順豐速運擬借殼鼎泰新材上市

SF Express has become the third Chinese delivery company in 18 months to draw investor interest in the ecommerce sector by seeking a backdoor listing.

順豐速運(SF Express)成爲18個月來中國第三家尋求借殼上市、吸引投資者對電子商務行業興趣的快遞公司。

Low-cost delivery has fuelled online buying, since shipping costs frequently below $1 make it attractive to purchase even low-cost merchandise. But so far investors have largely been limited to shares of ecommerce platform operators such as Alibaba Group and .

低成本快遞助推了網購，因爲常常低於1美元的運費成本意味着，就連低價商品也值得上網購買。但到目前爲止，投資者基本上被侷限於電子商務平臺運營商的股票，如阿里巴巴集團(Alibaba Group)和京東()。

Delivery companies large enough to be tracked delivered 20.7bn parcels in 2015, up 48 per cent from a year earlier, according to China’s State Post Bureau. Revenue rose 35 per cent to Rmb277bn.

中國國家郵政局數據顯示，規模大到足以被跟蹤的快遞公司在2015年遞送了207億件包裹，同比增長48%。營收增長35%，至2770億元人民幣。

While market share data are unavailable, privately owned SF maintains a fleet of 15,000 delivery vehicles and runs a network of 13,000 service centres around China.

儘管市場份額數據無法獲得，但私有的順豐速運擁有1.5萬輛送貨車的車隊，並在中國各地運行着由1.3萬個服務中心構成的網絡。

Backdoor listings, whereby a company injects its assets into a listed shell entity, are being hotly pursued by US-listed Chinese companies attracted by China’s higher valuations, as well as by newcomers looking to circumvent the lengthy vetting process for listing.

借殼上市（企業將資產注入一個上市殼公司）正受到在美國上市的中國公司的青睞，它們被中國股市更高的估值吸引，同時這種方式也吸引了尋求規避冗長上市審批過程的新上市申請企業。

The former has attracted the scrutiny of China’s regulator and raised the prospect of a clampdown on foreign-listed China groups eyeing higher valuations on mainland bourses. Regulators want to prevent China exchanges becoming a dumping ground for poor-quality companies that debuted elsewhere.

前者已招致中國監管機構的密切關注，由此引發已在海外上市、但覬覦國內股市較高估值的中資集團受到打擊的可能性。監管機構希望阻止中國的證交所淪爲在別處進行首次公開發行(IPO)的劣質公司的傾銷地。

As of early March, 711 companies were in the approval queue, many having waited more than a year.

截至3月上旬，中國有711家公司在等待上市審批，其中許多公司已經等了一年多。

China’s leaders have pledged to deregulate the IPO approval process to make it more market-oriented, but progress has been slow.

中國領導人已經承諾放開IPO審批程序，使其在更大程度上以市場爲導向，但迄今進展緩慢。

In March last year, STO Express announced plans to conduct a backdoor listing using a Shenzhen-listed shell called Zhejiang IDC Fluid Control. The following month, YT Express said it would do the same with the Shanghai-listed shell of Dalian Dayang Trands. Both deals are still pending.

去年3月，申通快遞(STO Express)宣佈計劃，擬借殼在深圳上市的浙江艾迪西流體控制公司上市。次月，圓通速遞(YTO Express)也宣佈擬借殼在上海上市的大連大楊創世公司上市。這兩筆交易均尚未完成。

SF’s parent wants to inject 100 per cent of SF’s assets, valued at Rmb43.3bn, into the Shenzhen-listed shell of Maanshan Dingtai Rare Earth and New Materials. The listed company’s existing Rmb800m in assets and liabilities will be swapped into an unlisted entity, Dingtai Rare said in an exchange filing yesterday. The restructured company will then raise an additional Rmb8bn through a private placement of new shares.

順豐的母公司擬將順豐的資產（作價433億元人民幣）百分之百注入在深圳上市的殼公司——馬鞍山鼎泰稀土新材料公司。鼎泰新材昨日發出公告稱，其現有資產和負債（作價8億元人民幣）將被置換到一個非上市實體。然後，重組後的公司將通過定向增發，再籌集80億元人民幣。

“China’s logistics sector is still in a period of rapid investment,” said a logistics analyst. “All the big players are hurrying to raise money and a listing can help reduce funding costs. It will also increase SF’s brand prestige.”

“中國物流行業仍處於快速投資期，”一名物流分析師表示。“所有大牌企業都在競相籌集資金，上市將有助於降低融資成本。它也將增進順豐的品牌形象。”