Express delivery giant Running: SF Shentong rhyme with "leave" to invest in the arms of Ali?

China Express rivers and lakes renewed turmoil。  Following through courier empty nest Feng shares after the evening of June 14, rhyme and STO simultaneously announced its withdrawal from investment。At this point, "access system" have all quit, SF have absolute control over abundance of nest, which was founded only three years from the abundance of nest。  The reason for the withdrawal, rhyme and Shentong respects said that in order to optimize the asset allocation structure, to achieve a reasonable return on investment, is "based on commercial considerations."。However, media coverage has given a different version。  Shentong rhyme quit Feng nest, SF 2 billion then set the evening of June 14, STO (002 468.SZ) announced that the company, a wholly owned subsidiary of Shentong Express Co., Ltd. (hereinafter referred to as STO Limited) entered into an equity transfer agreement with Shenzhen Wei Rong Enterprise Development Co., Ltd. (hereinafter referred to as Shenzhen Wei Rong) on June 14, the Shenzhen Wei Rong sale it holds abundance of nest Technology 9.09% equity transfer price is 8.1.9 billion yuan。  According to the disclosure after the transaction is completed, Shen Tong Co., will no longer hold shares of HSBC nest Technology。STO responded by saying that after the transaction is completed the company equity transfer income can be put into the courier business segments of the main industry, will help further focus the main industry。  Also in the evening of June 14, rhyme shares (002 120.SZ) announced that the Company and its wholly-owned subsidiary of Ningbo Meishan Bonded Port Fu Shan Investment Co., Ltd., Shanghai Yun Yun Investment Management Co., Ltd. intends to hold a total of 13 scientific and technological abundance of nest.Shenzhen Wei Rong, equity transfer price of 47% stake to a total of 12.1.2 billion yuan, is expected to bring non-recurring one-time after-tax profit for the company of about 4.$ 400 million increase in working capital。  It is understood that before the transaction, Shenzhen Wei Rong Feng nest Technology is the largest shareholder, accounting for 25 shares.6781%, Shenzhen Shun Feng Investment Co., Ltd. is the second largest shareholder, shares accounted for 14.4292%. In addition, Shen Tong Yun Yun Co. and Shanghai Investment Management Company shares accounted for 9.0948% and 7.7539%。  After completion of the transaction, holders of Shenzhen Wei Rong Feng nest Technology 48.2402% stake in Shenzhen Investment Limited holds 14 SF。4292%; Shentong Co., Ltd. Shanghai Yun Yun Investment Management emptied shares。  In fact, the actual controlling shareholder of the controlling shareholder of the transaction then set side Shenzhen Wei Rong Matilda Shenzhen Development Holdings Limited (hereinafter referred to as Matilda Holdings), Matilda Holdings is owned SF。Because Matilda HSBC Holdings also holds a 5-nest Technology.8494% of the shares, bringing the SF Department of shares held by HSBC nest Technology reached nearly 70%, will dominate the abundance of nest Technology operations。  China Logistics Association special researcher Yang Daqing analysts said the daily economic news reporter, SF has always insisted on the independence of the ecosystem, the construction of express delivery, retail, finance, air and other ecological closed loop, is not seeking self-support formula Ali, Jingdong impact on business logistics ecosystem。Rhyme, Shen Tong withdrawal might give more eco-SF moat pressure, but may also make SF more determined to build self-support formula logistics ecosystem。  Mastery Department abandoned SF, stand Ali?  Feng nest Technology by the SF, Shen Tong, Tong, rhyme, ProLogis China five logistics company in June 2015 to create a joint venture together, committed to R & D operations, "Feng nest" smart cabinet courier, the courier break "last 100 meters "problem。That time, at the end of the smart rookie has not fully express this cabinet layout。The abundance of nest Technology in January this year after the financing, valuation has reached 9 billion yuan。So, Shen Tong, rhyme have to consider what kind of retreat is out?  An analytical, due to the abundance of long-term nest at a loss, "access system" therefore opt-out。  Daily News reporter noted that before May this year, Feng nest Technology operating income 2.8.8 billion yuan, net profit is negative 2.4.9 billion yuan。As of May 31, 2018, total assets of the abundance of nest Technology 63.1.1 billion, total liabilities of 17.3.2 billion yuan and net assets of 45.7.9 billion yuan。  It is understood that the smart courier cabinets are heavily invested assets, the cost of a courier cabinet a few million, but also need to pay the rental fee sites, property management fees。Compared with the high investment, the current smart courier cabinet profit model is relatively simple, income mainly consists of sales fee to send pieces, self-express postal revenue, extend business income, business income and other advertising media publicity, the industry's companies are at a loss status。  Another analysis, said exit "access system" is the result of the courier company's stand。  According to Caijing reported that sources close to the deal said that Shen Tong, rhyme this is forced out of the SF as Feng nest majority shareholder, it is tough on the Mastery system courier shares of other companies issue requires access lines express company from HSBC nest Divestment。  It is noteworthy that, in May this year, tact, in the pass, Shen Tong and other courier companies have been fully involved in the supply chain, a wholly owned subsidiary of rookie "Zhejiang post stack" 31.$ 6.7 billion capital increase agreement。  ▲ The Emperor Zhejiang capital structure last year, and rookie SF interface issues surrounding the abundance of nest had recriminations, although the final reconciliation ended, however, the relationship between SF and Ali have been tense。Instead, up to a three-way alliance members are novice, Ali has been a very close relationship with, tact, through Alibaba is to obtain huge investment。  According to International Finance News reported that Ding Wei logistics experts believe that since the occurrence of "Feng Bird war" in June last year, the express delivery industry's stand has begun to emerge, "accessible" to Ali seems a foregone conclusion, from the current cabinet intelligent Express development, has formed abundant nest, and in the Post courier rookie Yi tripod pattern, but is a rookie ecosystem, so hope for the future may be greater。"From a business development perspective, good luck after all, just a logistics company, while Shen Tong, rhyme, it must be possible to ensure the continued development of upstream resources, in this respect Shen Tong, rhyme no doubt Ali's thigh to hold。"Yang Daqing told the Daily Economic News reporter, Shen Tong, rhyme quit Feng nest or return to an ecological。Shen Tong, rhyme for the rookie alliance members, have formed a cluster of ecology and rookie strategic synergy, "With the improvement of the network smart rookie end cabinets and other infrastructure, it has formed a comprehensive end support system。Cooperation with the abundance of nest in this case, resources or produce overlapping investment。"" Shen Tong and rhyme pull up stakes abundance of nest Technology also have to consider the competitive relationship。"Yang Daqing further told reporters, from the nature of the competition point of view, the rookie is open ecosystem platform, rhyme, Shen Tong does not compete with the rookie, but by the simultaneous abundance of nest scientific and technological cooperation and good luck, then its existence express delivery and logistics services competition。