operational Challenges - The differing corporate cultures and management styles of SF (which emphasizes direct control and quality) and J&T (which is more flexible and franchise-oriented) may pose integration challenges [4]. - Despite the partnership, there remains a competitive dynamic in the domestic e-commerce segment, requiring careful management to balance cooperation and competition [4]. Group 4: Industry Context - The capital binding between SF and J&T signifies a transition in the logistics industry towards a "group army" strategy, where leading companies are forming alliances to build global logistics networks in response to complex international competition [5].