外媒看中国｜金融时报：谁是中国快递大佬？

2016-11-17 北外有译思 有译思

导读：当前顺丰及圆通、申通、中通、韵达（称“三通一达”）都在冲刺资本市场，这些快递公司的财务数据也在2016年陆续披露出来。近日中通快递赴美上市筹资14亿美元，有可能是今年最大规模美国IPO。

本期图文编辑：张宇艺（北外英语学院MTI）

本期内容编辑：黄原（北外有译思）

China’s ZTO raises $1.4bn in biggest US listing this year

The largest listing in the US by a Chinese company in two years will again give investors a chance to own part of the engine of China’s ecommerce boom.

ZTO, one of a dozen express delivery companies that work closely with Alibaba, raised $1.4bn in a listing on the New York Stock Exchange on Wednesday, piggy backing on the Hangzhou-based ecommerce group’s record $25bn listing in 2014.

ZTO was the biggest US IPO in the year-to-date, according to data from Dealogic.

ZTO priced 72.1m shares at $19.50 each — above its previously indicated range of $16.50 to $18.50 — according to Reuters. That gave the Shanghai-based company a market value of more than $12bn.

Since Alibaba’s listing, ecommerce transactions in China have surpassed the US and last year amounted to $609bn, compared with the US total of $342bn. Parcel deliveries have risen yearly by 80 per cent since 2011 to hit $20.7bn last year.

“They are trying to capitalise on the growth prospects in China to lure western investors to get a piece of a very attractive company with a very attractive market share in a very attractive geography,” said Michael Underhill, a portfolio manager at US-based RidgeWorth Investments.

A major part of the success of Chinese ecommerce is down to cheap and fast delivery companies such as ZTO — which claims 14.3 per cent of the country’s express delivery market. They ship mountains of small parcels across the country and deliver them door-to-door on electric powered tricycles that have become ubiquitous in Chinese cities.

A wave of listings by delivery companies occurred this year, each seeking to raise money for fleets of cargo aircraft and expanded networks.

Competitor YTO became the first Chinese express company to go public in Shanghai last Thursday, while SF Express announced plans in May for a backdoor listing in Shenzhen.

“This [listing] trend shows that the delivery/logistics industry has a strong need for capital funding,” said Yao Jianfang, analyst at China e-Business Research Center, adding that those that managed to list will quickly put distance between them and the smaller players. “The delivery industry in China will see a clear market segmentation after this [IPO wave].”

For the US market, the deal comes at what could be a turning point in a slow year. US IPOs are running at their lowest level in years, but have been picking up of late.

Companies in ZTO’s hugely competitive industry ship high volumes with razor-thin margins. ZTO has drawn attention — and some scepticism — for announcing high profit margins compared with peers. ZTO’s prospectus said its net profit margin was 21.9 per cent in 2015, far above industry peers. SF Express, for example, had a net profit margin of 6.3 per cent, while YTO had a 3.4 per cent margin.

ZTO is one of several official logistics partners for Alibaba, which accounted for 77 per cent of ZTO’s parcel volume last year.