After Tong Yuan and Zhongtong, Shentong also switched to Ali. On the morning of March 1 1, Shentong Express announced that Alibaba would invest 4.66 billion yuan in Deutsche Bank, the controlling shareholder of Shentong Express. In June of 5438+00, Chen Dejun and Chen Xiaoying, the actual controllers of Deutsche Bank Investment, signed the Framework Agreement with Alibaba (China) Network Technology Co., Ltd., and planned to establish two new subsidiaries under the same control with Deutsche Bank 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 further expanded its layout in the express delivery industry. In the traditional pattern of "three links and one access", only Dayun has no shares in Alibaba.
Affected by this news, Shentong Express opened at the daily limit of 1 1, with the latest price of 22.48 yuan/share and the current market value of 31300 million yuan.
Layout logistics for many years, "three links" and relying on Ali forever.
Up to now, Ali has completed strategic investments in four express delivery companies, including Tong Yuan, Zhongtong, Shentong and Baishi.
Best Logistics is the first to be included in the Ali logistics ecosystem. This express logistics company received a total of six rounds of financing from Ali before listing. At the time of listing, Ali's shares have reached 29%, becoming the largest shareholder with voting rights as high as 46.6%.
In 20 15, Ali invested 28.3 billion yuan in Suning shangyun, of which 9.5 billion yuan was used for Suning logistics, that is, daily express delivery. Subsequently, Alibaba and its Yunfeng Fund invested in Tong Yuan Express, holding about 1 1% at that time. 20 16, 10, Tong Yuan express listed on the backdoor. As of 20 19 and 14, Alibaba holds nearly 17% of the shares of Tong Yuan Express. Although Ali reduced its holdings of Tong Yuan by more than 500,000 shares in the fourth quarter of 20 18, it is still its second largest shareholder.
From 2065438 to May 2008, Ali invested13.8 billion USD in ZTO Express, holding about 10%. At present, Alibaba holds about 8.43% of the shares of ZTO Express and is its third largest shareholder.
The capital docking between Shentong and Ali also began in this year. Shentong, together with other Tongda departments, emptied its shares in Honeycomb Box 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, obtained financing of 3167 million yuan, and its shareholders included Tong Yuan, Zhongtong, Shentong, Dayun and Baishi, among which Shentong contributed140 million yuan, accounting for 1.40% of the company's shares.
The completion of Ali's shareholding in Shentong Express this time means that among several major logistics companies in China Express Market, Ali is behind the "three links" (Shentong, Tong Yuan and Zhongtong) and Baishi.
In this regard, Alibaba said that the logistics industry is an important infrastructure for national economic development. Alibaba hopes that through the joint 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 20 18, Tong Yuan, Zhongtong and Shentong are the second to fourth companies in China A-share listed private express delivery industry. If we add Baishi (the revenue in the third quarter was 765,438+89 million yuan) listed in the US stock market, the total revenue of the four express delivery companies was 22.442 billion yuan.
Poor performance and low satisfaction. Why did Ali choose Shentong?
On February 3rd, the State Post Bureau released the results of the 20 18 survey on customer satisfaction and punctuality rate of express delivery service. The overall satisfaction ranking of express delivery companies is SF Express, Postal EMS, Jingdong Logistics, ZTO Express, Dayun Express, YTO Express, Baishi Express, Shentong Express, Debon Express and Youxin Express.
It is worth noting that Shentong was established in 1993, and it is the earliest express delivery enterprise of "three links and one service". However, Shentong, whose earlier performance kept pace with other express delivery companies, has not performed well in recent years.
As of the first three quarters of 20 18, the revenue of Shentong Express Business was1/kloc-0.03 million yuan, and the net profit was/kloc-0.6/kloc-0.00 million yuan. In contrast, the net profits of SF Holdings and Dayun after the listing of A shares were 3.028 billion and 654.38+0.98 1 billion, respectively, both exceeding Shentong.
Since the beginning of 20 16, the share price of shentong express has generally shown a downward trend. It reached the highest price of 47.34 yuan in 20 1610.5, while the lowest price in August last year was only 14.2 1 yuan. The market value evaporated by more than 45 billion in two and a half years.
Shentong's share price has been falling all the way or related to its increasing equity pledge. According to the first quarterly report of Shentong Express 20 18, 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 20 18, Shentong continued to strengthen its investment in transshipment centers, and successively acquired transshipment centers in Beijing, Wuhan, Guizhou, Kunming and other places, in order to increase the proportion of direct operation of transshipment centers, thereby increasing income and services.
