Core Viewpoint - JD Logistics, Inc. plans to withdraw its A-shares from the Shanghai Stock Exchange and apply for trading on the National Equities Exchange and Quotations after acquiring control of Debon Logistics, addressing competition issues and aligning with industry trends [2][3]. Group 1: Company Actions - JD Logistics intends to withdraw its A-shares from the Shanghai Stock Exchange and seek trading on the National Equities Exchange and Quotations, following a proposal from its indirect controlling shareholder, Suqian JD Zhuofeng Enterprise Management Co., Ltd. [2] - The withdrawal is part of a commitment made during the acquisition of Debon Logistics to resolve competition issues within five years [3]. - Debon Logistics' stock will be suspended pending shareholder approval for the delisting, requiring a two-thirds majority vote from shareholders [3]. Group 2: Financial Performance - For the first three quarters of 2025, Debon Logistics reported revenue of 30.27 billion yuan, a year-on-year increase of 6.97%, but a net loss of 277 million yuan, a decline of 153.54% [2]. - The company's net profit excluding non-recurring items was a loss of 361 million yuan, down 202.79% year-on-year [2]. Group 3: Investor Considerations - Investors are concerned about the timing of JD Logistics' commitment to resolve competition issues, which was a factor in their decision to purchase Debon shares [3]. - A cash option will be provided to dissenting shareholders at a price of 19.00 yuan per share, higher than the closing price of 14.04 yuan on January 9 [3]. Group 4: Future Operations - After delisting, Debon Logistics will maintain its brand and operations independently while enhancing collaboration with JD Logistics to provide comprehensive logistics services [5]. - The board of Debon Logistics has authorized management to select a qualified securities company to assist with the listing procedures on the National Equities Exchange and Quotations [5].

德邦股份拟以股东会决议方式主动终止公司股票上市。 1月13日晚间，德邦股份（603056）发布多条公告，公告显示，公司拟以股东会决议方式主动撤回德邦股份 A股股票在上海证券交易所的上市交易，同时，公司股票将自2026年1月14日（星期三）开市起复牌。 | 证券代码 | 证券间称 | 停复理类型 | 停牌起始 | 停牌期间 | 停牌终止 | 夏澤日 | | --- | --- | --- | --- | --- | --- | --- | | | | | H | | H | | | 603056 | 德邦股份 | A HS 量 | | | 2026/1/13 | 2026/1/14 | 此前，因公司间接控股股东宿迁京东卓风企业管理有限公司（以下简称"京东卓风"）筹划与公司相关的重大 事项，德邦股份股票自1月9日午间起停牌。 德邦股份表示，为了更好地顺应物流行业的发展趋势，更为高效、有力地统筹协调与整合JD Logistics, Inc. （京东物流股份有限公司，以下简称"京东物流"）体系内的物流资源，亦考虑积极践行公司间接控股股东京 东卓风于收购公司时作出的关于同业竞争的承诺，根据相关规定，经京东卓风提议，并经 ...

Core Viewpoint - JD Logistics, Inc. plans to voluntarily withdraw its A-shares from trading on the Shanghai Stock Exchange to better align with industry trends and fulfill commitments regarding competition made during the acquisition of Debon Holdings [1] Group 1: Company Actions - JD Logistics will apply for delisting from the Shanghai Stock Exchange and seek to continue trading on the National Equities Exchange and Quotations after obtaining the delisting decision [1] - Debon Holdings will maintain its assets, personnel, and operations independently after the delisting, with no major asset restructuring or relisting plans [4] Group 2: Shareholding Structure - Debon Holdings has a total share capital of 1.02 billion shares, with Debon Holdings controlling 683 million shares (66.96%) [4] - JD.com, Inc. and JD Zhuofeng collectively hold 812 million shares (79.59%) of Debon Holdings, making them the actual controllers of the company [4] Group 3: Recent Developments - JD Zhuofeng recently completed an increase in its stake in Debon Holdings, acquiring 30.04 million shares (2.95%) for approximately 418 million yuan [6] - Significant management changes occurred at Debon Holdings, including the resignation of Chairman Hu Wei and the nomination of JD executive Wang Zhenhui as a non-independent director [7] Group 4: Financial Performance - Debon Holdings reported a revenue of 30.27 billion yuan for the first three quarters of 2025, a year-on-year increase of 6.97%, but incurred a net loss of 277 million yuan, marking its first quarterly loss since going public [8] - The company's gross margin has been declining, with figures of 10.19%, 8.68%, and 7.62% from 2022 to 2024, dropping to 4.21% in the first three quarters of 2025 [9]

