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On August 30, Xiamen C&D Inc. (600153.SH), a listed subsidiary of C&D Group, released an announcement to set up Shangzhou Logistics with Xiamen Airlines and Zongteng Group with an aim to avail the company of air cargo logistics resources and assist with the company's cross-border e-commerce and other consumer product supply chain businesses. Shangzhou Logistics will primarily engage in air cargo transport and relevant services. It has a registered capital of 1 billion Yuan, including 501 million Yuan in cash from C&D or 50.1% of total; 379 million Yuan in kind, land use right and cash from Xiamen Airlines, or 37.9% of total; and 120 million Yuan in cash from Zongteng Group, or 12%.