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Kul Bhushan · · 1 min readChina Logistics in talks to sell controlling stake
“China Logistics Property Holdings Co said on Thursday its top shareholder was in talks to sell its controlling stake in the company to an undisclosed buyer, which could result in a takeover offer for the storage facilities manager,” Reuters reported.
Details:
- Ecommerce giant JD.com, which owns close to 9.4% of the Chinese logistics major, was in advanced talks to acquire a controlling stake, according to a Bloomberg report.
- The 21-year-old China Logistics has developed more than 60 logistics parks across China, covering a total floor area of over 6.2 million square meters.
Dive deeper:
- JD.com recently reported a 26.2% jump in revenue in the second quarter of 2021, in light of a strong performance in its retail and logistics businesses.
- Its logistics arm, which recently listed on the Hong Kong exchange, reported a 46% growth in revenue. The group said it would continue to bolster the logistics vertical by upgrading and expanding its logistics networks and developing advanced technologies.
Editing by Collin Furtado and Arpit Nayak
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