JD Logistics acquires JD.com's on-demand delivery business for $270m

On October 8, 2025, JD Logistics Inc. announced an agreement to acquire JD.com's wholly-owned subsidiaries, Dajiang and Dasheng, which operate local on-demand delivery services. The total consideration for the acquisition is approximately $270 million. JD.com is a controlling shareholder of JD Logistics, holding about 62.99% of the company's shares.

The acquisition is considered a connected transaction under Listing Rules, subject to reporting, announcement, and annual review requirements. It is exempt from independent shareholders' approval. A valuation adviser assessed the 100% equity value of the target business between $257 million and $284 million as of June 30, 2025. The target business reported a profit after tax of 75,169 thousand yuan for the six months ended June 30, 2025, a significant improvement from losses in prior years.

JD Logistics' board believes the acquisition will broaden its service portfolio, strengthen last-mile delivery capabilities, and align with its strategy for sustainable growth and profitability. The company intends to finance the acquisition using its own funds.