Huge revenue loss of nearly 654.38+billion, Wei Wang's net worth decreased by 654.38+34 billion. How does SF spend the dark time?

Author | Walker

Editor | Egg Manager

On May 28th, Jingdong Logistics was listed in Hong Kong. On the first day of listing, it closed up more than 3.3% to HK$ 4 1.7 per share, with a turnover of HK$ 71.70 million and a market value of HK$ 254.02 billion. This is another successful listed company of JD.COM Group after JD Health's listing.

This can't help but trigger Liu's ridicule-"Dongge has another company listed!" "Dongge has been keeping a low profile in recent years, but running a business is still high-profile."

On the other hand, the name "East Brother" seems to be one of the most prominent labels on Liu. Internet bosses in China often use the image of a teacher to inculcate, perhaps because the expansion of Internet thinking depends on the unremitting efforts of these preachers, and perhaps it is also related to the entrepreneurial background of many people with high academic qualifications and high IQ.

But there are two exceptions. Unlike many fellow travelers who like to be called "teachers", these two bosses prefer to be "brothers" with their employees, and "Jianghu loyalty" has become the deepest impression left by these two companies.

They are Liu from and Wang Wei from SF.

An interesting story is that Liu chooses one day every year to eat bean jelly with the warehouse keeper and delivery staff, and after eating bean jelly, he drinks white wine with them in a bean jelly cup. The reason is that when the first distribution station appeared, someone suggested drinking some wine to celebrate, but there were not so many wine glasses, so Liu asked someone to buy bean jelly. Everyone ate jelly, used the jelly cup as a wine glass and drank a glass of white wine.

This is the beginning of JD. This is also the image of "big brother" that Liu can't erase. Many times, Liu calls everyone "brother", and his brothers also call him "East Brother".

So is Wang Wei.

On April 2016 17, a SF Express brother accidentally bumped into a car that was reversing. After getting off the bus, the driver beat and cursed, and his words were very ugly. He even slapped his brother six times.

Therefore, although Liu and Wang Wei are "peers" in some respects, their friendship style still keeps them from appreciating each other sometimes.

Now, with the successful listing of Jingdong Logistics, two people who are both "Jianghu bosses" finally meet in the same commercial Jianghu.

In fact, the relationship between Liu and Wang Wei is quite complicated.

On the one hand, these two people who are very strong in Jianghu are often sympathetic, and even often give birth to the feeling that there is a bosom friend in the world. Therefore, the two sides interact constantly and support each other from time to time.

On June 20 17 1 day, Wang Wei broke up with the rookie publicly. That night, Liu came forward to support him: "I believe in the quality of SF Express and Wang Wei's character! Now all the public express information sent by citizens, whether it is from this platform or not, has been taken away! I used to abide by the law seriously! Who will protect citizens' privacy information? Call on relevant departments to investigate! "

On the other hand, Liu and Wei Wang have different ideas about the operation of the company, especially the treatment of employees. Just three months ago, when SF just went public, the IPO application revealed that SF did not provide five insurances and one gold for all logistics brothers, which is different from Liu's insistence on providing five insurances and one gold for front-line employees.

It is understood that in terms of employee expenditure, in 2020, Jingdong Logistics will be counted as front-line employee expenditure of 26 1 100 million. According to the number of front-line employees disclosed in the prospectus at the end of 2020, it is conservatively estimated that the average annual expenditure of each employee is nearly 1 1 10,000, and the monthly expenditure is nearly 9,000 yuan. This is a rare enterprise in the industry that insists on paying five insurances and one gold for its employees.

The key is that both Jingdong Logistics and Shunfeng have invested heavily in the field of logistics.

Needless to say, SF Logistics is its main business; On the other hand, Jingdong Logistics is Liu Zai's first competitiveness. Since 2007, it has gradually established its own logistics, distribution team and warehouse. Until now, the listing of Jingdong Logistics is still quite difficult.

But in the final analysis, the reason why they can appreciate each other is that Jingdong Logistics and Shunfeng have almost no direct competition for a long time.

Although SF is also engaged in e-commerce business, it is impossible for JD Logistics to take orders from other e-commerce platforms outside JD.COM. What's more, on the platform of JD.COM, JD.COM's self-operated business all adopts Jingdong Logistics, and only stores opened by brand owners can use SF Logistics.

Therefore, the two sides are basically "well water does not invade the river."

However, after the news that Liu planned to spin off and list Jingdong Logistics on 20 19, the situation of both parties became more and more "embarrassing".

