the collective capital of the express industry
2021/9/29 18:00:15

Shentong, Yuantong, Zhongtong, Yunda, SF Express, Tiantian... Now express delivery is very close to the lives of many people, and it has almost become a "big treasure every day." However, whether it is a shocking price war or a struggle in the capital market, the scenes behind express delivery have never been calm. In the latest news, after Shentong, YTO and SF Express, Yunda will also go public on the backdoor.


18 billion yuan


Yunda launches backdoor listing process


Xinhai recently released a plan for the listing of Yunda Freight’s backdoor Xinhai shares; Xinhai intends to replace all assets and liabilities with the equivalent part of Yunda Freight’s 100% equity. The initial value of the assets is 661 million yuan and the initial price of 100% equity of Yunda Freight. 18 billion yuan. For the difference, Xinhai shares were purchased from all the shareholders of Yunda Freight through the issuance of shares at a price of 19.79 yuan per share. The announcement shows that after the transaction is completed, Shanghai Luo Jiesi will become the controlling shareholder of Xinhai Co., Ltd., and Nie Tengyun, Chen Liying and his wife will become the actual controllers of the company. This transaction constitutes a major asset reorganization and constitutes a backdoor listing. Trading of the company's stock is temporarily suspended.


It is understood that Yunda Freight was established in July 1999. Based on the road transportation network, it provides users with express delivery, warehousing and other services through the franchisee network. Data shows that Yunda's freight business currently covers 31 provinces (municipalities, autonomous regions) and has successively expanded its international express logistics network including the United Kingdom, the Netherlands, Canada and other countries and regions. As of the end of March this year, Yunda Freight has total assets of 4.587 billion yuan, 2.807 billion yuan in owner's equity attributable to the parent company, and 7,805 employees. In 2015, Yunda Freight achieved operating income of 5.053 billion yuan, a net profit of 533 million yuan, and a gross profit margin of 31%. The value-added rate of Yunda Freight was 541.26%.


For Xinhai, after the completion of the transaction, the company will place a business with a smaller scale of profitability and lack of breakthrough and sustainable growth capabilities, and a courier business with strong profitability and high growth. For Yunda Freight, they will have a capital market operation platform, and with the help of capital, they will realize the integration of the industrial chain through financing and mergers and acquisitions.


"The price of 18 billion yuan is a bit expensive. From the perspective of scale and brand influence, Yunda ranks behind Yuantong and Shentong." In the eyes of express expert Zhao Xiaomin, it is worth noting Yunda's performance promised profit, and the earlier submission of backdoor listing Shentong and YTO are at the same level: Yunda Freight's net profit after non-deduction from 2016 to 2018 is not less than 1.13 billion yuan, 1.36 billion yuan and 1.56 billion yuan respectively; YTO’s commitment is 2016, 2017, and 2018 net profit They will be no less than 1.1 billion yuan, 1.33 billion yuan and 1.55 billion yuan respectively; Shentong promises that 2016, 2017, and 2018 will not be less than 1.1 billion yuan, 1.4 billion yuan and 1.6 billion yuan in profits.


Yuantong or the top spot


The listing wave will come to an end in the first half of next year


In addition to Yuantong’s backdoor Dayang Chuangshi, who is only close to the door, waiting for the CSRC to make a final decision, recently, Shentong and SF Express have also made new progress in their backdoor listing process.


Dingtai New Materials held the first extraordinary general meeting of shareholders of 2016 on June 30. At the meeting, 17 resolutions were passed with over 99% of the votes. At this point, the SF backdoor process enters the next program. On the same day, Addison received the “Notice of Feedback on One-time Review of Administrative License Project of China Securities Regulatory Commission”. The notice involved 37 review feedback opinions. Shentong needs to disclose several core points in more detail, such as Chen Xiaoying's identity, related party transaction fairness, Xi Chunyang's part-time job, and the control of enterprises by senior executives and related personnel. After all the questions are submitted, you can see the new progress of Addison.




"Before the first half of 2017, express companies in Mainland China that want to go public must go public, and the listing tide will come to an end." Zhao Xiaomin said that the express delivery industry has entered the stage of embracing capital in all aspects. The operation of the capital market is seen as a necessary condition for maintaining status or overtaking on a curve. Last year, Shentong Express backdoored Edison. In January of this year, YTO Express announced the backdoor Dayang Chuangshi. In May, SF Holdings backdoored Dingtai New Materials. By the announcement of Yunda Cargo’s plan to backdoor Xinhai shares on July 1, four giants have The battlefield moved to A shares. In addition, Zhongtong, Best, Debon, Quanfeng, and Tiantian are all planning to go public. In the past 10 years, the annual compound growth rate of express delivery business volume has exceeded 30%. This rate has been maintained, and the express delivery industry is unable to support it. Price wars and redundant construction of resources have also put pressure on the industry. One of the best ways to make yourself invincible is to land on the beach.


In addition, the time for the CSRC’s revision of the listing and restructuring measures to solicit opinions is from June 17 to July 17. In addition, backdoor listings are not allowed to raise matching funds, which makes it more difficult for backdoor listed companies. According to Zhao Xiaomin's analysis, according to the normal process, YTO's listing process should be faster. It is expected that the final approval will be available in September at the latest, and at the end of July and early August at the earliest.


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