Shen Zhen Shang Bao·2026-01-13 15:46Core 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]