Alibaba, which has frequently invested in express delivery companies, has finally gathered the "three links".
after yuantong and zhongtong, shentong also switched to Ali. On the morning of March 11th, Shentong Express announced that Alibaba would invest 4.66 billion yuan to invest in Deyin, the controlling shareholder company of Shentong Express. On the 1th, Chen Dejun and Chen Xiaoying, the actual controllers of Deyin Investment, signed the Framework Agreement with Alibaba (China) Network Technology Co., Ltd., and planned to establish two new subsidiaries under the same control as Deyin Investment.
The announcement shows that after the completion of this transaction, Shentong Express will further explore cooperation with Alibaba in the fields of logistics technology, express terminal and new retail logistics. The actual controllers of the company have not changed, and they are still Chen Dejun and Chen Xiaoying.
Alibaba's move has further expanded its layout in the express delivery industry. In the traditional "three links and one arrival" pattern, only Yunda has no Alibaba share.
affected by this news, on the 11th, Shentong Express opened its daily limit directly, with the latest price of 22.48 yuan/share and the current market value of 31.3 billion yuan.
logistics has been laid out for many years, and "three links" and Baishi are backed by Ali
Up to now, Ali has completed strategic investments in four express delivery companies, including Yuantong, Zhongtong, Shentong and Baishi.
Best Logistics was the first to be included in Ali logistics ecosystem. This express logistics company obtained a total of six rounds of financing from Ali before listing. The share of Ali has reached 29% at the time of listing, making it the largest shareholder, with voting rights as high as 46.6%.
In 215, Ali invested RMB 28.3 billion in Suning Yunshang, of which RMB 9.5 billion was used for Suning Logistics, namely Daily Express. Subsequently, Alibaba and its Yunfeng Fund invested in Yuantong Express, holding about 11% of the shares at that time. In October 216, Yuantong Express was listed on the backdoor. As of January 4, 219, Alibaba held nearly 17% of the shares of Yuantong Express. Although Ali reduced its holdings of Yuantong by more than 5, shares in the fourth quarter of 218, it is still its second largest shareholder.
In May 218, Ali invested 1.38 billion US dollars in ZTO Express, holding about 1% of the shares. At present, Alibaba holds about 8.43% of the shares in ZTO Express, making it its third largest shareholder.
The capital connection between Shentong and Ali Department also began in this year. Shentong, together with other Tongda departments, emptied its shares in HIVE BOX Science and Technology and switched to Zhejiang Post Office, a rookie subsidiary established by Ali. According to the announcement at that time, Zhejiang Post * *, a rookie subsidiary, received 3.167 billion yuan in financing, and its shareholders included Yuantong, Zhongtong, Shentong, Yunda and Baishi, among which Shentong invested 1 million yuan, accounting for 1.4% of the company's shares.
Ali completed his shareholding in Shentong Express this time, which means that Ali is behind the "three links" (Shentong, Yuantong and Zhongtong) and Baishi among several major logistics companies in China Express Market.
In this regard, Alibaba said that the logistics industry is an important infrastructure for the country's economic development. Alibaba hopes that through the concerted efforts of all parties, the logistics cost will be reduced from the current 16% of GDP to 5%, thus improving the efficiency of the entire manufacturing industry.
Based on the revenue data released in the third quarter of 218, Yuantong, Zhongtong and Shentong are the second to fourth companies in China's A-share listed private express delivery industry. If Baishi (revenue of 7.189 billion yuan in the third quarter) listed in the US stock market is added, the total revenue of the four express delivery companies will be 22.442 billion yuan.
with poor performance and low satisfaction, why did Ali choose Shentong?
On February 3rd, the State Post Bureau released the results of the survey on user satisfaction and punctuality rate of express delivery service in 218. The overall satisfaction ranking of express delivery companies is SF Express, Postal EMS, Jingdong Logistics, ZTO Express, Yunda Express, YTO Express, Best Express, Shentong Express, Debon Express and Premium Express.
it is worth noting that shentong was founded in 1993, and it is the earliest express delivery enterprise in "three links and one service". However, Shentong, whose earlier performance was neck and neck with other express delivery companies, has not performed well in recent years.
As of the first three quarters of 218, the business income of Shentong Express was 11.13 billion yuan, and its net profit was 1.611 billion yuan. In contrast, the net profits of SF Holdings and Yunda after the listing of A shares were 3.28 billion and 1.981 billion respectively, both surpassing Shentong.
Since the beginning of 216, the share price of Shentong Express has generally shown a downward trend. It hit the highest price of 47.34 yuan on January 5, 216, and the lowest point in August last year was only 14.21 yuan. The market value evaporated by more than 45 billion yuan in two and a half years.
shentong's share price has been falling all the way, or it is related to its increasing equity pledge. According to the first quarterly report of Shentong Express in 218, among the top ten shareholders of Shentong, only Chen Dejun and Shanghai Panshi Yilong Investment did not pledge their shares, and nearly 36% of the company's shares were pledged.
However, it should not be overlooked that in 218, Shentong continued to increase its investment in transshipment centers, and successively acquired transshipment centers in Beijing, Wuhan, Guizhou and Kunming, so as to increase the proportion of transshipment centers that are directly operated, thereby increasing revenue and services.
