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The basic information of the companies that have declared their initial public offering of stocks announced by the China Securities Regulatory Commission recently shows that China Post is planning to be listed on the Shanghai Stock Exchange. It has now passed the preliminary review and is in the stage of implementing the feedback from the preliminary review. The company's sponsor is CITIC Securities, and the accounting firm is PricewaterhouseCoopers.
Since 2009, China Post Group, which has just separated the government from the enterprise, has begun to prepare for the listing when the postal express logistics business restructuring was initiated.
At present, China Post Express mainly owns brands such as EMS (Global Postal Express) and CNPL (China Post Logistics), and has successively launched high-end service businesses such as "Next Morning Delivery", "Next Day Delivery", and "Limited Time Delivery", as well as domestic express delivery. Dedicated delivery of value-added services such as payment collection and recipient payment. The business reaches more than 220 countries and regions around the world and covers more than 2,800 counties (cities) in China. It is the largest express service network in China.
However, under the huge market potential, the competitive environment facing China Post is also fierce. At present, there are more than 6,800 companies that have legally obtained express business licenses in China, and the four major international express giants, such as FedEx, are also competing in China's express market.
Xu Yong, chief consultant of China Express Consulting Network, once said that in 2010, China Post's market share was around 22%. However, due to the rapid increase in the business volume of private express companies in recent years, China Post's business market share may gradually decrease. In addition, compared with first-class private express delivery companies and foreign express delivery companies, China Post has problems of low marketization and single talent structure, and its competitiveness is not strong enough.
However, once China Post is the first to go public, it will be beneficial to use listing financing to further expand the network scale and update software and hardware, thereby enhancing information and services.
In addition to China Post, many large-scale private express delivery companies also have the need to expand networks and informatize financing. A senior member of Yuantong Express admitted that due to the increase in vehicles and warehousing, IT system facilities, as well as the recruitment and training of personnel require huge financial support, and the current fierce competition in the express delivery industry makes the delivery costs can not be raised at all, even if large private express delivery companies They are operating at low or even zero profits. In order to compete for more market share, they can only be done by expanding franchisees.
Since 2011, the private express delivery industry has also become a "sweet and sour meal" for all capitals. At the same time, HNA and Alibaba, which have never been involved in the express delivery industry, have successively controlled Tiantian Express and the shareholding of Star Express, and Fosun , IDG and other investments and PE companies have also begun to covet, and once discussed the possibility of acquiring shares with many private express giants in the industry.
A senior executive of a private express delivery company who participated in the "invested" negotiations revealed that in his contact with the venture capital that came to the negotiation, he found that the reason why PE and venture capital, which have always pursued high returns, are interested in the express delivery industry, is mainly optimistic about the future of the express industry At the same time, due to the large number and dispersion of current private express delivery companies and fierce competition, most valuations are still relatively low. In addition, there is currently no listed express company in China. The early entry of PE and VCs may also obtain excess returns that further promote listing.
However, the above executives also pointed out that although private express delivery has the need to introduce capital and advanced management, it is not easy for external investment to truly intervene and achieve integration and value addition. At present, most private courier companies adopt a franchise system, which is not strong in controlling and managing franchise companies scattered throughout the country. In addition, most private courier companies have to be improved in terms of governance structure and personnel team. Both industry companies and venture capital companies are potential investment risks.
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