Today, Jitu Express and SF Express jointly issued an announcement announcing that they have reached a strategic mutual shareholding agreement to issue new shares to each other, with an investment transaction amount of HK$8.3 billion. According to the agreement, Jitu Express will issue an additional 822 million Class B shares to SF Holding at an issue price of HK$10.10 per share; SF Holding will issue an additional 226 million H shares to Jitu Express at an issue price of HK$36.74 per share.
After the transaction is completed, SF Holding will hold 10% of the shares of Jitu Express, and Jitu Express will hold 4.29% of the shares of SF Holding. This cooperation aims to leverage the superior resources of both parties to jointly build a global integrated logistics network with wider coverage, higher efficiency, and more resilience to better serve the new pattern of Chinese enterprises going overseas and global e-commerce logistics.
It is reported that the mutual shareholding is aimed at giving full play to the highly complementary strategic synergies between the two parties. Jitu will rely on its terminal network and localized operation advantages in 13 countries around the world, combined with SF Express's core resource advantages and mature operating systems in the cross-border head-haul and main-line segments, to jointly enhance the network coverage and product competitiveness of end-to-end cross-border logistics solutions. At the same time, in terms of China business, the two parties have large complementary and collaborative space in terms of network resources, customer groups, product structure and differentiation, which will help to jointly expand service boundaries.
Li Jie, the founder of Jitu Express, and Wang Wei, the founder of SF Express, jointly stated that Jitu and SF Express have been strategic partners for many years. This mutual shareholding is an important milestone in the deepening of the relationship between the two parties, marking their move from business synergy to closer strategic win-win. The two parties will work together to build a more efficient global smart logistics network, effectively seize the historic opportunities brought by Chinese-funded enterprises going overseas and cross-border e-commerce, and create more outstanding global supply chain value for customers.
