Analysis of Deppon's Voluntary Delisting and Integration with JD Logistics

Based on the latest information I have obtained, I will provide you with a detailed analysis report.

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On January 13, 2026, Deppon Co., Ltd. (603056.SH) issued an announcement stating its plan to voluntarily delist from the A-share market at a price of RMB 19 per share, becoming the first voluntarily delisted enterprise in 2026. This price corresponds to a market value of approximately RMB 19 billion, representing a

over the pre-suspension share price of RMB 14.04, far exceeding the average premium of 2%-10% for voluntary delistings in A-share history [1][2][3].

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When JD Logistics acquired Deppon Co., Ltd. in September 2022, JD Zhuofeng, the indirect controlling shareholder, issued a commitment:

[1][2].

According to Deppon’s explanation in the announcement, in response to market speculation about ‘JD Logistics’ backdoor listing on A-shares or asset injection’, these paths are not feasible:

• After the full implementation of the registration-based IPO system, overseas-listed red-chip enterprises applying for listing on the A-share main board need to meet strict conditions, and JD Logistics’ industry attributes and market capitalization scale cannot meet such requirements
• Even if Deppon integrates with other logistics assets, it may still be deemed to have horizontal competition with JD Logistics’ supply chain business, which cannot fundamentally solve the problem, but may instead increase business complexity and regulatory risks [2][3]

After delisting, deeper strategic integration can be achieved:

Integration Dimension	Specific Content
Warehousing Resources	Full access to JD Logistics’ national warehousing network
Capacity Resources	Integration of trunk transportation and last-mile delivery capabilities
Customer Resources	Sharing of high-value customer groups such as 3C and home appliances
Technical Resources	Sharing of intelligent logistics systems and digital capabilities

According to public information, at the end of June 2023, Deppon Co., Ltd. announced its plan to purchase part of the assets of 83 transit centers from JD Logistics and its holding subsidiaries for RMB 106 million, and the pace of integration is gradually accelerating [4].

Industry insiders analyze that the actual benefits of maintaining Deppon’s listed status are limited, and the following advantages can be gained after delisting [1][2]:

• No need to be restricted by the
  information disclosure rhythm
  of listed companies
• No need to bear
  short-term profit pressure
• Can focus more on long-term strategic upgrading
• Save listing maintenance costs

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Item	Specific Content
Exercise Price	RMB 19 per share
Premium Rate	35.3% (compared to the pre-suspension price of RMB 14.04)
Involved Shares	Approximately 203 million shares (accounting for 19.99% of the total share capital)
Exclusion Scope	JD-affiliated shareholders (holding 80.01% of shares) are not eligible to exercise the option
Record Date	February 6, 2026

The “two-thirds majority” conditions need to be met:

1. All shareholders
   approve with two-thirds of the voting rights
2. Minority shareholders
   (excluding directors, supervisors, senior executives and shareholders holding more than 5% of shares) approve with two-thirds of the voting rights in a separate vote

Investors with margin trading and securities lending or pledged shares need to complete the following before the record date:

• Transfer shares to a regular account
• Or repay margin trading and lending liabilities in advance
• Otherwise, they cannot exercise the cash option [1]

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Financial Indicator	2022	2023	2024	Q1-Q3 2025
Operating Revenue (RMB 100 million)	313.92	362.79	Approx. 395.8	—
Net Profit Attributable to Parent Company (RMB 100 million)	6.49	7.46	Approx. 8.5	-2.77
Year-on-Year Growth Rate	+345.37%	+13.32%	+15.41%	-153.54%

Although Deppon’s performance was briefly boosted after being acquired by JD in 2022, it still faces short-term pressure [1]:

• Swung from profit to loss in Q1-Q3 2025
  , with a net loss of RMB 277 million
• As of the end of September 2025, total liabilities reached
  RMB 8.088 billion
• The debt ratio remains at a relatively high level

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China’s LTL express market can be divided by network type into:

• National Network Express
  : Nationwide coverage, providing standardized services
• Regional Network Express
  : Focusing on specific regions
• Line-Haul Express
  : Point-to-point transportation with lower prices

Classified by business model:

• Direct Operation Model
  : Deppon, SF Express, KuaiYue Express (high-end market)
• Franchise Model
  : ZTO Express, Yunda Express, Best Express (mid-range market)

[4][5]:

Pre-Acquisition Landscape  Post-Acquisition Landscape
┌──────────────┐         ┌──────────────┐
│ Direct-Op High-End Market │         │ Direct-Op High-End Market │
│ • SF Express   │         │ • JD+Deppon  │ ← Duopoly
│ • KuaiYue Express   │         │ • SF Express   │
│ • Deppon Express   │         └──────────────┘
│ • JD Express   │         
└──────────────┘         Mid-Range Market: Aneng, Yimi Dida, etc.
     ↓                          ↓
  Multi-Player Competition      Fierce Competition

[4].

