Spencer Logistics has signed an agreement with two Chinese companies, Shanghai Haibo Logistics and Shanghai Jinzeng Investment Management, to set up a logistics joint venture in Shanghai, China.

Chen Zhongxin, the president of Shanghai Haibo Logistics' parent company, Shanghai Haibo Company, was cited as saying in a Xinhua report that co-operation with Spencer Logistics will strengthen both parties' competitiveness as third party logistics providers based in Shanghai. Services will include bonded warehousing, processing and international cargo distribution.

Mr. Chen anticipates the joint venture will make a profit of around CNY200 million over the next five years.

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The new company, which will be called Shanghai Haibo Spencer International Logistics Co., Ltd, will have a registered capital of CNY41 million (US$5.1 million). State media reported that the partners will invest up to CNY102.5 million in the initial stages to set up the joint venture.

Haibo Logistics will own 51 per cent of the joint venture while Spencer Logistics and Jinzeng Investment will respectively hold a 25 per cent and 24 per cent stake in the new firm.

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