Core Viewpoint - 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 [3][4]. Group 1: Delisting Decision - On January 13, Debon Holdings announced its decision to withdraw its A-share listing, becoming the first company in the A-share market to propose voluntary delisting in 2026 [3]. - Following the announcement, Debon Holdings' stock opened with a limit-up at 15.44 CNY per share upon resuming trading [4]. Group 2: Background of the Acquisition - The decision to delist is rooted in the competitive landscape of the logistics industry, which has seen increasing market concentration from 2020 to 2022 [4]. - JD Logistics acquired a controlling stake in Debon Holdings through its subsidiary, JD Zhuofeng, which gained indirect control of 66.4965% of Debon Holdings' shares [5]. - The acquisition aimed to enhance operational efficiency and integrate logistics services, with the ultimate goal of terminating Debon Holdings' public listing status [5]. Group 3: Shareholder Response and Competition Issues - Following the acquisition, JD Zhuofeng controlled 71.93% of Debon Holdings, but the company maintained its listing status due to the remaining share distribution [6]. - Debon Holdings announced a five-year commitment to address competition issues with JD Logistics, focusing on operational integration and protecting shareholder interests [6][8]. Group 4: Cash Option for Shareholders - The delisting plan includes a cash option for dissenting shareholders, with JD Logistics offering a price of 19 CNY per share, representing a 35.3% premium over the last trading price [9]. - The estimated value of the cash option is approximately 3.797 billion CNY, assuming all eligible shareholders exercise their rights [9].