Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Monthly Chinese Express Tracker | Q425 Volume, ASP Data Show SF Holding Strength, ZTO Struggles

Monthly Chinese Express Tracker | Lots of Noise in January 2026 Numbers From Four China-Listed Firms

JD Logistics Q425 Earnings: Top-Line Growth Strong, but Margins Shrank on Weak Cost Control

After Battling J&T Global and Flash in Thailand's Express Market, KEX Shrinks, Then Delists

ZTO Express Q325 Results | Revenue, ASPs Both Up Y/Y | But Earnings, Margins Both Down | AVOID

Chinese Express Firms All Saw H1 OPM% Fall -- Except SF Hldg | Pair Trade: LONG SF Vs SHORT ZTO, J&T

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Equity Bottom-Up

<ul>
<li>A new cross-shareholding agreement between SF and J&amp;T is a neat strategic fit for both</li>
<li>SF gains improved distribution in SE Asia (and beyond), J&amp;T gets access to X-border assets</li>
<li>Listed Chinese express names mostly unaffected, but deal challenges Alibaba, DHL, Flash</li>
</ul>


A new cross-shareholding agreement between SF and J&amp;T is a neat strategic fit for both
SF gains improved distribution in SE Asia (and beyond), J&amp;T gets access to X-border assets
Listed Chinese express names mostly unaffected, but deal challenges Alibaba, DHL, Flash


Cainiao Smart Logistics Network (1437124D HK)

SF Holding과 J&amp;T, 새로운 상호 지분 참여 발표 | 전략적으로 잘 맞는 조합 | BABA, DHL, Flash는 손해 보는 기업

SF Holding

SF Holding과 J&amp;T, 새로운 상호 지분 참여 발표 | 전략적으로 잘 맞는 조합 | BABA, DHL, Flash는 손해 보는 기업

SF Holding과 J&T, 새로운 상호 지분 참여 발표 | 전략적으로 잘 맞는 조합 | BABA, DHL, Flash는 손해 보는 기업