S.F. Holding agreed on 15 January to take a 10% stake in J&T Global Express through a share swap worth about HK$8.3bn (US$1.06bn), with J&T receiving roughly 4.29% of SF in return.
Why S.F. Holding Co., Ltd. is buying J&T Global Express (10% stake)
The companies said the tie-up would build a more extensive and resilient global logistics network to serve Chinese companies expanding overseas and cross-border e-commerce. J&T brings last-mile networks and local operations across 13 countries, and SF contributes cross-border first-mile and line-haul resources and its operating systems.
Deal terms and financing
J&T is issuing about 822 million new Class B shares to SF at HK$10.10 each, and SF is issuing about 226 million new H shares to J&T at HK$36.74 each, so the two subscriptions offset each other at about HK$8.3bn apiece.
Regulatory approvals and timing
Both subscriptions completed on 9 June 2026, when SF issued 225,877,669 new H shares to J&T, lifting its share capital to 5,265,308,078 shares and diluting its controlling shareholder from 48.85% to 46.76%.
Market context
The two groups are long-standing partners: in May 2023 SF sold its Shenzhen Fengwang budget courier unit to J&T for 1.18bn yuan. J&T has expanded rapidly outside China, including in the Middle East and Latin America.
