Shengfeng Development (SFWL) announced that on November 5, 2024, Shengfeng Logistics Group, a variable interest entity that the Company controls via a series of contractual arrangements, forms a joint venture with Fujian Fulai Aviation Technology. The new entity formed in respect of the Joint Venture, Fujian Shengfeng Fulai Low Altitude Comprehensive Services Co., Ltd., is expected to leverage Shengfeng Logistics’s expertise in logistics with Fulai Aviation’s drone technology to deliver drone-based logistics solutions across China’s low-altitude logistics sector.
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