CHINA’S first Internet auction of planes wrapped up Tuesday http://www.hydroflaskuksale.com/hydro-flask-hydration-21-oz-standard-mou..., with the Shenzhen-based logistics company SF Express winning the bids for two cargo planes at over 320 million yuan (US$48.35 million), Xinhua reported.

Three cargo planes were available for bidding. They were previously owned by Jade Cargo International Co. Ltd., a Sino-German cargo company that filed for bankruptcy at the Shenzhen Intermediate People’s Court in 2013.

The court’s auditors found that Jade Cargo had assets totaling around 1.7 billion yuan, but debt amounting to around 4.7 billion yuan as of Sept. 17, 2013.