One absolute winner in China logistics as Covid rules relaxed
Joy and fear
The SOUTH CHINA MORNING POST reports:
– Subsidiary JD Logistics will acquire a controlling interest in Shenzhen-based courier services provider Kuayue Express
– The deal was made weeks after JD.com bought a stake in Hong Kong-based supply chain manager Li & Fung for US$100 million
Chinese online retail giant JD.com has agreed to buy a controlling stake in express transport firm Kuayue-Express Group Co for 3 billion yuan (US$432 million), escalating its efforts to transform into a major supply chain services and technology company.
The deal was made weeks after JD.com bought a stake in Hong Kong-based Li & Fung for US$100 million, a strategic partnership that marries a 21st century hi-tech platform with one of the world’s largest logistics and supply chain networks.
Subsidiary Jingdong Express Group Corp, known as JD Logistics, will acquire a controlling interest in Kuayue Express, a specialist in so-called “limited-time express service” in China, according to Nasdaq-listed JD.com’s statement on Friday.
The transaction, which is expected to close this third quarter, involves a combination of buying existing shares and subscribing to newly issued shares of Kuayue Express.
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Our previous coverage: “IPOs, what IPOs? Prepping for JD Logistics’ multi-billion benchmark deal“.
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