J&T, SF Holding Seal Strategic Cross-Shareholding Deal

J&T Global Express and SF Holding have agreed to a strategic cross-shareholding transaction aimed at building what the companies describe as a “new global smart logistics ecosystem,” signaling a deeper alignment between two major Asian logistics players as cross-border e-commerce volumes continue to expand

Announced on Jan. 14, 2026, the deal is structured as a mutual issuance of new shares with a stated investment and transaction amount of US$1 billion. Under the agreement, J&T will issue 822 million Class B shares to SF Holding at US$1.3 per share, while SF Holding will issue 226 million H shares to J&T at US$4.7 per share. Once completed, SF Holding will own 10% of J&T’s issued shares (post-issuance) and J&T will own about 4.29% of SF Holding (post-issuance).

In a Hong Kong exchange filing dated Jan. 15, 2026, J&T disclosed the formal Share Subscription Agreement signed “before trading hours” that governs both legs of the cross-investment: J&T’s proposed subscription for 225.9 million SF Holding H shares, and J&T’s proposed issuance of 821.7 million Class B shares to SF Holding.

J&T says the cash consideration for the SF Holding subscription totals about US$1.06 billion, and it plans to settle that consideration using the proceeds raised from issuing the new Class B shares to SF Holding. 

The companies say the rationale is to integrate complementary network strengths across the cross-border chain. J&T is positioning its value around an extensive last-mile footprint and localized operations spanning 13 countries, while SF Holding highlights capabilities in cross-border first-mile and line-haul, creating an end-to-end proposition for international parcel flows. The partnership is also framed as a way to better serve “Chinese companies expanding overseas” and to respond to the evolving requirements of global e-commerce logistics.

Because the highest applicable percentage ratios exceed 25% (but are under 100%), J&T said the SF Holding share subscription constitutes a major transaction under Hong Kong listing rules and will require, among other steps, shareholder approval at an extraordinary general meeting (EGM). The company said a circular with further details and the EGM notice is expected to be published on or before Feb. 28, 2026. 

Completion is subject to a set of conditions that include listing approvals for the new shares on both sides, shareholder approvals, certain PRC outbound investment and foreign-exchange procedures where required, and merger control clearance from relevant competition authorities. The filing defines a “Long Stop Date” as nine months from the date of the agreement, unless extended by mutual written agreement.

Founders Jet Lee (J&T) and Wang Wei (SF Holding) described the move as an upgrade from operational collaboration to a closer strategic relationship, with a shared goal of improving efficiency and resilience across global supply chains through a more connected, technology-enabled logistics network.

While the announcement is rooted in Asia-led network integration, it also lands as J&T continues to build out newer international markets, including Mexico, where the company has previously signaled ambitions to use the country as its entry point into Latin America. In 2022, J&T said it would launch in Mexico by opening 12 sorting centers and 26 distribution centers across key locations designed to reach all 32 states, alongside the rollout of its mobile app for customer access and shipment management, reports MBN.

That earlier Mexico push was presented as part of a broader internationalization strategy backed by sizable fundraising. The report notes J&T had reached a US$7.8 billion valuation in April 2020 and, in its latest funding round at the time, raised US$2 billion from investors including Temasek, Hillhouse Capital, and Sequoia Capital China to support continued expansion. Company executives also pointed to Mexico’s role as a regional logistics hub and a springboard for broader Latin American coverage.