Herbert Smith Freehills Kramer advises S.F. Holding on HK$8.3 billion cross-shareholding investment with J&T Express

Leading global law firm Herbert Smith Freehills Kramer has advised S.F. Holding on its HK$8.3 billion cross‑shareholding investment with J&T Express.

S.F. is Asia's largest integrated logistics provider, and operates in over 200 countries worldwide. This transaction links S.F.'s first‑mile and line‑haul strengths with J&T's express delivery network across Southeast Asia and China, further improving cross‑border speed, reliability and cost efficiency.

Under the cross‑shareholding arrangement, S.F. will acquire an 8.45% stake in J&T, while J&T will purchase 4.29% of S.F.’s enlarged share capital. Both parties will subscribe for newly issued shares at a price based on the 90‑day volume‑weighted average price, ensuring a balanced valuation framework.

"We are proud to have supported S.F. on this landmark transaction, which further enhances the company's network across Asia," said partner Jason Sung, the firm's China Head of Corporate.

Jason led the Hong Kong team advising the client, supported by Eric Yeung and with further assistance from Aaron Li. Partner Adelaide Luke, the firm's Asia Head of Competition, led the team advising on competition law aspects, supported by Howard Chan and Nicole Chow.

This transaction continues Herbert Smith Freehills Kramer’s longstanding collaboration with S.F. The firm has advised the client on several high‑profile mandates, including:

• S.F. Holding's HK$5.83 billion Hong Kong IPO (2024) and HK$5.8 billion fundraising (2025)
• SF Express' US$792 million acquisition of Deutsche Post DHL's China supply chain business and ongoing strategic partnership
• Acquisition of 75% of HAVI group's cold chain business in mainland China, Hong Kong and Macau
• SF Intra-city’s HK$2.15 billion Hong Kong IPO (2021).