JD Logistics (02618) announced that on January 13, 2026, Suqian JD Excellence (a wholly-owned subsidiary of the company and also the indirect controlling shareholder of Deppon) proposed, and it was approved by Deppon's board of directors, that Deppon intends to voluntarily withdraw the listing and trading of its shares from the Shanghai Stock Exchange through a method to be approved by Deppon's shareholders' meeting. To protect the interests of Deppon's shareholders, as part of the proposed delisting plan, the buyer (a wholly-owned subsidiary of the company) will, upon obtaining shareholder approval from Deppon, immediately issue a proposed cash option to Deppon's shareholders. This option will allow the acquisition of the target Deppon shares (i.e., all remaining shares of Deppon, excluding shares already owned by the Group and its concert parties, as well as Deppon's cancelled shares) at a price of RMB 19.0 per share. As of the date of this announcement, Deppon's minority shareholders collectively hold 203 million Deppon shares (excluding Deppon treasury shares), representing 19.99% of the total Deppon shares (excluding Deppon treasury shares). Excluding Deppon's cancelled shares, the minority shareholders collectively hold 199.9 million Deppon shares (i.e., the target Deppon shares, representing 19.76% of the total Deppon shares excluding cancelled shares), and the proposed cash option is expected to cover these Deppon shares. Therefore, based on the option price and assuming all proposed cash options are fully exercised by Deppon's shareholders, the total value of the proposed cash options is estimated to be approximately RMB 3.797 billion. As of the date of this announcement, the Group holds approximately 80.01% of the total Deppon shares (excluding Deppon treasury shares), and Deppon is a consolidated subsidiary of the company. After obtaining approval from Deppon's shareholders' meeting for the delisting, Deppon will submit the application for the withdrawal of its listing.
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