On 30 March 2026, SF Holding Co., Ltd. (SF Holding) disclosed its 2025 securities investment performance and compliance status.
Aggregate portfolio metrics • Original investment cost: RMB 1.86 billion • Opening book value (1 Jan 2025): RMB 1.03 billion • Additions during the year: RMB 57.78 million • Disposals during the year: RMB 1.84 million • Cumulative fair-value gains recognised in equity: RMB 664.59 million • Closing book value (31 Dec 2025): RMB 1.59 billion
Key individual positions (closing book value) 1. J&T Global Express (1519.HK): RMB 1.53 billion – Opening book value: RMB 939.13 million – Cumulative fair-value gain: RMB 645.24 million
2. Zhilai Technology (300771.SZ): RMB 56.58 million (increase of RMB 56.58 million during the year)
3. Samarkand Group (GB00BLH1QT30): RMB 0.75 million; fair-value loss of RMB 0.61 million
4. ChinaAMC SZ International REIT (180302.SZ): – Original cost: RMB 48.55 million – Closing book value: RMB 55.52 million – Fair-value gain for 2025: RMB 8.19 million
Regulatory and governance highlights • Total securities investment remained below 10% of SF Holding’s latest audited net assets, keeping the activity within the general manager’s approval scope; no board or shareholder meeting approval was required. • The company applies an internal “Securities Investment Management System” covering investment procedures, risk oversight and fund control. All transactions were executed through the company’s own accounts, with no use of third-party accounts or funds. • The board confirmed full compliance with Shenzhen Stock Exchange rules and other relevant regulations in 2025, with no violations identified.
Strategic rationale SF Holding uses self-owned funds to take positions in enterprises across its logistics value chain and related sectors, aiming to enhance industrial synergies while safeguarding liquidity for core operations. The board stated that investment activities are conducted under stringent risk controls to secure capital safety and pursue incremental returns for shareholders.