Core Viewpoint - Debon Holdings plans to voluntarily withdraw its A-share listing on the Shanghai Stock Exchange through a shareholder resolution, with trading resuming on January 14, 2026 [1][5]. Group 1: Company Actions - Debon Holdings announced multiple resolutions on January 13, indicating the intention to withdraw its A-share listing due to strategic alignment with JD Logistics and to address competition commitments made during the acquisition by its indirect controlling shareholder, Suqian JD Zhuofeng Enterprise Management Co., Ltd. [1][4][5]. - The company will hold a special shareholder meeting on January 29, 2026, to vote on the delisting proposal, which requires approval from more than two-thirds of the voting rights held by attending shareholders [5]. Group 2: Financial Details - The cash option for dissenting shareholders will be priced at 19.00 yuan per share, while the last trading price before suspension was 14.04 yuan per share [5].

据记者了解，德邦股份此次主动退市，核心原因之一是京东物流此前收购德邦时解决同业竞争的承诺的 履行。 2022年3月，德邦股份公告，京东卓风将通过受让德邦控股部分股份且同时接受德邦控股部分股东委托 获得德邦控股部分股份对应的表决权的方式，实现对德邦控股的控制，从而间接控制德邦控股所持有的 上市公司66.4965%股份。 之后，京东卓风于2022年9月6日出具承诺，自要约收购完成之日起五年内，通过具有可操作性的方式解 决京东物流与德邦股份的同业竞争问题。 1月13日晚间，停牌3个交易日的德邦股份（603056.SH）发布公告称，公司拟以股东会决议方式主动撤 回A股股票在上海证券交易所的上市交易，并在取得上海证券交易所终止上市决定后申请在全国中小企 业股份转让系统退市板块继续交易。 这意味着，又一快运巨头即将退市。 在此之前，在香港上市的安能物流已经宣布于2月9日私有化退市。而德邦股份是国内首家IPO上市的快 递物流企业，最早主要从事零担物流业务，并一度成为国内零担快运市场的老大。 根据公告，此次德邦退市的现金选择权提供方为京东物流，现金选择权的行权价格为19元/股，对应公 司市值超190亿元，较德邦停牌前1日的市 ...

Core Viewpoint - The company plans to voluntarily withdraw its A-shares from trading on the Shanghai Stock Exchange and will apply for continued trading on the National Equities Exchange and Quotations (NEEQ) after obtaining the delisting decision from the Shanghai Stock Exchange [2] Group 1 - The decision requires approval from more than two-thirds of the valid voting rights held by shareholders present at the company's general meeting [2] - This move aims to better align with the logistics industry's development trends and to efficiently coordinate and integrate logistics resources within JD Logistics [2] - The company will maintain its independent brand and operations, and its assets, personnel, and business will not be adversely affected after the delisting [2] Group 2 - The company's stock is set to resume trading on January 14, 2026 [2]

据披露，现金选择权的行权价格为19元/股，高于公司董事会决议主动退市事项前最后1个交易日收盘价 14.04元/股，相对于公司董事会决议主动退市事项前30个交易日的每日加权平均价格的算术平均值14元/ 股的溢价率约为35.71%。本次现金选择权的股权登记日拟定为2026年2月6日。待公司股东会审议通过 后，公司将另行确定现金选择权申报日，具体时间以公司公告为准。 值得一提的是，本次现金选择权方案并非强制性交易，公司异议股东及其他股东可以自由选择接受或不 接受现金选择权，也可以选择全部或部分申报现金选择权。 公司表示，无论公司股东于2026年第一次临时股东会中对《关于以股东会决议方式主动终止公司股票上 市事项的议案》投赞成票、反对票或者弃权，除京东卓风及其一致行动人德邦控股以外的现金选择权股 权登记日登记在册的全体A股股东(限售或存在权利限制的股份等情形除外)均享有现金选择权。在股东 会审议通过本次终止上市事项后，京东物流运输有限公司将提供现金选择权。股东可以申报现金选择 权，也可以继续持有公司股票。 公司表示，终止上市后，公司的资产、人员、业务将不会受到不利影响，仍保持独立的品牌及运营。目 前，公司无重大资产重 ...

