Global logistics service provider, J&T Express Global Logistics has entered into a share transfer agreement with Shenzhen Fengwang Holdings Co., Ltd, a subsidiary of S.F. Holding Co., Ltd.
J&T Express’ subsidiary J&T Express (Shenzhen) Supply Chain Co., Ltd. will acquire 100% share rights of Fengwang Holding’s wholly-owned subsidiary, Shenzhen Fengwang Information Technology Co., Ltd., for RMB1.183 billion.
J&T said in a statement that the 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 also successfully acquired Best Inc.’s express business in China in late 2021.
Shenzhen Fengwang Express Co., Ltd. is a wholly-owned subsidiary of Fengwang Information. Fengwang Express’ network currently covers 27 provinces, municipalities and autonomous regions across China, giving 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.
