The news of share price repurchase made the share price performance of S.F.Holding Co.Ltd(002352) ( S.F.Holding Co.Ltd(002352) . SZ) once strong on March 3.
After a lapse of three years, the Chinese express giant once again offered a repurchase plan, plans to implement a repurchase plan with a total capital of no less than 1 billion yuan and no more than 2 billion yuan and a price of no more than 70 yuan / share
Even at the beginning of this repurchase announcement, S.F.Holding Co.Ltd(002352) is the same as three years ago: “Based on the confidence in the future development prospects and the high recognition of the company’s value, in order to further improve the company’s long-term incentive mechanism, fully mobilize the enthusiasm of the company’s core backbone and excellent employees, and jointly promote the long-term development of the company, after comprehensively considering the business development prospects, operation conditions, financial conditions, future profitability and the recent performance of the company’s shares in the secondary market On this basis, plans to buy back some public shares through centralized bidding with its own funds through the secondary market. ”
However, compared with the repurchase plan in 2019, S.F.Holding Co.Ltd(002352) this repurchase is stronger.
In the past year, as a star stock in the A-share market, S.F.Holding Co.Ltd(002352) has experienced ups and downs. From a loss in the first quarter of last year to a profit. Under the pressure of performance, the market value of the company is almost halved compared with the peak period.
In fact, the dilemma of S.F.Holding Co.Ltd(002352) is also the epitome of the test of China’s entire express industry in the past year.
In order to re stimulate the confidence and vitality of development, several A-share express companies, including S.F.Holding Co.Ltd(002352) have launched repurchase or equity incentive plans in order to fully mobilize the enthusiasm of employees.
sacrifice “buy back move”
According to the calculation of the maximum repurchase amount of RMB 2 billion and the maximum repurchase price of RMB 70 / share, it is estimated that the number of shares that can be repurchased by S.F.Holding Co.Ltd(002352) this time is no less than 285714 million shares, accounting for about 0.58% of the current total share capital of the company; According to the calculation of the lower limit of repurchase amount of RMB 1 billion and the upper limit of repurchase price of RMB 70 / share, the number of shares that can be repurchased is expected to be no less than 14285700 shares, accounting for about 0.29% of the current total share capital of the company.
it is worth mentioning that according to the announcement, the repurchased shares will be used for employee stock ownership plan or equity incentive. The company proposes to draft the employee stock ownership plan or equity incentive plan as soon as possible and submit it to the board of directors and the general meeting of shareholders for deliberation
Compared with the repurchase plan in 2019, this time, S.F.Holding Co.Ltd(002352) has significantly increased its strength.
The repurchase announcement three years ago showed that the company’s total repurchase funds were no less than 200 million yuan and no more than 400 million yuan, and the repurchase price was no more than 45 yuan / share.
It is undeniable that three years later, the current S.F.Holding Co.Ltd(002352) is no longer the SF of that year. In terms of business scale and market value, this leading express enterprise once hit the “ceiling” of the market value of Chinese express companies – in mid February 2021, S.F.Holding Co.Ltd(002352) total market value once exceeded 530 billion yuan
However, a loss warning in April last year broke the prosperous scene of S.F.Holding Co.Ltd(002352) .
In April 2021, the company released the performance forecast for the first quarter of the year: during the reporting period, its loss ranged from 900 million yuan to 1.1 billion yuan. Since then, Wang Wei, chairman of S.F.Holding Co.Ltd(002352) board, apologized for the loss at the shareholders’ meeting. As a result, the company has experienced a “dark moment”.
The trend of stock price is the most intuitive reflection of S.F.Holding Co.Ltd(002352) experiencing difficulties.
According to the data, in the last year, the company’s share price fell 42.27%, and the maximum pullback once reached 46.69%. As of the closing on March 3, S.F.Holding Co.Ltd(002352) shares closed at 58.52 yuan / share, with a market value of 287.1 billion yuan.
The 21st Century Business Herald reporter noted that when S.F.Holding Co.Ltd(002352) released the repurchase plan in late February 2019, the company’s share price was also in the shock bottom stage.
