J&T EXPRESS-W (01519.HK) -0.060 (-0.530%) Short selling $31.31M; Ratio 19.999% and SF HOLDING (06936.HK) +0.080 (+0.216%) Short selling $9.73M; Ratio 8.030% announced a cross-shareholding agreement last week, agreeing to subscribe to each other's newly issued shares (H shares for SF HOLDING), according to UBS' research report. Without external financing, the total cash involved for both parties would be $8 billion each.Related NewsM Stanley Ratings, TPs on Airlines, Shippers, Express Delivery (Table)The proposed transaction aims to pave the way for deeper business cooperation between the two companies, believing that there are synergies in their collaboration, UBS stated. SF HOLDING has been committed to building end-to-end supply chain service capabilities to serve Chinese companies going abroad, with Southeast Asia being its initial focus market. Establishing a solid last-mile logistics network overseas might be the final piece of the puzzle. Considering J&T EXPRESS-W's strong influence in Southeast Asia (with a market share of over 30% by parcel volume), UBS believed that J&T EXPRESS-W might be the answer.Related NewsNomura Lists Alibaba, Tencent, JD Health, J&T Express as Top Picks in CN Internet SectorTherefore, UBS rated J&T EXPRESS-W's H-shares / SF HOLDING's A-shares at Buy/ Neutral.(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-01-21 16:25.)