Fosun-led consortium acquires 30% stake in China express firm ZJS

Other investors include China Merchants Capital, Hong Tai Capital, China Merchant Securities and Haitong Securities. They will participate in ZJS's management, hiring and business development.

Founded in 1994, ZJS started by offering B2B express delivery services but lost out on the B2C e-commerce boom in China. The company added a B2C service in August but has yet to turn a profit. The company plans to transform its business between 2017 and 2019 through cooperation with strategic investors. ZJS's ultimate aim is to launch an IPO.

This is not the first time Fosun and China Merchants have invested in China's logistics and delivery sector. Last year, Alibaba Group formed China Smart Logistic Network, also known as Cainiao Network Technology, and teamed up with five existing logistics providers to support penetration in lower-tier cities. Fosun contributed RMB500 million ($81.6 million) for a 10% interest in the project.

In August, a consortium comprising CITIC Capital, Suzhou-based Oriza Holdings and China Merchants bought a 25% stake in SF Express, a Shenzhen-headquartered express delivery service provider.

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• Topics
• Greater China
• Expansion
• China
• Logistics
• Fosun Group
• Growth capital