Deppon Logistics Co., Ltd. (Stock Code: 603056, Stock Abbreviation: Deppon Logistics) recently announced that, through a shareholders' meeting resolution to voluntarily terminate the listing of the company's shares, it intends to submit an application for voluntary delisting to the Shanghai Stock Exchange.
Deppon Logistics stated that this move aims to better adapt to the development trends of the logistics industry, more efficiently and effectively coordinate and integrate logistics resources within the JD LOGISTICS system, and also considers fulfilling the commitment regarding同业竞争 made by its indirect controlling shareholder, Suqian Jingdong Zhuofeng Enterprise Management Co., Ltd., at the time of acquiring Deppon Logistics Co., Ltd.
Proposed by Jingdong Zhuofeng and approved by the company's board of directors, Deppon plans to voluntarily withdraw its A-share listing from the Shanghai Stock Exchange via a shareholders' meeting resolution. Following the receipt of a delisting decision from the Shanghai Stock Exchange, the company will apply to continue trading on the delisting sector of the National Equities Exchange and Quotations system.
The exercise price for the cash option for Deppon Logistics shareholders is set at 19 yuan per share. The intended record date for this cash option is February 6, 2026.
After deducting the 811,713,228 shares (representing approximately 80.01% of the total share capital post-cancellation) held by Jingdong Zhuofeng and its concert party Deppon Holding, JD Logistics Transportation Co., Ltd. is expected to provide the cash option for no more than 202,782,159 shares (representing approximately 19.99% of the total share capital post-cancellation) during the cash option application period.
Influenced by this news, Deppon Logistics' stock price hit the daily limit up today. At the market close, the company's stock price was 15.44 yuan, with a market capitalization of 15.7 billion yuan.
Deppon Logistics was founded in 1996, with express freight transportation as its traditional core business. The company entered the highway freight transport sector in 2001. Facing a fragmented and disorganized express freight market, it launched the less-than-truckload precision product—"Truck Flights"—quickly capturing the mid-to-high-end segment of the LTL logistics market.
In 2008, Deppon Logistics promoted the concept of logistics standardization, implementing standardized operations for outlets, management, processes, and data. This enabled the rapid replication of logistics outlets nationwide, solidifying its position in the domestic highway LTL sector.
Deppon Logistics reported revenue of 40.363 billion yuan for 2024, an increase of 11.26% compared to 36.279 billion yuan in the same period last year. Net profit was 860 million yuan, up 15.41% from 746 million yuan year-on-year. After deducting non-recurring gains and losses, net profit was 637 million yuan, a growth of 12.18% from 568 million yuan in the previous year.
Overall, Deppon Logistics maintained stable growth in its performance for 2024 and prior years, but a noticeable decline occurred in 2025.
Financial reports show that for the first nine months of 2025, Deppon Logistics' revenue was 30.27 billion yuan, a year-on-year increase of 7%. The company reported a net loss of 335 million yuan and a net loss after deducting non-recurring items of 361 million yuan.
In the third quarter of 2025 alone, Deppon Logistics' revenue was 9.715 billion yuan, with a net loss of 329 million yuan. The net loss after deducting non-recurring items was 327 million yuan.
Within this, the revenue from Deppon's express freight business in Q3 2025 was 8.8 billion yuan, a decrease of 0.84% year-on-year, primarily attributed to the company's proactive optimization of its product structure, leading to a reduction in revenue from non-core products. Revenue from the express delivery business was 434 million yuan, down 18.84% compared to the same period last year.
Deppon Logistics attributed the losses to implementing targeted product strategies and adjusting pricing schemes in response to market competition. Additionally, the company cited increased investment in enhancing product competitiveness, including expenditures on human resources and transportation capacity.
The founder of Deppon Logistics is Cui Weixing. Over three years ago, Cui sold the company he owned.
In October 2022, Deppon Logistics announced that the transfer of a total of 58,759,190 shares in Deppon Holding—representing 62.5932% of its total equity—held by the transferors had completed the share ownership registration procedures at the Guangzhou Property Rights Exchange.
Following the completion of this share transfer, Jingdong Zhuofeng held 58,759,190 shares in Deppon Holding (62.5932% of total equity) and obtained voting rights for an additional 35,103,343 shares (37.3938% of total equity) through a voting rights trust agreement. Consequently, Jingdong Zhuofeng controlled voting rights for a total of 93,862,533 shares in Deppon Holding, representing 99.987% of its total equity.
After the share transfer was completed, Cui Weixing ceased to be the actual controller of Deppon Logistics. Deppon Holding remained the controlling shareholder, while Jingdong Zhuofeng, controlled by JD.com, became the indirect controlling shareholder of Deppon Logistics.
