SINGAPORE Post Limited (SingPost) has shored up its stake in Chinese ecommerce provider Shenzhen 4PX Information Technology Co Ltd (4PX) by another 17.9 per cent for 163.16 million yuan (S$35 million).
The group said it has, through its wholly-owned subsidiary, Quantium Solutions International Pte Ltd (QSI), increased its equity interest in 4PX from 18 per cent to 35.91 per cent via the purchase of vendor shares for 113.16 million yuan and new shares for 50 million yuan.
Headquartered in Shenzhen, 4PX is one of China's top ecommerce cross-border solutions providers, serving more than 20,000 merchants in more than 50 locations in China and globally. Formed in 2004, 4PX has more than 2,600 employees and operates warehouses in China, Australia, the UK, Germany and the US.
The capabilities that 4PX offers its customers include logistics (warehousing, express delivery and freight forwarding) as well as software and consulting services for ecommerce sellers.
"The additional investment in 4PX, with its extensive logistics capabilities in warehousing, express delivery and freight forwarding, is a key part of SingPost's strategy to strengthen our integrated end-to-end ecommerce logistics solutions and to leverage on the rapid growth in China's ecommerce activities," said Goh Hui Ling, Deputy CEO (International Mail) of SingPost.