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Original title: SF Express joins China Post to build a new Feng nest
Securities Times reporter Wang Xiaowei
On the afternoon of May 5,SF Holdings(002352) An unusual announcement was issued. The stock company Fengchao intends to acquire Courier Express by issuing new shares through specific mergers and acquisitions. Express Mail’s main shareholder, China Post Capital, will become Fengchao’s second largest shareholder.
China Post has invested in Fengchao
SF Holdings announced that in order to expand and strengthen the core business of smart express cabinets, integrate high-quality resources in the industry, and quickly take advantage of the advantageous position of the last mile of express logistics, the stock company Fengchao plans to make a major design in the smart express cabinets market. Fengchao and China Post Zhidi and its shareholders China Post Capital,Santai Holdings, Zhejiang Yibao and Mingde Holdings intend to sign a package transaction agreement. After the transaction is completed, China Post Zhidi will become a wholly owned subsidiary of Fengchao, and the original shareholders of China Post Zhidi (including subsidiaries designated by the original shareholders) will subscribe for new Shares issued by Fengchao will be they became Xinfengchao shareholders, with a total of 28.68% of Xinfengchao’s capital.
It is worth noting that in this transaction, China Post Capital, as a wholly owned subsidiary of China Post Group Co., Ltd., will also become a shareholder of Fengchao. After the completion of the transaction, China Post Capital owned 18.70% of the capital of Xinfeng Nest and became the second largest shareholder of Xinfeng Nest.
At the same time, Cainiao Network withdrew prior to this transaction. The announcement shows that Zhejiang Yibao is still one of China Post Zhidi’s shareholders, but Tianyancha shows that the controlling shareholder of Zhejiang Yibao has switched from Cainiao Supply Chain Co., Ltd. to Ningbo Yixing Equity Investment Partnership (Limited Company). Ningbo Yixing’s corporate legal entity is China Post Capital.
In this regard, industry experts said that the strong alliance between China Post Capital and Fengchao will help Fengchao resources to accumulate and help Xinfengchao to enter various communities, universities, government agencies and other types of units; China Post Combination with Fengchao brand will help Xinfengchao to promote its business and expand its market; Fengchao can coordinate and allow other Post resources to cooperate with smart express cabinets to develop together.
SF Holdings said that the comprehensive consideration of this transaction will assist Xinfeng Nest in the design of the smart express cabinet market, helping to enhance the competitiveness of the Feng Nest brand market and accelerated implementation of the contactless distribution strategy of the last mile of the company and improve the company’s core competitiveness. , According to the strategic development of the company, and because SF Holdings is not an original shareholder of China Post Zhidi, it will not participate in the subscription of new shares of Xinfeng Nest. After the original shareholders of China Post Zhidi (including subsidiaries designated by the original shareholders) exercise the guarantees, SF Holdings’ stake in Xinfeng Nest will be diluted from 13.67% to 9.75%.
Improve operational efficiency
On the eve of the announcement of the transaction between Fengchao and China Post Zhifeng, Fengchao announced the launch of a membership service. Should I load Fengchao? Are the charges at both ends of Fengchao unreasonable? How long should i charge Feng Chao was pushed to the cusp of the storm.
After experiencing the new coronary pneumonia epidemic in 2020, the contactless collection mode: the smart courier cabinet is recognized by more consumers. Since Fengchao announced the membership fee model, the number of Fengchao members has been in a few days. It has exceeded 60,000 people and the important role of Feng Chao is widely recognized.
Currently, the express cabinet only represents 10% of the terminal delivery market, but since the birth of the smart express cabinet, it has been given the attribute of social public resources and is used by several express companies. With increasing consumer acceptance, demand for the rotating efficiency of smart express cabinets is also increasing. Taking Fengchao as an example only, 64% of smart express cabinets are kept at 100% of daily operation at full load during the peak period, but some investors still collect more than 24 hours, and even more than 72 hours. Pieces.
To improve the circulation efficiency of the smart express cabinet, a moderate storage fee is charged for overtime picking behavior to encourage the recipient to pick up on time, which is not the first case. From the network to express delivery, each family has a regulation to charge a certain amount of the custody fee, and the standard of charging 5 dimes and 3 yuan capped for 12 extra hours of Fengchao is already “conscience” at the level current consumption. “Price”, encourage timely collection is much higher than the intention to charge.
According to the big data released by Fengchao, among users who currently use Fengchao’s smart express cabinets, 80% of users can pick up the goods in 12 hours. This so-called charging model will not cause any problems for users who can pick up normally. As a result, to avoid the controversial “messaging service storage fee”, the messaging service must obtain the recipient’s consent to place the messaging service in the smart messaging cabinet and tell the overtime charge that it is more important strengthen administration.
In fact, in the case of a limited total number, among Fengchao’s more than 100 million active users, many consumers believe that the advantage of being a member of Fengchao is much greater than the price charged.
SF Investment goes one step further
From the perspective of SF Express’ investment logic, from the self-built fleet to the investment in Ezhou Airport, to the development of new businesses such as express delivery, international parts, and supply chain business, SF Express has never been understood. in the investment industry chain design. It is very successful again. Looking back, it may be the secret to success not to chase short-term gains, and the same is true for investing in the smart express cabinet industry.
Data shows that Fengchao’s unaudited operating income in the first quarter of 2020 was 334 million yuan and a loss of 245 million yuan, while 2019 income was 1,614 million yuan and a loss of 781 million yuan; China Post Zhidi was not audited in the first quarter of 2020. Revenue was 702.172 billion yuan, with a loss of 159 million yuan; in 2019, revenue was 429 million yuan, a loss of 517 million yuan; Fengchao and express delivery are still in continuous loss.
A person close to SF Express said that SF Express’s evaluation of the success of investment projects is not only based on short-term profitability, but short-term profitability is related to the competitive environment of the market and maturity. From the market.
Of course, the proportion of SF Holdings in Fengchao will dilute further from 13.67% before the merger to 9.75%. It is not a company with consolidated statements and will not have a direct impact on the performance of listed companies. The investment in Fengchao is a strategic design.
Smart cabinet development has just begun, industry competition incentives, industry rules are gradually standardized, and consumer awareness is still cultivating. Fengchao has yet to make a short-term profit, and everyone is still exploring the business development model. But the reason SF Express persists is to see the value created by the Fengchao Cabinet for society: to greatly improve the efficiency of dispatchers and provide consumers with a contactless delivery method.
The industry believes that with Fengchao’s overall value added improvement and business model diversification, after the introduction of new shareholders, Xinfengchao has more advantages in integrating shareholder resources, and overall performance development it will get better and better.