In April 2019, S.F.Holding Co.Ltd(002352) completed the repurchase, with a total number of shares repurchased of about 110107 million, the highest transaction price of 37.34 yuan / share, the lowest transaction price of 34.48 yuan / share, and the total transaction amount of 395 million yuan. The company’s share price bottomed in June of that year, and then rose all the way.
After the overall decline of nearly 22% in 2020, S.F.Holding Co.Ltd(002352) ‘s share price has been adjusted since this year. Since the beginning of the year, the company’s share price has fallen by 15.09%.
express company equity incentive frequent
for China’s express delivery industry, 2021 has just passed with a tragic reshuffle of the industry
According to the data on the operation of the postal industry in 2021 released by the State Post Office, the annual business volume of express delivery in China reached 108.3 billion, a year-on-year increase of 29.9%; Business income totaled 103323 billion yuan, a year-on-year increase of 17.5%.
It was also in this year that China’s leading express enterprises collectively broke into the “10 billion pieces” mark: S.F.Holding Co.Ltd(002352) , Zhongtong express, Yunda Holding Co.Ltd(002120) , Yto Express Group Co.Ltd(600233) , Sto Express Co.Ltd(002468) , Postal EMS and other express enterprises reached a business volume of more than 10 billion tickets during the year, of which S.F.Holding Co.Ltd(002352) , Sto Express Co.Ltd(002468) , Postal EMS were “shortlisted” for the first time, China Express ranks first with an annual business volume of 22.3 billion.
However, the express industry in the past year is not “peace in the world”. The first quarter is the first quarter. Moreover, with the spread of “price war”, the operation of “Tongda system” has also been significantly differentiated.
In the fierce competition, Sto Express Co.Ltd(002468) with a loss of 840 million yuan to 950 million yuan in advance, suffered the largest loss in the history of fiscal year.
In order to change the decline, the company took the lead in launching the first employee stock ownership plan of A-share express listed companies this year.
On February 14, Sto Express Co.Ltd(002468) released the first phase of employee stock ownership plan according to the published draft, the shares of the employee stock ownership plan come from 195599 million shares repurchased by Sto Express Co.Ltd(002468) the company’s own funds, accounting for 1.28% of the company’s current total share capital and costing 23 Leysen Jewelry Inc(603900) 0 yuan. The subscription price of the shares to be repurchased in the employee stock ownership plan is 1 yuan / share
At the company level and individual level, the company has set corresponding assessment requirements.
Among them, at the company’s performance evaluation level, the employee stock ownership plan is divided into two evaluation periods in 2022 and 2023, and the unlocking proportion at the corresponding company level is 50% respectively. The performance target of the first phase is that the growth rate of express business volume in 2022 is not lower than that of the express industry in the current year, or the net profit returned to the parent company in 2022 will turn loss into profit. The target of the second phase is that the growth rate of express business volume in 2023 will not be lower than that of the express industry in the current year, or the net profit attributable to the parent company in 2023 will not be less than 500 million yuan.
Investors talked about the “welfare package” for employees launched after the “explosion” of Sto Express Co.Ltd(002468) performance. Some investors said that Sto Express Co.Ltd(002468) will sell the shares repurchased at a cost of 236 million yuan to employees at a “fracture price” of less than 20 million yuan, which is 91.7% lower than the average repurchase price; However, some people believe that the lock-in period of up to 36 months has strong constraints on executives and employees, which is expected to improve performance.
The 21st Century Business Herald reporter noted that in addition to S.F.Holding Co.Ltd(002352) and Sto Express Co.Ltd(002468) this year, Deppon Logistics Co.Ltd(603056) has also continued to promote stock repurchase.
According to the announcement issued by the company in April last year, the total amount of funds to be repurchased shall not be less than 75 million yuan (including the principal amount), not more than 150 million yuan (including the principal amount), and the price of repurchased shares shall not exceed 18.86 yuan / share (including the principal amount).
The purpose of share repurchase is also used for equity incentive of the company.
As of February 28 this year, Deppon Logistics Co.Ltd(603056) has repurchased 6.7039 million shares in total, and the total amount paid is about 68 million yuan, which has not yet reached the lower limit of the repurchase plan.
