圆通、申通、顺丰竞逐资本市场

最近，阿里巴巴投资的圆通快递计划通过以175亿元（约合27亿美元）的价格并购上市服装制造商，实现借壳上市。这是中国电子商务繁荣时期，又一家希望借助资本市场保持竞争力的快递运营商。

在阿里巴巴控股集团等科技公司的推动下，中国电子商务市场增长迅速，在这种形势下，中国多数私人控股的快递公司均面临竞争压力，不得不加大对物流基础设施和服务升级的投入，以保持市场份额。

“快递行业进入了重组和升级的阶段。目前，各家快递公司在服务标准方面没有太大区别。所以，如果有公司想要升级服务标准，提供差异化的服务，需要大量的投资。”安信证券分析师姜明做此分析。

服装制造商大连大杨创世公司在周二发布的交易所公告中称，公司将通过资产交换和发行股份的方式，收购圆通快递，使这家快递公司可以在上海证券交易所借壳上市。

大杨创世表示，根据该笔交易，公司将把其资产转让给圆通快递的股东。该交易尚需获得监管审批，但公司表示，交易完成后，大杨创世最终将由圆通快递的股东拥有。圆通快递并未对周三的置评要求做出回复。

在此之前，圆通的竞争对手申通快递，在12月份宣布以169亿元的价格，反向收购一家在深圳上市的阀门制造商。

由于中国的首次公开募股程序要经过漫长的等待，因此，这种借壳上市的方式变得非常普遍。姜明表示，申通快递仍在等待监管审批，审批结果对于圆通快递交易的前景会有指导意义。

他表示：“申通快递是第一家……现在，其他快递公司都感受到了压力，纷纷加快上市步伐。”

竞争对手顺丰速运于2月份在一家深圳报纸上发布公告称，公司计划上市，正在接受中信证券、招商证券和华泰联合证券的辅导。

也是在上个月，汤姆森路透旗下的《IFR》杂志报道称，中通快递计划今年在香港上市，IPO规模达到10亿美元。

据分析师称，由于行业准入门槛较低，因此过去十年，中国的快递行业迅速增加到超过8,000家，利润率已经从10年前的30%下降到了5%。

据中国国家邮政局数据显示，2010年至2014年，该行业以每年50%的速度增长。

圆通快递成立于2000年，2015年归于股东的净利润从2014年的7.47亿元下降到7.17亿元。

阿里巴巴和马云投资的基金云锋新创，通过去年5月份宣布的战略投资交易，持有圆通快递的股份。

大杨创世在周二中国股市收盘后发布了上述公告。该公司从1月初开始，便以潜在重大资产重组为由，暂停了股票交易。（财富中文网）

译者:刘进龙/汪皓

Alibaba-backed YTO Express plans to go public via a 17.5 billion yuan ($2.7 billion) merger with a listed clothing maker, becoming the latest courier seeking capital market funds to stay competitive during China’s e-commerce boom.

China’s mostly privately held express delivery firms are under pressure to spend heavily on logistics infrastructure and service upgrades to retain market share as tech firms such as Alibaba Group Holding propel the country’s fast-growing e-commerce market.

“The (express delivery) industry has entered a phase of reorganisation and upgrading,” said Essence Securities analyst Jiang Ming.“Right now the firms aren’t very different in terms of service standards. So if one wants to make upgrades, differentiate themselves, this will require large investments.”

Clothing maker Dalian Dayang Trands Co. said in an exchange filing on Tuesday it would buy YTO Express through an asset swap and share issue, resulting in a backdoor listing on the Shanghai bourse for the courier.

Dayang Trands said it will transfer its assets to YTO Express’ shareholders under the deal. As a result of the transaction, which will require regulatory approval, the shareholders will ultimately own Dayang Trands, it said. YTO did not reply to requests for comment on Wednesday.

YTO’s deal follows that of rival Shentong (STO) Express, which announced a 16.9 billion yuan reverse takeover with a Shenzhen-traded valve maker in December.

Such back-door listings are becoming popular due to the lengthy waiting time involved in China’s initial public offering (IPO) process. STO Express is still waiting for regulatory approval and that decision could indicate whether YTO’s deal will go ahead, said analyst Jiang.

“STO Express was the first … Now other companies are frightened and are accelerating their stock market listings,” he said.

Rival SF Express in February posted a notice in a Shenzhen newspaper saying it was being advised by CITIC Securities, China Merchants Securities and Huatai United Securities on a potential stock market listing.

Also last month, Thomson Reuters publication IFR reported that ZTO Express was planning an up to $1 billion IPO this year in Hong Kong.

With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5% from 30% 10 years ago, according to analysts.

The sector grew around 50% each year between 2010 and 2014, data from the State Post Bureau showed.

YTO, which was founded in 2000, inked net profit attributable to shareholders of 717 million yuan in 2015, down from 747 million yuan in the previous year.

Alibaba and Yunfeng Capital, a fund backed by Alibaba’s founder Jack Ma, own a stake in YTO Express through a strategic investment deal announced in May last year.

Dayang Trands’ announcement on Tuesday came after China’s markets closed. The company has suspended trading in its shares since early January citing potential major asset restructuring.