"The timing of Ali's shareholding in Shentong is very good. Shentong's valuation is in a relatively low position, also before turning losses into profits. " Zhao Xiaomin, CEO of Chuanshuo Enterprise and an expert in express delivery, said that the market has accelerated to squeeze out bubbles in the past year, and Shentong's current valuation is in a reasonable position.
At the same time, in order to achieve the goals of "global business" and "24-hour home, 72-hour global", Ali needs e-commerce to take more responsibilities when domestic and foreign 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 is whether it can make good use of the off-season to improve management, network construction, team remodeling and service improvement before the arrival of 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, the ranking and share of Shentong in the second half of this year will be greatly improved.
In the eyes of the industry, the valuation of Dayun has been relatively high and has not been included in the Ali logistics system. However, the distance between the two sides may not be too far. As of press time, Dayun did not respond positively to reporters on this matter.
What is the value of Shentong in the logistics layout of Ali University?
The performance report shows that in 2065,438+08, Shentong Express achieved a total operating income of 65,438+0,706,5438+0.4 billion yuan, a year-on-year increase of 34.42%; The net profit attributable to shareholders of listed companies was 2.045 billion yuan, a year-on-year increase of 37.46%. By the end of 20 18, the owner's equity attributable to shareholders of listed companies was 8.49 billion yuan, up 25.73% year-on-year.
According to the announcement, Ali will indirectly acquire 0/4% equity of Shentong/KLOC by investing in the parent company of Shentong Express, which is regarded as a continuation of its shareholding in Tong Yuan, Baishi and Zhongtong.
"If hundreds of billions are not enough, then invest hundreds of billions and invest most of Alibaba's investment in it." On May 365,438+0 last year, Ma Yun, Chairman of the Board of Directors of Alibaba Group, said at the 2065,438+08 Global Smart Logistics Summit that Alibaba would invest RMB 1000 billion to establish a national intelligent logistics backbone network.
As early as 20 13, Alibaba, Yintai Group, Fosun, Fuchun, SF, "Three Links and One Reach" (Shentong, Tong Yuan, Zhongtong and Dayun) 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 capability through the platform model.
With the rapid development of e-commerce, the volume of express delivery has also increased rapidly. Taking Tmall Double 1 1 as an example, the daily logistics order volume increased from 1 520,000 to1042,000, and the logistics difficulty doubled, but the receipt of the first1100 million package increased from 9 days to 2.6 days. From 20 12 to now, the average time limit for receiving express delivery in China has increased from more than 4 days to about 2.5 days.
By the end of 20 18, the market valuation of rookie logistics has reached132.5 billion yuan.
Daqing Yang, a special researcher of China Logistics Society, believes that the e-commerce logistics market where "Three Links and One Reach" is located has basically settled and is in the stage of returning. At present, in the situation of JD.COM and SF, Ali, as a circulation enterprise, needs to strengthen its platform advantages in order to gain a firm foothold in the domestic market and achieve more stable and efficient distribution services. Ali has deepened cooperation by investing in shares, and is opening up warehouse allocation resources through the bond of funds to enhance the voice and influence in the express delivery industry.
He believes that in the transformation of digital supply chain, the closed-loop integration of digital supply chain constructed by business flow, logistics and capital flow is closer, and the optimization of the system requires cluster cooperation, while the rookie has initially formed the form of platform supply chain. The more partners, the finer the granularity of the data.
"The mode of forming ecological synergy and realizing global optimization among Japanese logistics enterprises through holding small shares is very mature." He introduced that the Japanese model provides a reference for collaborative optimization of logistics enterprises in China. At present, the optimization process of fragmented supply chain 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.
Ali tied the "three links", will SF be in a hurry?
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.
Judging from the financial reports of the three express delivery companies that have announced 20 18 results, although SF's revenue ranks first, the growth rate of 27.6% is far lower than that of Shentong's 34.42% and Dayun's 38.48%; The year-on-year growth of net profit of -4.57% lags far behind the year-on-year growth of Shentong 37.46% and Dayun 67.34%.
While the growth of "moat" business that SF Holdings has been building is weak, other express logistics enterprises are also constantly strengthening the time-limited distribution business that attaches importance to services. ZTO Express's "Next Day Arrival" and Dayun's "Yunzhunda" both promise competitive service cost performance.
In addition, as early as 2065438+June 2007, 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 of the logistics industry. 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, and the two are not comparable. The rookie club and SF are strategic partnerships.