As of September 30, 2025, Ningbo Meishan Free Trade Port Zone Deppon Investment Holding Co., Ltd. held 66.96% of shares, Suqian Jingdong Zhuofeng Enterprise Management Co., Ltd. held 12.63%, Hong Kong Securities Clearing Company Ltd. held 0.59%, the Deppon Logistics Co., Ltd. - Second Phase Employee Shareholding Plan held 0.29%, and China Merchants Bank Co., Ltd. - Southern China CSI 1000 ETF held 0.27%.
As of September 30, 2025, JD.com controlled nearly 80% of the equity in Deppon Logistics, making it the absolute majority shareholder.
Management changes at Deppon Logistics have been frequent over the past six months.
In late July 2025, Huang Huabo, a director and general manager of Deppon Logistics, submitted a written resignation report. Huang resigned from his positions as director and general manager on the sixth board of directors for personal reasons but remained employed in another role within the company.
Following nomination by the company's chairman Hu Wei and review by the board nomination committee, the board approved the appointment of Wang Yanfeng as the new general manager.
According to available information, Wang Yanfeng, born in 1985, worked at Deppon from October 2008 to June 2017, serving as President of a Business Division at Deppon Logistics Co., Ltd. from July 2014 to June 2017. From June 2017 to April 2020, he held director positions at JD Logistics in North China's Hebei District, and in the Large-item Logistics, Transfer Management, and Terminal Operations departments. From April 2020 to April 2021, he served as General Manager of JD Logistics' Southwest Region.
Wang Yanfeng served as General Manager of JD Logistics' Express and Freight Business Department from April 2021 to April 2023. From April 2023 to July 2025, he held successive positions as Vice President of JD.com, President of JD Logistics' Express and Freight Business Division, and Senior Vice President of JD.com.
In November 2025, Deppon Logistics announced that it had received a written resignation report from its chairman, Hu Wei, on November 27, 2025. Hu resigned from his positions as director, chairman, and member of the board's nomination committee and strategic committee chairman for personal reasons. Following his resignation, Hu did not hold any other positions within the company.
All company directors recommended that Vice Chairman Chen Yiqian temporarily perform the duties of chairman until the board elects a new chairman.
Deppon Logistics stated that to ensure the effective operation of the board and the smooth progress of business decisions, its controlling shareholder, Ningbo Meishan Free Trade Port Zone Deppon Investment Holding Co., Ltd., nominated Wang Zhenhui as a candidate for non-independent director on the sixth board of directors.
Recently, JD Logistics also underwent management adjustments, with Hu Wei resigning as executive director and CEO. Wang Zhenhui was appointed as the company's executive director, CEO, and authorized representative.
Wang Zhenhui is considered a veteran of JD.com, having joined the group in April 2010 and held several key positions within both JD.com and JD Logistics. From April 2010 to May 2016, he served as General Manager of the North China Regional Branch, Vice President of JD.com's Warehouse Department, and President of JD Smart Hardware. From May 2016 to April 2017, he was the head of JD.com's Operations System. He also served as CEO of JD Logistics from April 2017 to December 2020.
Subsequently, Wang Zhenhui left JD Logistics for a period. From July 2022 to July 2023, he served as CEO and Co-President of GCL Energy Technology Co., Ltd. (Shenzhen Stock Exchange code: 002015). From July 2021 to December 2024, he served as a non-executive director of Ronghui International Group Limited (now Zhiyuan Holdings Limited) (Stock code: 990).
In 2024, Wang Zhenhui returned to JD.com to oversee the development of innovative businesses until his recent reappointment as CEO of JD Logistics.
It's not just Deppon Logistics seeking delisting; Centurium Capital is also privatizing Aneng Logistics (Stock code: 9956).
After nearly four years listed, a consortium comprising Centurium Capital, Temasek, and Danming Capital, together with Aneng Logistics, jointly announced on October 28, 2025, their intention to take the company private via a scheme of arrangement, offering shareholders a cash option of HKD 12.18 per share. The buyer consortium valued Aneng Logistics at HKD 14.3 billion.
Currently, Aneng Logistics' market value is relatively low, showing a significant gap compared to competitors like SF Express and JD Logistics in the market, and is even lower than that of Deppon Logistics, a subsidiary of JD Logistics.
Aneng Logistics is expected to delist on February 9, 2026. Once delisted, Aneng Logistics' founder and CEO, Qin Xinghua, is expected to cash out and exit.
Information shows that Qin Xinghua was formerly a fighter pilot who transferred to civil aviation in 1993. When he started his business in 2010, he had only 50 people, building the company over more than 15 years to its current state.
Effective from the date the Aneng Logistics delisting agreement takes effect, Qin Xinghua will step down from his roles as co-chairman and CEO and will be reassigned as a senior advisor.
According to the announcement, upon implementation of the privatization scheme, Qin Xinghua opted to receive the full cash consideration. Calculated at HKD 12.18 per share, Qin would receive approximately HKD 1.183 billion (around 1.08 billion yuan) in cash.
An analyst pointed out that while losing the company is painful for Qin Xinghua, receiving over 1 billion yuan in cash can be seen as some compensation for more than a decade of entrepreneurship.
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