Group 1 - The core point of the article is that Debon Holdings (603056.SH) has chosen to voluntarily delist from the Shanghai Stock Exchange to resolve issues related to competition and integration with JD Logistics (02618.HK) after two years of business integration [1][3] - Debon Holdings announced on January 13 that it plans to withdraw its A-share listing through a shareholder resolution and will apply to continue trading in the National Equities Exchange and Quotations (NEEQ) after obtaining the delisting decision from the Shanghai Stock Exchange [1][3] - This marks the first voluntary delisting in the A-share market in 2026 [1] Group 2 - Following the resumption of trading on January 14, Debon Holdings opened with a limit-up at 15.44 yuan per share [2] - The reason for the delisting can be traced back to the consolidation phase of the express logistics industry from 2020 to 2022, during which JD Logistics acquired a significant stake in Debon Holdings to enhance its large-item logistics capabilities [3][4] - JD Logistics, through its subsidiary, acquired a controlling stake of 66.4965% in Debon Holdings, triggering a mandatory tender offer for the remaining shares [3][4] Group 3 - The acquisition by JD Logistics was the largest in the domestic express industry at the time, and despite concerns about Debon Holdings' listing status, shareholders remained optimistic about the synergies post-integration [4] - JD Logistics now holds a 71.93% stake in Debon Holdings, fully controlling the company [4] - Debon Holdings announced that JD Logistics will take measures over the next five years to resolve competition issues, including operational delegation and business integration [4][5] Group 4 - Debon Holdings has initiated the takeover of JD Logistics' transfer centers since August 2023, with plans for resource integration starting in 2024 [5] - The delisting plan includes a cash option for dissenting shareholders, with JD Logistics offering a cash buyout at 19 yuan per share, representing a 35.3% premium over the last trading price [5][6] - The estimated value of the cash option, assuming full participation from shareholders, is approximately 3.797 billion yuan [6]