Because in order to solve the problem that investors think that "the income of big customers is too high", Jingdong Logistics has gradually started to "go to JD.COM for platformization". According to JD. With a complete supply chain management and inventory system, Jingdong Logistics has signed many large enterprise customers in industrial and e-commerce supply chain management in the past two years.

According to the IPO application submitted by Jingdong Logistics, from 20 18 to September 2020, the revenue proportion of external customers of Jingdong Logistics increased from 29.9% to 43.8%, and the total revenue growth rate was 59.38%. This has shown that while Jingdong Logistics enjoys the growth of the Group's business, the proportion of external customers' income can also increase rapidly.

The reason is particularly simple.

Jingdong logistics is a completely different form from all logistics companies. Rather than calling it a logistics company, it is better to regard it as a warehousing, logistics and management system that supports the e-commerce platform.

In fact, JD.COM often uses "storage for transportation" to maintain the high turnover of goods transportation, ensuring that the delivery time of local self-operated goods on the JD.COM platform is within 8 hours.

And this management system and the information system based on it, if connected to some industrial production enterprises, can just solve the supply chain management problems that these enterprises urgently need.

This is precisely the intersection with SF business. Because this kind of high-end logistics involving supply chain management used to be the basic business of SF, but now the involvement of Jingdong Logistics has triggered competition between the two sides.

It is worth noting that in early 2020, the positioning of JD.COM Group was officially upgraded to "Technology and Service Enterprise Based on Supply Chain". According to the prospectus, in 2020, Jingdong Logistics' integrated supply chain revenue will account for 75.8% of the total revenue, which is a strong proof of its entry into high-end logistics.

It is precisely because of this clear business development direction that Dongge restarted the process of listing Jingdong Logistics in Hong Kong in early 2020, and successfully listed on May 28th. On the first day of listing, it closed up more than 3.3% to HK$ 4 1.7 per share, with a market value of HK$ 254.02 billion.

For SF, the successful listing of Jingdong Logistics is undoubtedly that the friendly business has become stronger and the competitive pressure has also increased.

According to the data published in the prospectus, in 20 19, Jingdong Logistics was far ahead of other domestic integrated supply chain logistics service providers in terms of warehouse area and total revenue.

This means that Jingdong Logistics has gradually become the leader in the field of high-end enterprise logistics that SF originally dominated.

According to the observation of oil tankers, in response to the challenges brought by Jingdong Logistics, just a few days after Jingdong Logistics submitted its listing application to the Hong Kong Stock Exchange in February, SF announced its intention to acquire Kerry Logistics, the largest international logistics company listed on the Hong Kong Stock Exchange. The latest news shows that the acquisition is almost settled. On the day of the listing of Jingdong Logistics on the 28th, SF announced that it planned to acquire more than 5 1.8% of the shares of Kerry Logistics.

On the trading day after the shocking acquisition in February, SF's share price rose sharply, reaching a record high of 65.438+02.47 billion yuan. However, what happened next was quite "magical".

On April 22nd, SF Express released its financial report for the first quarter of 20021,with a huge revenue loss of 989 million yuan, compared with a profit of 907 million yuan in the same period last year, down 20.905438+0% year-on-year. When this news came out, it shocked the market. Wei Wang made a public apology for this, and Ms. Wu Weiting, the chief financial officer, resigned.

Subsequently, SF's share price plummeted all the way. As of the close of May 28th, its share price has fallen by half to 69.85 yuan. Compared with the high price in the early Spring Festival, the market value of SF has evaporated by 273 billion yuan, and Wang Wei's own value has shrunk by 654.38+03.4 billion yuan.

Some media indicated the "unfavorable" attitude in 20021year.

In fact, the price war in the field of e-commerce express delivery has intensified after the extremely rabbit entered the market. Although SF doesn't value the low-end market, it has to invest real money to compete with new players.

According to Sina Finance, due to the abnormal market price, SF's single ticket revenue has been declining for 22 consecutive months, and the decline rate continues to reach double digits. The latest data shows that the single ticket revenue of SF Express is 15.74 yuan, down 12. 12% year-on-year.

The key point is that in the supply chain market where SF has always dominated, it has also encountered many problems.

In 20 17, Wang Wei once said ambitiously that SF was aiming at "not only the traditional express delivery market of 400 billion yuan, but the large logistics market of 12 trillion yuan".

Xin Li, a well-known investment bank analyst in Hong Kong, believes that in order to realize Wang Wei's vision, SF has invested heavily in acquiring global supply chain logistics companies. "In the past two years, many internationally renowned supply chain enterprises have hung up the SF label, and this year they are going to win 5 1.8% of Kerry Logistics with a large order of175.55 million yuan." Li Xin said to the "tanker".

