Shengfeng Development (SFWL) said Monday its logistics subsidiary has started a joint venture with Fujian Fulai Aviation Technology to adapt the latter's self-flying drones for deliveries throughout China's low-altitude logistics sector.
The company will maintain a 51% majority stake in Fujian Shengfeng Fulai Low Altitude Comprehensive Services, with an initial focus on deliveries into the more remote mountainous areas and island regions in Fujian Province.
Shengfeng is also expecting it may collaborate with local governments to assist with forest fire prevention and monitoring using drone patrols as part of the joint venture.
Shares of Shengfeng were up 2% in recent Monday trading.
Price: 1.26, Change: +0.02, Percent Change: +2.03
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