JD Logistics (2618) released a circular on November 4, 2025, regarding continuing connected transactions with its controlling shareholder JD.com. The proposed revisions involve amendments to the existing Supply Chain Solutions and Logistics Services Framework Agreement, including an increase in annual caps and revised pricing policies.

According to the circular, JD Logistics entered into a supplemental agreement with JD.com on October 8, 2025, aiming to accommodate increased demand for integrated supply chain solutions and logistics services. The revised annual caps for the two years ending December 31, 2025, and December 31, 2026, respectively, would increase from RMB72,289 million to RMB110,000 million, and from RMB86,723 million to RMB210,000 million. The Company attributes this significant increase to anticipated growth in business volume, including the development of JD Food Delivery and the planned acquisition of JD.com’s local on-demand delivery-related subsidiaries.

An Extraordinary General Meeting is set for November 21, 2025, at Building A, No. 18 Kechuang 11 Street, Yizhuang Economic and Technological Development Zone, Daxing District, Beijing, to vote on the supplemental agreement and the revised annual caps. Shareholders wishing to attend must lodge transfer documents with the Hong Kong share registrar no later than November 17, 2025. The Company’s Independent Board Committee and an independent financial adviser both endorse the proposal, stating that it is in JD Logistics’ best interests and on normal commercial terms.