2022年3月，德邦股份公告，京东卓风将通过受让德邦控股部分股份且同时接受德邦控股部分股东委托 获得德邦控股部分股份对应的表决权的方式，实现对德邦控股的控制，从而间接控制德邦控股所持有的 上市公司66.4965%股份。 之后，京东卓风于2022年9月6日出具承诺，自要约收购完成之日起五年内，通过具有可操作性的方式解 决京东物流与德邦股份的同业竞争问题。 德邦股份此次主动退市，核心原因之一是京东物流此前收购德邦时解决同业竞争的承诺的履行。 1月13日晚间，停牌3个交易日的德邦股份（603056.SH）发布公告称，公司拟以股东会决议方式主动撤 回A股股票在上海证券交易所的上市交易，并在取得上海证券交易所终止上市决定后申请在全国中小企 业股份转让系统退市板块继续交易。 这意味着，又一快运巨头即将退市。 在此之前，在香港上市的安能物流已经宣布于2月9日私有化退市。而德邦股份是国内首家IPO上市的快 递物流企业，最早主要从事零担物流业务，并一度成为国内零担快运市场的老大。 根据公告，此次德邦退市的现金选择权提供方为京东物流，现金选择权的行权价格为19元/股，对应公 司市值超190亿元，较德邦停牌前1日的市价溢价超过35 ...

在德邦发布停牌公告之后，投资者平台上出现了关于德邦股份通过资产注入、京东物流回A股等多种猜 想。针对此类猜想，相关投行业内人士表示，从监管要求、业务逻辑与行业实际来看，这些路径均不具 备可行性，主动退市是最优解。 首先，京东物流体系其他物流资产的注入无法解决核心的同业竞争问题。物流行业中，快递、快运与供 应链业务的边界并无清晰明确的界定，尤其是供应链业务涵盖仓配一体化、干线运输、末端配送等多个 环节，本质上是 "仓+快运+快递" 的融合形态。即便德邦股份与其他物流资产进行整合，仍可能认定为 与京东物流的供应链业务存在同业竞争，无法从根本上解决同业竞争，反而可能增加业务复杂度与监管 风险。 其次，京东物流回A上市或资产注入等方式不符合当前监管政策要求。全面实行注册制后，境外上市的 红筹企业申请A股主板上市需满足严格条件，京东物流的行业属性与市值规模均难以满足要求。对比各 类资本运作方式的约束条件，主动退市能够直接解决同业竞争问题，推进资源整合，是当前最具可操作 性、最能保障各方利益的路径选择。 1月13日，发布停牌公告后的德邦股份（603056.SH）宣布主动撤回A股股票上市交易。据了解，主动退 市并非偶然的资 ...

Core Viewpoint - Debon Logistics' voluntary delisting from A-share trading is a strategic decision influenced by JD Logistics' commitment to resolving competition issues and enhancing shareholder value [1][2]. Group 1: Strategic Reasons for Delisting - The primary reason for Debon Logistics' voluntary delisting is JD Logistics' fulfillment of its commitment to resolve competition issues following its acquisition of Debon [2]. - The delisting aligns with regulatory reforms aimed at improving the capital market ecosystem and allows Debon to focus on its core business and enhance efficiency [2][3]. - By delisting, Debon can fully integrate into JD Logistics' resource system without the constraints of public company disclosure requirements and short-term profit pressures [3]. Group 2: Market Context and Competitive Landscape - The logistics industry is undergoing a transformation towards high-quality development, shifting competition from price wars to comprehensive service capabilities [3]. - The collaboration between JD Logistics and Debon aims to create a modern logistics service system that contributes to national strategies and enhances operational efficiency [3]. Group 3: Feasibility of Alternative Paths - Speculations regarding asset injections or JD Logistics returning to A-shares are deemed unfeasible due to regulatory and business logic constraints [4]. - The active delisting is viewed as the most viable solution to address competition issues and facilitate resource integration [4]. Group 4: Financial Aspects of Delisting - JD Logistics has offered a cash option at 19 CNY per share, valuing the company at over 19 billion CNY, which represents a 35.3% premium over the last trading price before suspension [5]. - This offer provides a significant exit opportunity for minority shareholders, exceeding historical average premiums for voluntary delistings [5]. Group 5: Overall Implications - The decision to delist aligns with national strategies for high-quality development in the logistics sector and meets capital market regulatory requirements, achieving a win-win for corporate strategy and shareholder interests [6].