JD Logistics proposed on 13 January to delist Deppon Logistics from the Shanghai Stock Exchange and offered the carrier's minority shareholders RMB19.0 a share in cash, valuing the roughly 20% it did not already own at about RMB3.8bn.
Why JD Logistics, Inc. is buying Deppon Logistics Co., Ltd (minority stake)
JD Logistics said owning the rest of Deppon would let it further integrate the two logistics networks and capture more synergies. Deppon focuses on bulky-item logistics, including less-than-truckload and full-truckload transport, delivery, air freight and cross-border services.
Deal terms and financing
The cash option, provided by a wholly owned JD Logistics subsidiary, covered 199,855,259 Deppon shares, or 19.76% of the company. JD funded it from its own resources and/or financing. The delisting required approval by Deppon shareholders at a general meeting and by the Shanghai Stock Exchange.
Regulatory approvals and timing
Deppon shareholders approved the delisting on 29 January. By 13 February holders of 197,259,820 shares, or 19.5% of Deppon, had exercised the cash option, taking JD's holding to about 99.7%. The Shanghai Stock Exchange approved the delisting in March and Deppon's shares were removed on 31 March 2026, according to JD.com's annual report filed with the SEC.
Market context
JD Logistics bought control of Deppon in 2022 by acquiring about 99.99% of Deppon Holdco, which held about 66.5% of the listed company, for about RMB9.0bn. JD said full ownership would also let it cut costs and improve management and operating efficiency to strengthen its position in freight delivery.
