JD Logistics, Inc. (JD Logistics) has executed seven new framework agreements with controlling shareholder JD.com and fellow JD Group affiliate JD Technology, renewing all existing connected-party arrangements that expire on 31 December 2026. The new agreements, signed on 14 August 2026, will run from 1 January 2027 to 31 December 2029.
Key agreements and 2027 annual caps
1. Supply Chain Solutions & Logistics Services (with JD.com) – RMB108.12 billion payable by JD Group to JD Logistics (RMB123.87 billion in 2028; RMB142.48 billion in 2029). This contract underpins JD Logistics’ core revenue stream and, because applicable percentage ratios exceed 5%, requires independent shareholders’ approval at an upcoming EGM.
2. Factoring Services (with JD Technology) – JD Technology may purchase up to RMB16.19 billion of JD Logistics’ trade receivables in 2027 (RMB17.95 billion in 2028; RMB19.12 billion in 2029). Service-fee caps are set at RMB92 million, RMB108 million and RMB120 million for 2027–2029, respectively. These thresholds trigger both connected-transaction and discloseable-transaction requirements.
Partially exempt agreements (reporting, announcement and annual review only; no shareholder vote required):
• Advertising & Promotional Services – RMB596 million cap (2027). • Leasing – RMB2.86 billion cap (2027) for warehouse, equipment and agency leases. • Payment Services – RMB148 million cap (2027) for COD and ancillary settlements via JD Technology. • Procurement – RMB3.54 billion cap (2027) covering logistics equipment, vehicles, IT and cloud services, insurance and other supplies. • Shared Services – RMB2.99 billion cap (2027) for human resources, office, canteen and other administrative support.
Governance and approvals
• An Independent Board Committee of all INEDs will evaluate the Supply Chain Solutions & Logistics Services and Factoring Services agreements. • Gram Capital is appointed as Independent Financial Adviser. • An extraordinary general meeting will be convened; JD.com, JD Technology and their associates (including founder Mr Richard Qiangdong Liu) will abstain from voting. • Ongoing monitoring will include semi-annual cap utilisation reviews, annual audits by external auditors and oversight by the Board’s Audit Committee to ensure pricing remains on normal commercial terms.
Rationale
Management cites continued operational synergies with JD Group, anticipated business growth (including international expansion via JoyExpress and on-demand delivery services), and the need for enhanced liquidity management through factoring as core drivers for the renewals.
With the new frameworks in place, JD Logistics aims to secure predictable revenue streams from JD Group, maintain access to critical warehousing, technology and support services, and strengthen working-capital flexibility over the 2027–2029 period.