A paper announcement aroused a pool of spring water.
On March 11, Deppon Logistics Co.Ltd(603056) (hereinafter referred to as Deppon Logistics Co.Ltd(603056) ) issued an announcement, prompting the controlling shareholder to plan the change of control and plan to resume trading on March 14, which aroused heated discussion in the industry.
The announcement said that JD Zhuofeng, which is controlled by JD group, plans to control Debang holdings by acquiring some shares of Debang holdings and accepting the entrustment of some shareholders of Debang holdings to obtain the corresponding voting rights of some shares of Debang holdings, so as to indirectly control 664965% of the shares of listed companies held by Debang holdings.
This means that the actual controller of Deppon Logistics Co.Ltd(603056) will be changed and JD Zhuofeng will become its indirect controlling shareholder. Jingdong Zhuofeng and Jingdong Logistics belong to Jingdong group. The industry believes that this acquisition is more for the overall layout of Jingdong Logistics.
why is there such a change
Express industry is a highly standardized industry, and service standards can be copied. In January this year, the brand concentration index CR8 of express and parcel service was 81.9, and eight enterprises accounted for 80% of the express industry. The supply chain logistics business is a customer and a project, which are different. The market concentration of the logistics industry can be described as "dispersion". The buffer zone between the two is express, which is characterized by semi standardized and permeable on the left and right.
From the perspective of announcement time, it is now the financial reporting season. Deppon has basically mastered the profitability of the industry. The scale of express delivery is small, and the express market is scattered. The acquisition will not have acquisition restrictions due to scale reasons, such as "monopoly", while the change of equity is conducive to stable operation, and the competent national departments also hope that the industry will be more stable.
It can be said that the combination of Jingdong and Debang is not surprising in the industry. First, deppon's bulk express and express are the best match with JD logistics's warehouse dry distribution (warehousing + trunk transportation + landing distribution - editor's note) "integrated supply chain"; Second, the goal of JD logistics is from enterprise logistics to logistics enterprises. Debang's volume can greatly supplement the third-party proportion of JD logistics and help it gain a firm foothold in the third-party logistics market; Third, looking at the territory of JD logistics, there are leaps and bounds in large cargo air transportation, deppon in large cargo express and dada in the same city. Basically, in addition to the e-commerce express network (Jingxi) in the franchise mode, JD Logistics China's logistics, express and express system has been completed; Fourth, after the acquisition of deppon, JD logistics will become the second place in the express market, with significant competitive advantages in the future; Fifthly, based on deppon, JD logistics can block the opportunity of Zhongtong and Yunda to catch up quickly in the field of express and compete directly with SF express.
set off a corner in the investment and merger of express industry
Wei Dapeng, transportation analyst of China Post securities, said in an interview with the reporter of Securities Daily: "JD logistics's long-standing advantages are warehouse distribution integration and supply chain integration. The acquisition of deppon will strengthen JD logistics's ability in transportation. Deppon is a high-quality asset in China's LCL express market, and its revenue in the express market is second only to Shunfeng. After the merger and acquisition, JD logistics has completed its extension of express and air parts, superimposing its previous increase in dada , the "jingbangda" was officially formed. In addition to strengthening its advantages in the field of bulk express, it has also improved the layout of the whole industry chain and the whole scene. "
In the view of capital, deppon express may be the weakness that mainstream express companies want to make up.
Express logistics experts Zhao Xiaomin, CEO of guanshuo capital, said: "Jingdong Logistics will fully enter the express battlefield, which will help the physical industry and rural market of Jingdong Logistics; Jingdong Logistics will also carry out a series of related party transactions and mergers and acquisitions with the help of the leverage of China's capital market, which can improve the scale and competitiveness of express business in a short time. Leapfrog express may also be loaded into Deppon Logistics Co.Ltd(603056) , forming resonance and making up for deppon's weakness in the consumer side and Short board of air transport resources. "
According to Wei Dapeng, the formation of "jingbangda" has a further impact on the current pattern of express logistics enterprises. For SF, JD logistics not only has the advantage of upstream flow, but also strengthens the construction of downstream distribution and transportation capacity this time; For the "Tongda system", JD logistics has a relative competitive advantage in the fields of medium and high-end e-commerce parts, integrated supply chain and so on. "In a word, this merger and acquisition can be regarded as an important step on the leading road of comprehensive logistics since Jingdong Logistics was listed independently." He said.
"From the perspective of Jianghu pattern and market demand, the ranking of business volume in the future may be: JD logistics Yunda SF Ali (Rookie) Jitu post, etc." The above industry insiders said.
In 2021, the express business volume has exceeded 100 billion pieces, and China's express packages account for more than half of the world. In the field of express transportation, the market pattern is still relatively scattered and there are many market participants.
According to the "14th five year plan" postal industry development plan jointly issued by the State Post Office, the national development and Reform Commission and the Ministry of transport in 2021, It is mentioned that: support enterprises to "strengthen capital operation and strategic cooperation, promote the formation of an industrial pattern of integrated and complementary large, medium and small enterprises and competitive and cooperative development of multiple subjects" and "by 2025, a number of postal express brands with an annual business volume of more than 20 billion pieces or an annual business income of more than 200 billion yuan will be formed in the industry". The curtain of investment and M & A in express logistics industry may have just begun.
According to relevant sources of JD logistics, after the cooperation with deppon, the two sides will continue to maintain the independent operation of the brand and team, and the overall strategy and business direction will remain unchanged. The two sides will carry out in-depth cooperation based on their respective advantageous fields, continue to build high-quality and efficient integrated supply chain logistics services, improve the quality of products and services in the field of express delivery, and jointly promote the high-quality development of customers, industry and society.
The next step is to see how JD logistics plays this chess game on the supply chain stage.