Deppon is not an isolated case, as the wave of integration in the logistics industry is accelerating:

Enterprise	Event	Time	Premium Rate
Aneng Logistics	Announced privatization delisting	February 2026	48.54%
Deppon Co., Ltd.	Voluntary delisting	January 2026	35.3%
Dada Group	Privatization delisting	2025

Aneng Logistics launched a ‘streamlining plan’ in September 2022, which achieved significant results but still chose to delist in the end, reflecting a shift in capital’s attitude towards the express industry [1]

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Through a series of capital operations, JD Logistics’ business layout has become complete:

Subsidiary	Business Positioning	Shareholding Ratio	Remarks
Deppon Co., Ltd.	Bulk logistics, LTL express	Controlled (delisting completed)	Independent brand operation
KuaiYue Express	Air freight, high-end time-sensitive parcels	100%	Acquisition completed in 2024
Dada Group	Instant delivery	Privatized	Integrated into JD ecosystem

JD Logistics has built a comprehensive logistics capability system covering

[1].

After Deppon’s delisting,

:

Competitive Player	Core Advantages	Target Market
JD Logistics System	Warehousing resources, e-commerce traffic, supply chain capabilities	High-end bulk goods, B-end customers
SF Express	Direct-operated network, service quality, brand premium	High-end business parcels, time-sensitive parcels

:

• 2018-2021: Fierce price wars, with various enterprises slashing prices to seize market share
• After 2022: As financing expansion slowed down, leading enterprises gained a firm foothold through scale effects, and price competition eased
• Current: The focus of competition has shifted to
  service capabilities, time guarantee, and supply chain integration
  [4]

After the formation of the duopoly landscape, small and medium-sized LTL logistics enterprises are facing greater pressure:

• Declining bargaining power
• Cargo sources being diverted by leading enterprises
• Prominent cost disadvantages

• Focus on regional niche markets
• Provide differentiated services (such as cold chain, pharmaceutical logistics)
• Be merged and integrated by leading enterprises

According to data from industry research institutions [4][5]:

Indicator	2023	2027 Forecast	CAGR
Share of national network express in LTL market	Approx. 6%	10%	9.0%
Market size of national network express	—	RMB 179.8 billion	—
Market size of direct-operated express	—	RMB 82.4 billion	7.4%

will become an important driver of growth in LTL logistics.

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Stock Price Status	Suggested Operation
Stock Price > RMB 19	Sell directly in the secondary market to make a profit
Stock Price < RMB 19	Hold until the cash option exercise date to lock in a 35% return

1. Risk of Proposal Rejection
   : If the shareholder meeting does not approve the delisting proposal, the stock price may come under pressure due to the failure of integration expectations
2. Concern Over Financial Loss
   : With a net loss of RMB 277 million in Q1-Q3 2025, attention needs to be paid to the actual effectiveness of resource synergy with JD after delisting
3. Liquidity Discount Risk
   : Liquidity will decrease after transfer to the NEEQ (New Third Board), and the possibility of valuation discount needs to be evaluated for long-term holdings

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Deppon Co., Ltd.‘s voluntary delisting is an inevitable continuation of JD Logistics’ integration strategy. The 35% premium fully protects the interests of minority shareholders and sets a new benchmark for voluntary delistings in the A-share market.

From an industry perspective, this event marks that

:

• Leading enterprises are expanding and strengthening through mergers and acquisitions
• Small and medium-sized enterprises are facing greater survival pressure
• The competition logic has shifted from price wars to service capability competition

In the future, how JD Logistics will leverage its combined advantages, and how the Deppon brand will maintain its independence and competitiveness within the JD system, will continue to be the focus of the industry.

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[1] Sina Finance - Deppon Delists, JD Logistics’ Integration Fully Launched (https://finance.sina.com.cn/jjxw/2026-01-14/doc-inhhfrsx8543645.shtml)

[2] Securities Times - Deppon Co., Ltd. Delisting: Win-Win for Strategic Choice and Shareholder Interests, Tender Offer Premium Exceeds 35% (https://www.stcn.com/article/detail/3590666.html)

[3] Sina Finance Headlines - Deppon Co., Ltd. Plans Voluntary Delisting, JD Logistics Integration Triggers 35% Premium (https://cj.sina.com.cn/articles/view/7857201853/1d45362bd06801pc8e)

[4] Zheshang Securities Research Institute - In-Depth Report on Deppon Co., Ltd.: Leader in Express, New Force in Courier, Growing Synergistically with JD (https://pdf.dfcfw.com/pdf/H3_AP202309031597466216_1.pdf)

[5] Huayuan Securities Research Institute - In-Depth Report on Deppon Co., Ltd. (603056.SH): Direct-Operated Express Leader, Promising Growth from Network Integration (https://pdf.dfcfw.com/pdf/H3_AP202502141643073144_1.pdf)