However, he believes that SF still has not gained enough benefits from these acquisitions. "Judging from the financial report data, these high investments in the supply chain field have not yet achieved the expected benefits, and have become the most important heart disease in Wei Wang's heart." He added.

On the evening of April 9, Wang Wei responded to the performance loss at the performance briefing, saying that SF Holdings will definitely not lose money in the second quarter of this year, but it is not feasible to restore the annual profit to the same level as last year.

This actually shows that Wang Wei also knows that SF's new profits can't cover the cost, and the key reason for its loss lies in its profitability, especially the decline in gross profit margin, which has brought great pressure to the company.

The reason why Wang Wei is regarded as a "lean man in the shopping mall" is that whenever he faces an emergency, he will have his own ideas, and this time is no exception.

Just when many people were wondering what methods SF and Wang Wei would use to solve the crisis they faced, on February 10, SFREIT submitted the form to the Hong Kong Stock Exchange, which was regarded as an important attempt by Wang Wei to realize the new income of SF.

According to the latest news, on May 5th, SF REIT has been put on public sale, with the issue price ranging from HK$ 4.68 to HK$ 5. 16 per fund unit, with a maximum of HK$ 2.683 billion raised. On May 7th, 65438 was officially listed on the Hong Kong Stock Exchange with the stock code of 2 19 1.

It is worth mentioning that the listing nature of SF REITs is REITs fund, and Wang Wei's abacus is to take the road of "securitization of logistics assets".

The so-called REITs fund actually converts its fixed assets into a number of shares marked with prices, and then becomes Public Offering of Fund, which is listed on the stock exchange. And the buyer, like the stock, gets a share of the annual income of this property according to his own share.

"Tanker" thinks that Wei Wang really has its own deep consideration in choosing REITs to solve the problem of its declining income.

In fact, for logistics real estate, REITs fund model is of great significance. Logistics real estate is a typical heavy asset industry. Generally, logistics real estate projects can only obtain operational income such as rent through property management, and cannot sell the returned funds at one time. It usually takes more than ten years to recover the invested funds.

Therefore, issuing REITs can revitalize assets and make SF Express turn from heavy to light, which can not only obtain abundant cash flow, effectively solve the capital problem, but also hold scarce land resources, realize large-scale expansion and optimize income, killing two birds with one stone.

Of course, in the field of logistics real estate, it is big brother Pross who plays this light asset technique.

In recent years, Prologis has quietly sold the shares of REITs Fund, which has been leveraged three to five times and gained huge liquidity, which has become the basis for its rapid expansion in China and even Asia.

It is reported that by the end of 2020, Prologis has become the largest logistics real estate business service provider in the Asia-Pacific region.

Moreover, this company has raised and operated seven private equity funds specially invested in China, with the asset management scale exceeding 654.38+03 billion yuan, the derivative fund management scale also exceeding 100 billion dollars, and the annual fund management fee reaching more than 1 00 billion dollars.

Wang Xueying, head of the research department of another investment fund in Hong Kong, told Tanker: "SF wants to issue REITs funds, although it has the idea of finding ways to expand its income sources, and it is related to the listing of Jingdong Logistics."

In her view, many advanced businesses of Jingdong Logistics and SF are overlapping. Now that Jingdong Logistics has caught up, SF must acquire more resources if it wants to compete with it. "Therefore, SF's choice to issue REITs funds is also related to raising capital to compete with Jingdong Logistics in other high-end fields." She said.

Previously, when talking about the listing of SF REIT, SF executives inevitably revealed the idea of financing through this fund. Zhai Diqiang, then chief executive officer and executive director of SF Real Estate Trust, once said, "SF Holdings' establishment of SF Real Estate Trust in Hong Kong is part of the strategic deployment financing plan. As an international financial center, the establishment of SF Real Estate Trust will provide a good financing channel for the Group. "

Wei Wang chose to list real estate trusts in Hong Kong, probably because he thought he had the right time, location and people.

First of all, since 2020, the state has done a lot of research on publicly offered REITs funds and realized that this will be the next direction of asset securitization. Secondly, SF has operated similar funds and has its own experience.

As early as 20 18 and 12, SF tested the securitization of water assets, and established the first domestic REITs "Huatai jiayue-SF Industrial Park Phase I Asset Support Special Plan". In that year, the first phase raised18.46 million yuan, and the company realized the investment income of asset appreciation of about 808 million yuan.

