China-based supply chain logistics services provider Xinning Logistics has received a RMB376m ($54.7m) investment from a subsidiary of JD Logistics, the logistics arm of e-commerce company JD.com.
Founded in 1997 and formally known as Jiangsu Xinning Modern Logistics, Xinning provides warehousing, storage and warehouse management in addition to freight and supply chain services spanning air, maritime, land and customs.
Following its acquisition of Guangzhou eTrans Transportation Information Co in 2015, Xinning established a clean energy car rental service and cross-border e-commerce service as part of its business, and also offers national satellite positing and intelligent car networking.
As pat of the deal, JD Logistics has formed a strategic partnership with Xinning that will involve them co-developing internet-of-vehicles, internet-of-things, intelligent warehousing and supply chain technology, according to a regulatory filing.
JD Logstics secured $2.5bn in funding from internet group Tencent, conglomerate China Merchants Group, Hillhouse Capital and Sequoia Capital in February 2018.