JD.com to buy controlling stake in China Logistics

Chinese online retailer JD.com said on Friday that its subsidiary, JD Property, has agreed to buy a controlling stake in China Logistics in a $2.1bn deal.

JD Property Group will buy a 26.4% stake for HK$4.35 per share from the company’s largest shareholder, Yupei International Investment Management.

The acquisition will take JD.com’s stake in China Logistics to around 35.8%, making it mandatory under Hong Kong takeover rules for JD to make an offer for the whole company.