Deppon Logistics has recently proposed a voluntary delisting from the SSE in a bid to align with evolving sector trends. Shihui Partners and Skadden advised on the transaction.
Controlling shareholder, JD Logistics, will offer Deppon shareholders a cash exit option, with the total consideration expected to reach RMB3.797 billion. In the announcement, Deppon said the voluntary delisting would facilitate resource integration with JD Logistics and fulfil commitments made during the controlling shareholder’s acquisition on the resolution of horizontal competition.
Deppon becomes the latest logistics giant to pursue delisting, following ANE’s earlier announcement that it plans to complete its HKEX delisting on 9 February.
On 13 January, Deppon announced plans to voluntarily withdraw from the SSE via shareholders’ approval at its general meeting. On the same day, JD Logistics said it would offer remaining Deppon shareholders a cash option of RMB19 per share, representing a 35.3% premium above the company’s closing price before trading halted on 9 January. On the announcement date, JD Logistics held 80.01% of Deppon’s shares.
Shihui acted as special legal adviser to Deppon on the delisting, with partner Darren Liang leading the team. Skadden counselled on Hong Kong law for JD Logistics, as well as providing advice on HKEX disclosure matters.
Founded in 2009, Deppon debuted on the SSE in 2018. In 2022, JD Logistics acquired 66.4% of Deppon through its subsidiary Jingdong Zhuofeng, becoming the company’s controlling shareholder. Jingdong Zhuofeng subsequently undertook to resolve horizontal competition between JD Logistics and Deppon within five years through practicable means.
JD Group has been active on the M&A front during the past six months. In June 2025, JD completed its acquisition of on-demand retail platform Dada Group, which subsequently delisted from the Nasdaq. In July, JD announced a EUR2.2 billion acquisition of German retail group Ceconomy, completing the purchase of a 59.8% stake in December and currently advancing plans for a delisting. In August, JD also completed the acquisition of Hong Kong-based Kai Bo Food Supermarket.
