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Sinotrans Quit Domestic Express Delivery Business
From Corporation, page 27
*After competing in the domestic express delivery market for four years, Sinotrans Group, a state-owned logistics giant, has given up on its plan to operate an independent domestic delivery operation.
*On May 8, Sinotrans Air Transportation Development, the Sinotrans Group's listed subsidiary, began to sell all the shares of its wholly-owned subsidiary - Beijing Sinotrans Express Company (BSEC), a branch that specialized in domestic express delivery.
*The EO learned that the company would probably be taken over by DHL-Sinotrans, in a 50/50 joint venture between DHL and Sinotrans Group.
*The BSEC had been operating at a loss for the past four years. In 2008 its losses reached a record high 121 million yuan.
Original article: [Chinese]