Jane Chen / Shanghai Daily news

Shanghai-based Jinjiang International Group has joined with US transport heavyweight Yellow Roadway Corporation to strengthen its foothold in the competitive transport market, today's Youth Daily reported.
The group has sold 50 percent of its subsidiary JHJ International Transportation Co. Ltd. to the US firm for US$45 million. The sale was announced yesterday by the group's other subsidiary Shanghai Jinjiang International Industrial Investment Co Ltd. 
Jinjiang Investment holds the remaining 50 percent shares.
The group is still waiting for approval from the nation's Ministry of Commerce before the transaction is completed, the Youth Daily report noted.
Also in yesterday's statement, Jinjiang Investment said it has signed a letter of intent with Yellow Roadway Corporation to set up a joint venture transport firm.
In the JV firm, Jinjiang Investment will invest US$2.5 million, or 25 percent of the total registered capital, while the US partner will inject the remaining US$7.5 million.
Boosted by the news, Jinjiang Investment saw its share price jump by 4.09 percent yesterday to close at 7.38 yuan (89 US cents).
Yellow Roadway Corporation appears optimistic about the cooperation, according to company official Bill Zollars, who is quoted in the Youth Daily report as saying that Jinjiang International is a good partner for the US company to employ to tap into China's opening transport market.
"We will provide worldwide transport solutions to global customers," he said.
Yellow Roadway Corporation is a Fortune 500 company.  Its subsidiaries include Yellow Transportation, Roadway Express, Reimer Express, USF, New Penn Motor Express, Meridian IQ and Yellow Roadway Technologies.
It has set up branches in key Chinese port cities such as Shanghai, Guangzhou, Tianjin and Qingdao.