STO Express and Yuantong compete first unit,Ali half net profit of 500 million

Yuantong Express backdoor draft transaction Dayang Creation (600233.SH) has finally settled.

March 22 evening, Dayang creation, said the company intends to total 17.5 billion yuan to purchase 100% equity interest in Yuantong Express. At the same time, it will be non-public offering of shares to raise matching funds of $ 2.3 billion for the construction of some projects Yuantong Express.

It is noteworthy that, after the completion of the transaction, who shares Ali Yuantong Express in September last year, will be a total stake of 17.52% as an important shareholder. And this investment, only six months, it has been brought to book Ali at least 500 million more than the surplus.

In addition, the reporter interviewed the STO Yuantong Express found not only in the valuation of backdoor listing, slightly higher than the STO Yuantong Express, the market rumors, the business unit for the first time last year, the former exceeds the latter argument also indeed a fact. For listed has taken a substantial step Yuantong Express and STO in terms of who will be the real "first delivery unit", competition has intensified to the point.

Compete "Express first unit"

After STO announced backdoor Aidi Xi (002468.SZ) a month, Yuantong Express will also declare Dayang creation backdoor listing, and two months after the announcement of the news published draft deal.

According to the draft deal show that this backdoor listing will be divided into three parts. Among them, the first Yang Creation intends to sell all of the assets and liabilities of Yuantong Express Group, the controlling shareholder of dragon and cloud Feng New Year; another dragon Group intends to object to 7.72 yuan per share (share price of 25.13 yuan before the suspension after the ex-dividend / share ), issued 2.269 billion shares, for a total price of 17.5 billion yuan to acquire 100% equity interest held by Yuantong Express; Finally, the company also to 10.25 yuan per share, non-public offering of shares to raise 2.3 billion yuan for the construction of Yuantong Express hub and other construction projects, which is also Yuantong Express backdoor listing for this primary purpose.

And the Yuantong Express 17.5 billion yuan valuation relative to its net assets as at end of last year, the appreciation rate reached 413.18%.

As announced backdoor listing front and rear legs, and with the industry on behalf of two companies, STO will naturally be used compared with Yuantong Express. In addition to the latter than the former slightly higher valuation on 600 million yuan, the reporter interviewed found that the latter had a single volume of business outside world has been rumors in the last year than the former, indeed facts.

Yuantong Express insiders said the company business units last year reached 3.032 billion, in 2013 and 2014, respectively 1.284 billion and 1.857 billion. This compares, according to reporters from STO insiders get the data show that last year about its business units 2.5 billion, in 2013 and 2014, respectively 1.463 billion and 2.352 billion.

On the other operating income is the same as the two courier companies to join model, the gap between the more "obvious." The draft shows Yuantong Express from 2013 to 2015 year, revenues were 6.885 billion yuan, 8.229 billion yuan and 12.096 billion yuan, corresponding STO 2013-2015 the first three quarters of 5.073 billion yuan, respectively, 59.74 and 53.8 billion.

In this regard, China Principal Consultant Xu Yong Advisory Network Express Logistics said that although both taking the join mode, but the number of transit centers for the respective control of the company is quite different, "This is the big difference their revenues mainly" .

Reporters learned that, as of the end of last year, total import and Yuantong courier hub hub in the country 60, more than 24,000 terminal outlets. As of last October, the STO service network includes more than 1370 branches and independent outlets, service outlets and more than 10,000 stores.

"Transit center to master the more, which means higher operating income." Xu Yong said, "Shen Tong (hub) have more control in the hands of franchisees, tact is to control their own even more. However, Shen Tong later transit center will definitely recover their control. "

Ali half net profit of 500 million

As early as last September, the market rumors namely Ali ten billion shares Yuantong Express, but this amount has been negative and not be //confirm/i/ied. But with the publication of the draft backdoor listing above courier tact, and the cost of equity acquired Ali finally laid bare.

The draft shows that if the transaction is completed, in addition to Yang Creation actual control will be changed to the actual control people Yuantong Express Yu Wei Jiao and Zhang Xiaojuan, the two men by the absolute control of the dragon Group will hold 51.18% stake in the company.

In addition, Ali Ali venture capital companies and startups, Feng Yun will hold shares of the company 11.09% and 6.43%. The valuation price to Yuantong Express backdoor listing of computing 17.5 billion yuan, said Ali shares held by the two companies will be worth 3.066 billion yuan.

In September last year, tact express most recent capital increase carried out last year, the company had Ali strategic stake, but the amount involved has not outsiders. But in the latest draft shows that Ali a total cost of 2.5 billion yuan, achieved a 20% stake Yuantong Express.

Ali had said that investment in a proper way, just six months, the extra investment is already carrying more than 500 million net profit, but that's just before the performance of Yuantong Express is not listed, if the eventual success of the transaction, or to the Ali enjoying more lucrative capital feast.

Central brokerage One analyst said that the current express industry is still in rapid growth, as the market share of the first Yuantong express courier company, the development prospects remain very promising.

"Before backdoor Aidi Xi marked Shentong, tact if this backdoor Dayang creation by 43 times earnings calculation, Yang Creation cap should be 47.3 billion yuan, compared to its share price before the suspension, which if successful will be its backdoor at least 33 % or more upside. "the analyst said.