顺丰速运拟借壳鼎泰新材上市

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.

顺丰速运(SF Express)成为18个月来中国第三家寻求借壳上市、吸引投资者对电子商务行业兴趣的快递公司。

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 .

低成本快递助推了网购，因为常常低于1美元的运费成本意味着，就连低价商品也值得上网购买。但到目前为止，投资者基本上被局限于电子商务平台运营商的股票，如阿里巴巴集团(Alibaba Group)和京东()。

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.

中国国家邮政局数据显示，规模大到足以被跟踪的快递公司在2015年递送了207亿件包裹，同比增长48%。营收增长35%，至2770亿元人民币。

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.

尽管市场份额数据无法获得，但私有的顺丰速运拥有1.5万辆送货车的车队，并在中国各地运行着由1.3万个服务中心构成的网络。

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.

借壳上市（企业将资产注入一个上市壳公司）正受到在美国上市的中国公司的青睐，它们被中国股市更高的估值吸引，同时这种方式也吸引了寻求规避冗长上市审批过程的新上市申请企业。

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.

前者已招致中国监管机构的密切关注，由此引发已在海外上市、但觊觎国内股市较高估值的中资集团受到打击的可能性。监管机构希望阻止中国的证交所沦为在别处进行首次公开发行(IPO)的劣质公司的倾销地。

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

截至3月上旬，中国有711家公司在等待上市审批，其中许多公司已经等了一年多。

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

中国领导人已经承诺放开IPO审批程序，使其在更大程度上以市场为导向，但迄今进展缓慢。

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，申通快递(STO Express)宣布计划，拟借壳在深圳上市的浙江艾迪西流体控制公司上市。次月，圆通速递(YTO Express)也宣布拟借壳在上海上市的大连大杨创世公司上市。这两笔交易均尚未完成。

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.

顺丰的母公司拟将顺丰的资产（作价433亿元人民币）百分之百注入在深圳上市的壳公司——马鞍山鼎泰稀土新材料公司。鼎泰新材昨日发出公告称，其现有资产和负债（作价8亿元人民币）将被置换到一个非上市实体。然后，重组后的公司将通过定向增发，再筹集80亿元人民币。

“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.”

“中国物流行业仍处于快速投资期，”一名物流分析师表示。“所有大牌企业都在竞相筹集资金，上市将有助于降低融资成本。它也将增进顺丰的品牌形象。”