J&T Express unit acquires Shenzhen Fengwang subsidiary for 1.183b yuan

A UNIT of Indonesian logistics player J&T Express is acquiring a subsidiary of China’s largest integrated logistics service provider SF, the company said in a statement.

J&T Express (Shenzhen) Supply Chain, a subsidary of J&T Express, will acquire 100 per cent share rights of Shenzhen Fengwang Information Technology (Fengwang Information) for 1.183 billion yuan (S$226.9 million).

Fengwang Information is a subsidiary of Shenzhen Fengwang, which is in turn a subsidiary of SF.

Shenzhen Fengwang Express (Fengwang Express), a wholly owned subsidiary of Fengwang Information, has a network serving e-commerce customers in 27 provinces, municipalities and autonomous regions across China.

J&T Express said Fengwang’s revenue exceeded 3.2 billion yuan in 2022, and its overall network service quality is stable.

The acquisition is expected to enhance the “integrated service capabilities” of J&T Express, the company said, without giving further details.

SEE ALSO

Indonesia's J&T Express aims to raise at least US$1b in Hong Kong IPO: sources

DECODING ASIA

Navigate Asia in
a new global order

Get the insights delivered to your inbox.

It added that SF is looking to focus more on the development of its core business such as domestic mid-to-high-end express, international express, global supply chain services and digital supply chain services.

J&T Express entered the e-commerce express delivery sector in the Chinese market in 2020 and acquired Best Inc’s express business there in late 2021.