JD.com unit makes $513m offer for controlling stake in China Logistics

REUTERS/Aly Song/Files

Chinese e-commerce giant JD.com Inc’s real estate unit has made an about HK$3.99 billion ($513.45 million) offer to buy a controlling stake in storage facilities manager China Logistics Property Holdings, the companies said in a joint exchange filing on Friday.

JD Property Group offered to buy a 26.38% stake in China Logistics for HK$4.35 per share from its top shareholder, Yupei International Investment Management.

That would take JD.com‘s stake in China Logistics to about 35.8%, making it mandatory under the Hong Kong takeover code for the e-commerce giant to make a general offer for the whole company.

The offer price of HK$4.35 apiece represents a 7.4% premium to China Logistics’ last close of HK$4.05 on Wednesday.

China Logistics shares were halted on Thursday, pending the announcement. It has applied to the stock exchange to resume trading in its shares from Monday.

Last week, Bloomberg News reported that the Chinese e-commerce giant was in advanced talks to buy a controlling stake in China Logistics, citing people familiar with the matter.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.