(Yicai Global) Aug. 5 -- China's leading express delivery service provider SF Holding and the e-commerce arm of the country’s state grid have set up a joint venture to reduce costs and improve efficiency in the logistics industry.

State Grid E-Commerce Yunfeng Logistics Technology’s main businesses include domestic and international freight, Internet of Things applications and cargo storage services, according to corporate data platform Tianyancha.

State Grid Electronic Commerce Technology, a unit of the State Grid Corporation of China, holds 51 percent equity and SF Holding’s subsidiary Shenzhen Fenglang Supply Chain owns the remainder. The JV was registered in Tianjin on July 31 with registered capital of CNY50 million (USD7.2 million).

SF Holding’s stock price [SHE:002352] closed down marginally at CNY69.83 (USD10) today.

Editor: Kim Taylor