Research on Market Reaction to JD’s Acquisition of Debon

Overseas Chinese College, Capital University of Economics and Business, Beijing, China

^* Corresponding author: 32022140044@cueb.edu.cn

Abstract

In 2022, JD Logistics acquired a controlling stake in Debon for approximately 9 billion yuan, making it the largest merger and acquisition event in the industry and attracting widespread attention. This article takes this as a case study to analyze its value creation path from three levels: strategic motivations, synergies, and market reactions. Through literature review and event study methods, this study identifies the synergistic goals of mergers and acquisitions in logistics network optimization, market expansion, technology integration, and cost control, and calculates abnormal stock price returns based on the merger announcement date. The results show that in the short term, the market is concerned about integration risks and the stock price is experiencing negative abnormal returns; But in the medium to long term, with the promotion of integration, JD’s operating profit will increase, its structure will be optimized, its market share will grow, and it will demonstrate positive value. At the same time, it also reveals challenges such as differences in business models and lagging financial integration. Overall, this merger and acquisition event demonstrates significant synergies and provides a practical reference for industry merger and acquisition integration.