Singapore Post (SingPost) said it has increased its stake in a Chinese e-commerce solutions provider to strengthen its logistics offerings and to leverage on the rapid growth in China's e-commerce activities.
The postal and e-commerce logistics provider acquired an additional 17.91% of the equity in 4PX Information Technology for 163.16 million yuan (US$25.6 million).
Headquartered in Shenzhen, 4PX is one of China's top e-commerce cross-border solutions providers with services that include warehousing, express delivery and freight forwarding as well as software and consulting services for e-commerce sellers. It has more than 20,000 customers in more than 50 locations in China and globally.
Established in 2004, 4PX has more than 2,600 employees and operates warehouses in China, Australia, UK, Germany and the U.S.
The purchase of equity in 4PX will be carried out through SingPost's wholly-owned subsidiary Quantium Solutions International and funded from the company's internal resources.
Nol van Fenema