J&T Express and SF Express reach agreement to acquire 100% share rights of Fengwang Express for RMB 1.183 billion

SHANGHAI,May 12,2023 -- Global logistics service provider,J&T Express today announced that it has entered into a Share Transfer Agreement with Shenzhen Fengwang Holdings Co.,Ltd. ("Fengwang Holdings"),a subsidiary of S.F. Holding Co.,Ltd. (002352.SZ). J&T Express' subsidiary J&T Express (Shenzhen) Supply Chain Co.,Ltd. will acquire 100% share rights of Fengwang Holding's wholly-ownedsubsidiary,Shenzhen Fengwang Information Technology Co.,Ltd. ("Fengwang Information"),for RMB 1.183 billion. This transaction is subject to several prerequisites,the Examination of Concentrations of Undertakings by the State Administration for Market Regulation,and the transaction consideration being settled in a timely manner according to the Share Transfer Agreement.

J&T Express has been making significant strides in the e-commerce express delivery sector since its entry into the Chinese market in 2020. The company has successfully acquired Best Inc.'s express business in China in late 2021. Shenzhen Fengwang Express Co.,Ltd.("Fengwang Express") isawholly-owned subsidiary of Fengwang Information. Fengwang Express' network currently covers27 provinces,municipalities and autonomous regions across China,providing high quality services to e-commerce customers. In 2022,Fengwang's revenue exceeded RMB 3.2 billion. The overall network service quality is stable.

J&T Express has expressed its commitment to continuously optimizing the service experience as part of its focus on the e-commerce express delivery service industry. This acquisition will enhance the integrated service capabilities of J&T Express. This move is expected to foster high-quality development of the industry allowing it to further increase its competitive advantage in the e-commerce delivery sector and contribute to the high-quality development of the industry.

S.F. said that the resources of two sides are complementary,this will help ensure the smooth transition of the transaction. Looking forward,S.F. can focus more on the development of its core businesses such as domestic mid-to-high-end express,international express,global supply chain services and digital supply chain services. Meanwhile,S.F. will continue to build e-commerce express delivery products and services and meet the diversified needs of customers in the high-end express delivery market.

About J&T Express

J&T Express is a global logistics service provider with leading express delivery businesses in Southeast Asia and China,the largest and fastest-growing market in the world. Founded in 2015,J&T Express' network spans thirteen countries,including Indonesia,Vietnam,Malaysia,the Philippines,Thailand,Cambodia,Singapore,China,Saudi Arabia,the UAE,Mexico,Brazil and Egypt. Adhering to its "customer-oriented and efficiency-based" mission,J&T Express is committed to providing customers with integrated logistics solutions through intelligent infrastructure and digital logistics network,as part of its global strategy to connect the world with greater efficiency and bring logistical benefits to all.

About S.F.

SF is the largest integrated logistics service provider in China,and the fourth largest express delivery enterprise in the world,providing domestic and international end-to-end one-stop supply chain services. At the same time,relying on leading scientific and technological research and development capabilities,SF is committed to building the digital supply chain ecology and becoming a leader in the global intelligent supply chain. After years of dedicated operation,SF has earned considerable reputation and popularity in the industry,and has established the "rapid,punctual and safe" brand image. It takes the lead in multiple segments and continues to lead in the industry.