(Yicai Global) May 13 -- Chinese e-commerce giant JD.Com plans to take a stake of as much as 10 percent in Jiangsu Xinning Modern Logistics, a third-party logistics provider that has bonded warehousing of electronic components as its main business.
Xinning Modern's controller Wang Yajun and shareholder Zeng Zhuo will transfer part of their holding to a wholly owned unit of Xi'an Jingdong Xincheng Information Technology, Kunshan-based Xinning said in a statement today.
JD.Com founder Richard Liu owns 45 percent of Jingdong Xincheng, while Chief Compliance Officer Li Yayun has 30 percent and Liu's assistant Pang Zhang has 25 percent, company information shows.
Trading in Kunshan-based Xinning Modern's shares [SHE:300013] was halted pending the announcement. The stock ended last week at CNY15.18 (USD2.21).
Set up in 1997 and listed in 2009, Xinning Modern's business advantage lies in its logistics and supply chain services for the electronic information sector in the Yangtze River Delta region, especially in bonded warehousing, the statement said.
The firm entered the arena of satellite navigation and positioning in 2015 when it bought all of Guangzhou eTrans Transportation Information.