In the second phase of 20 19, the total scale of raised funds was 65.438+0.36 billion yuan, and the income from asset appreciation investment was 66.5438+0.40 billion yuan. By the end of 2020, the special plan has raised more than 4.5 billion yuan.

Finally, HKEx also introduced the preferential policies of REITs.

On June 4th, 2020, 65438+February 4th, 2020, Hong Kong's Real Estate Investment Trust Code was revised to relax the restrictions on REITs investment, including allowing REITs to invest in property development projects exceeding the upper limit of existing total assets 10%, and increasing the borrowing limit of REITs from 45% to 50% of total assets.

Moreover, REITs listed in Hong Kong stocks also performed well. For example, Yuexiu REIT achieved amazing growth after listing, and the asset scale increased from 4.5 billion yuan to 36.3 billion yuan in the first half of 2020.

It is under the influence of these factors that Wang Wei made up his mind to promote the listing of SF REITs in Hong Kong.

However, in Wang Xueying's view, REITs are not a panacea to solve the development dilemma of SF. "Whether a REITs can perform well depends not only on the basic situation of the listed market, but also on the operation of its investment property."

At present, SF REIT involves three property assets, namely, Foshan Guicheng Fengtai Industrial Park, Wuhu Fengtai Industrial Park and SF Tower, an Asian logistics center in Hong Kong. According to the prospectus, the total assets are valued at HK$ 6 billion.

"Among them, Hong Kong Logistics Park has the largest area, the highest rent and the highest valuation, reaching HK$ 5.2 billion, which is the heaviest in the entire asset portfolio. However, in 2020, affected by many factors, Hong Kong property rents fell by 17%, the highest level since 2009. " Wang Xueying believes that this will definitely reduce the income of REITs such as SF, and the dividend will shrink in the future, and the overall yield will show a larger negative growth.

"As can be seen from the prospectus, this also led to fluctuations in the fair value of investment products, with a loss of HK$ 64.6 million, making the profit of SF REIT in the first nine months of 2020 only HK$ 320,000, down 99.8% compared with the same period of 20 19." Wang Xueying was added to the "oil tanker".

In Xin Li's eyes, he is not optimistic about the development of SF, at least at this stage. "As can be seen from the listing application, only the fluctuation in Hong Kong directly lowers the profit performance, while Foshan, Wuhu and other places are not first-tier cities, and it is difficult for the rent level to rise to support higher income."

In addition, he also believes that SF's three so-called logistics real estate development potential is limited. "The rents of SF related tenants accounted for 80% of the total rental income in the same period, and three of the top five rental income came from SF Holdings."

In fact, according to the data in the prospectus, the percentage of SF related tenants in the total income of SF REIT Fund in the past three years is 62.4%, 72. 1% and 78.3% respectively. The proportion of rentable area leased to SF-related tenants and operated by SF-related tenants is about 45.2%, 62.3% and 76.3% respectively.

Therefore, Li Xin told Tanker: "The fact that such a single customer and related party transactions are too high will have a certain impact on the fund's income expectation, thus reducing investors' interest in selling. "

Judging from the stock price performance on the first day of listing, the market feedback is just as expected by the above two analysts. This new share, which was oversubscribed in the public offering stage, failed to gain the recognition of investors continuously and was broken on the first day of listing.

On May 17, SF reported HK$ 4.49 per share, down 9.8% from the issue price of HK$ 4.84 per share; As of the close of the first day, its share price fell to HK$ 4. 16 per share, a drop of nearly 15%.

Interestingly, on the same day that the fund issued by SF Express broke its listing, Jingdong Logistics started a vigorous IPO.

According to the data of a number of Hong Kong brokers obtained by the tanker at that time, as of 6: 00 pm that day, Jingdong Logistics had temporarily recorded11276 million Hong Kong dollars, which was about 14 1.3 times of the public fundraising amount of 792 million Hong Kong dollars.

Nowadays, the successful listing of Jingdong Logistics and its share price performance also highlight the attitude of the capital market to some extent. Jingdong Logistics rose more than 16% at the opening, and finally reported HK$ 4 1.7 per share, with a market value of HK$ 254 billion.

The capital market's "one cold and one hot" to SF Real Estate Trust and Jingdong Logistics may make Liu and Wei Wang think for a long time. Nowadays, the reality is that colleagues who supported each other in those years will eventually face each other on the same battlefield, and no one can "show mercy".

After all, the stock market and shopping malls, like rivers and lakes, have always been places where heroes are judged by success or failure.

* The title in the article comes from: the worm's idea, which has been authorized.