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]

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].

Core Viewpoint - JD Logistics (02618) announced the proposal to voluntarily withdraw Debon Holdings' shares from the Shanghai Stock Exchange, which has been approved by Debon's board of directors [1] Group 1: Withdrawal Proposal - Debon Holdings, a subsidiary of JD Logistics, plans to withdraw its shares from the Shanghai Stock Exchange, pending approval from Debon's shareholders [1][2] - Following the approval, Debon will submit an application for the withdrawal of its listing [2] Group 2: Cash Option for Shareholders - As part of the withdrawal plan, JD Logistics' subsidiary will offer a cash option to Debon shareholders at a price of RMB 19.0 per share [1] - Debon shareholders currently hold a total of 203 million shares, representing 19.99% of the total Debon shares, excluding treasury shares [1] - The estimated value of the cash option, assuming all shareholders exercise it, is approximately RMB 3.797 billion [1]

Core Viewpoint - JD Logistics (02618) announced the proposal to voluntarily withdraw Debon Holdings (603056) from the Shanghai Stock Exchange, which has been approved by Debon's board of directors [1] Group 1: Withdrawal Proposal - Debon intends to seek shareholder approval for the withdrawal of its shares from the stock exchange [2] - Following the approval, a cash option will be offered to Debon shareholders at a price of RMB 19.0 per share [1] Group 2: Shareholder Holdings - As of the announcement date, Debon shareholders hold a total of 203 million shares, representing 19.99% of the total shares excluding treasury stock [1] - Excluding the shares to be canceled, shareholders hold approximately 199.9 million shares, which accounts for 19.76% of the total shares [1] Group 3: Financial Implications - The estimated value of the cash option, assuming all shareholders exercise it, is approximately RMB 3.797 billion [1]

Core Viewpoint - The company, Debang, announced its decision 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. This move is aimed at better aligning with the logistics industry's development trends and effectively coordinating resources within the JD Logistics system [1]. Group 1 - The decision to withdraw A-shares was proposed by the indirect controlling shareholder, Suqian JD Zhuofeng Enterprise Management Co., Ltd. [1] - The company's board of directors has approved the proposal to withdraw from the Shanghai Stock Exchange [1]. - The withdrawal is part of a commitment made by JD Zhuofeng during the acquisition of Debang Logistics to address issues of industry competition [1].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 JD Logistics, Inc. 京東物流股份有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2618） 須予披露的交易 擬主動撤回德邦股份於上海證券交易所的上市交易及 擬向德邦股東提供現金選擇權 2026年1月13日，宿遷京東卓風（本公司全資子公司，亦為德邦的間接控股股東）已提 議，並經德邦董事會批准，德邦擬透過德邦股東會批准的方式，主動撤回德邦股份於 上海證券交易所的上市交易。 為保障德邦股東的利益，作為擬撤回上市方案的一部分，買方（本公司的全資子公司） 將在獲得德邦的股東批准後，立即向德邦股東發出擬現金選擇權，以每股人民幣19.0 元的價格收購德邦目標股份（即德邦所有剩餘股份，不包括本集團及其一致行動人已 擁有的股份及德邦註銷股份）。截至本公告日，德邦股東合計持有202,782,159股德邦股 份（不包括德邦庫存股）（佔19.99%的總德邦股份（不包括德邦庫存股）。不包括德邦註銷 股份 ...

Core Viewpoint - Debon Holdings has suspended trading due to significant matters being planned by its indirect controlling shareholder, JD Zhaofeng, following a recent increase in shareholding, raising control to 79.59% [1][2]. Group 1: Shareholding and Trading Suspension - JD Zhaofeng completed an increase of 2.95% in Debon Holdings' shares, investing approximately 418 million yuan [2]. - The trading suspension was initiated on January 9, with an initial expectation to resume on January 12, but was later extended due to ongoing planning [1][2]. Group 2: Share Buyback Program - Debon Holdings initiated a share buyback plan with a budget of 75 million to 150 million yuan, aiming to reduce registered capital [2]. - By the end of December 2025, the company had repurchased shares worth approximately 75.09 million yuan, reaching the lower limit of its buyback plan [2]. Group 3: Stock Performance and Financial Pressure - Debon Holdings' stock price rose significantly in Q2 2025, reaching a peak of 22.96 yuan, but later fell to 13.53 yuan by December 31, 2025 [3]. - The company reported a revenue of 30.27 billion yuan for the first three quarters of 2025, a year-on-year increase of 6.97%, but recorded a net loss of 277 million yuan, marking its first loss in a quarterly report since going public [3]. Group 4: Management Changes and Competition Issues - 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 [3]. - Investors have raised concerns about competition with JD Logistics, which holds a 66.5% stake in Debon Holdings, and the company has committed to addressing these competition issues over the next five years [4].