"The timing of Ali's shareholding in Shentong is very good, and the valuation of Shentong is in a relatively low position, which is before the turnaround." Zhao Xiaomin, CEO of Chuanshuo Enterprise and an expert in express delivery, said that in the past year, the market accelerated to squeeze out the bubble, and the current valuation of Shentong was in a reasonable position.
at the same time, in order to achieve the goal of buying and selling globally, as well as 24-hour domestically and 72-hour globally, Ali needs e-commerce to undertake more responsibilities when domestic and international goods enter China. After the integration of Shentong into the system, the e-commerce express network will assume greater responsibility.
"The real test for Shentong lies in whether it can make good use of the off-season to improve its management, network construction, team remodeling and service improvement before the peak season in the fourth quarter. In addition, after Ali's shareholding, Shentong's reputation and recognition will also be improved to a certain extent. At the same time, Shentong's network confidence will be greatly improved, which will help Shentong spend more time to improve its management and service level. If these points are achieved, then Shentong's ranking and share in the second half of this year will be greatly improved.
in the eyes of the industry, yunda's valuation has been relatively high, and it has not been included in Ali's logistics system. However, the distance between the two sides may not be too far. As of press time, Yunda did not respond positively to the reporter on this matter.
what's the value of shentong in Ali logistics layout?
The performance report shows that Shentong Express achieved a total operating income of 17.14 billion yuan in 218, a year-on-year increase of 34.42%; The net profit attributable to shareholders of listed companies was 2.45 billion yuan, a year-on-year increase of 37.46%. By the end of 218, the owner's equity attributable to shareholders of listed companies was 8.49 billion yuan, a year-on-year increase of 25.73%.
According to the announcement, Ali will indirectly acquire 14% equity of Shentong by investing in the parent company of Shentong Express, which is regarded as a continuation after taking shares in Yuantong, Baishi and Zhongtong.
"If hundreds of billions are not enough, invest hundreds of billions, and invest most of Alibaba's investment in this." On May 31 last year, Ma Yun, Chairman of the Board of Directors of Alibaba Group, said at the 218 Global Smart Logistics Summit that Alibaba would invest hundreds of billions of RMB to build a national intelligent logistics backbone network.
as early as 213, Alibaba, Yintai Group, Fosun, Fuchun, SF, "Three Links and One Access" (Shentong, Yuantong, Zhongtong and Yunda) and related financial institutions jointly established Cainiao Network Technology Co., Ltd.. Similar to Alibaba's e-commerce open platform model, the rookie himself does not do express delivery, but uses technical means to improve the system capacity through the platform model.
with the rapid development of e-commerce, the volume of express delivery has also increased rapidly. Taking Tmall double 11 as an example, the daily logistics order volume increased from 152 million to 1.42 billion, and the logistics difficulty increased exponentially, but the signing of the first 1 million packages increased from 9 days to 2.6 days. From 212 to now, the average time limit for the signing of national express delivery has increased from more than 4 days to about 2.5 days.
By the end of 218, the market valuation of rookie logistics has reached 132.5 billion yuan.
yang Daqing, a special researcher of China logistics society, believes that the logistics market of the franchised e-commerce system where "three links and one access" are located has basically settled down and is in the stage of beginning to return. At present, in the situation that JD.COM and SF are two strong companies, Ali, as a circulation enterprise, needs to strengthen its platform advantage in order to stand firm in the domestic market and realize more stable and efficient distribution service. And Ali has deepened cooperation by investing in shares, and is opening up warehouse distribution resources through the bond of funds to enhance its voice and influence on the express delivery industry.
he believes that in the transformation of digital supply chain, the closed loop of digital supply chain built by business flow, logistics and capital flow is more closely integrated, and the optimization of the system needs cluster cooperation, while the rookie has initially formed the form of platform supply chain. The more partners, the more detailed the granularity of data will be.
"It is very mature for Japanese logistics enterprises to form ecological synergy and realize global optimization through small shareholding." He introduced that the Japanese model provided a reference for the collaborative optimization of logistics enterprises in China. At present, the fragmented supply chain optimization process in China must be a global optimization. He believes that from price competition to value competition, it needs to be optimized from the chain. As a platform-based supply chain enterprise, in order to optimize the efficiency of the whole process, Ali can only be more closely tied with partner enterprises and have a deeper level of cooperation in order to accumulate influence and discourse power.
will SF be anxious when Ali binds the "three links"?
While the cooperation between rookie and "Three Links and One Reach" is getting closer and closer, there are voices that the forgotten express delivery leader SF is facing challenges.
According to the financial reports of three express delivery companies that have announced their 218 results, although SF's revenue ranks first, the growth rate of 27.6% is far lower than that of Shentong's 34.42% and Yunda's 38.48%; The net profit of -4.57% year-on-year growth is far behind the year-on-year growth of Shentong 37.46% and Yunda 67.34%.
While the growth of the moat business that SF Holdings has been building is weak, other express logistics enterprises are constantly strengthening the service-oriented time-limited delivery business. ZTO Express's "Next Day Arrival" and Yunda's "Yunzhunda" all promise competitive service cost performance.
In addition, as early as June 217, SF Express and Cainiao accused each other of suspending the open data interface, which was interpreted as a bad relationship between the two sides.
However, there are also voices in the industry that rookie is the Taobao and logistics nerve center in the logistics industry, while SF is positioned in the sectors of logistics, circulation, data, trade and commerce, while Tongda enterprises are relatively in the stage of price-driven and personnel gathering, so there is no comparability between them. The rookie club and SF are in a strategic cooperative relationship.