Original title: SF Holdings will increase its investment of 20 billion yuan and land on Chongyang and other star institutions to rush to raise money
21st Century Business Herald reporter Cao Enhui reports from Shanghai
The domestic express delivery giant SF Holdings Limited issued A shares privately in 2021 and finally completed the registration and custody procedures at the Shenzhen branch of China Securities Depository and Clearing Co., Ltd. on the “Double 11” day.
This means that after nearly ten months, SF Holdings finally completed the fourth largest fixed-income financing event for A-shares this year. The 21st Century Business Herald reporter noticed that since this year, 10 listed companies have implemented additional issuance of A-shares and implemented fixed increase events with a total of more than 10 billion yuan (including 10 billion yuan), and 7 companies have finally subscribed in full (or over-subscribed). . Among them, Tianshan Co., Ltd., Postal Savings Bank of China, and BOE A have become the top three fixed A shares during the year with 94.171 billion yuan, 30 billion yuan, and 20.333 billion yuan.
As a “white horse stock” in the domestic express delivery industry, SF Holding’s 20 billion fixed increase has naturally attracted the attention of all parties. According to the distribution list disclosed by the company, leading investment institutions and local state-owned assets have joined the rush to raise funds.
Chongyang received over 3 billion allocations, but Suzaku did not “get it”
From 9 a.m. to 12 a.m. on October 22, it is the effective time period for SF Holdings to receive subscription documents. During these three hours, the joint lead underwriters received a total of 40 subscription quotations submitted by the subscription objects. Judging from the quotation, the competition is quite fierce.
A reporter from 21st Century Business Herald checked the subscription quotations of investors and found that the quotations of 40 subscription targets ranged from 53.07 yuan to 66 yuan. Among them, the quotations of most domestic funds are relatively conservative, with prices lower than 60 yuan. Zhuque Fund, Nord Fund and Dajia Asset reported low prices of 53.07 yuan, 53.07 yuan and 53.08 yuan respectively.
It is worth mentioning that the Suzaku Fund seems to want to “fight” at a low price, and it applied for a subscription of 1.160 billion yuan at a price of 53.07 yuan. However, such a strong subscription has no advantage in this subscription competition. From the perspective of the quotation, there are more than 20 investment institutions whose declared price exceeds the quotation of Suzaku Fund and the subscription amount exceeds the former.
Among the many quotations, Chongyang Investment is “full of pride.” In the quotation stage, the agency quoted a subscription price of RMB 6.035 twice and plans to raise RMB 3.36 billion.
Therefore, in accordance with the principle of price priority-the lower quotation will not be eligible to participate in the fixed increase of shares, and the Suzaku Fund, Nord Fund and Dajia Asset will not be eligible for this subscription.
In the end, Chongyang Investment became the biggest winner in the 20 billion fixed increase of SF Holdings with its higher quotation and larger subscription amount. The allotment situation shows that the institution has received about 5,876,1800 shares allotment.
In fact, in this round of fixed increase of SF Holdings, star institutions have gathered. In addition to Chongyang Investment and Zhuque Fund, Shanghai Jinglin Assets is also one of the celebrity private placements actively subscribed. According to the results of the allocation, the institution’s two funds “Jinglin Jingtai Fengshou Private Securities Investment Fund” and “Jinglin Value Fund” received a total of 20,286,800 shares, with a subscription amount of approximately 1.160 billion yuan.
In addition, foreign-funded institutions are also showing positive signs in the tens of billions of fixed increase of SF Holdings.
Allocation status shows that Macquarie Bank, UBS AG, Barclays Bank PLC, Norges Bank, Quebec Savings and Investment Group, Singapore Government Investment Corporation, Allianz Global Investment, Schroder Investment and other foreign institutions account for almost half of the country. Among them, UBS AG has been allocated a total of 3.031 billion yuan.
According to an announcement issued by SF Holdings, the company’s non-public offering of approximately 350 million new shares will be listed on the Shenzhen Stock Exchange on November 19 this year. The issue price is 57.18 yuan per share, and the actual net fundraising amount is 19.907 billion yuan.
As of the close of November 17, SF Holdings closed at 63.27 yuan per share, 10.65% higher than the issue price.
Short-term performance is under pressure, but capital expenditures remain unabated
According to the fixed increase plan of SF Holdings, of the nearly 20 billion fund-raising, 11.529 billion yuan will be used for the construction of the Hubei Ezhou Civil Airport Transit Center project.
Public information shows that the goal of Hubei Ezhou Civil Airport is to become a world-class air cargo hub. The 21st Century Business Herald reporter noted that when SF Holdings Chairman Wang Wei visited Hubei Provincial Party Committee Secretary Ying Yong in early November this year, he stated that “SF Group will aim to build a world-class air cargo hub and further strengthen cooperation with Hubei to speed up Promote the construction of Ezhou Huahu Airport, deepen the investment layout in Hubei, and help Hubei’s high-quality development.”
After a huge loss occurred in the first quarter of this year, SF Holdings regards 2021 as a “critical year to link the past and the future.” After large-scale capital investment in the fourth quarter of 2020 and in-depth efforts on e-commerce specials, the company has begun to fall into a short-term pressure period of increasing cost pressures. In 2021, it will determine whether the performance of SF Holdings can bottom out and rebound.
Earlier financial reports showed that in the first three quarters of this year, SF Holdings realized a net profit of 1.798 billion yuan attributable to shareholders of listed companies, a year-on-year decrease of 67.89%. Among them, the company achieved a non-net profit of 810 million yuan in the third quarter, a significant recovery from the first and second quarters. However, it cannot be ignored that compared with the same period last year, the overall profitability of SF Holdings has not yet fully recovered. As far as the company itself is concerned, reducing costs and increasing efficiency, and continuing to promote the profit rebound of economical businesses is one of the current key tasks.
However, despite the short-term performance pressure, this leading express delivery company does not intend to reduce its investment in building comprehensive logistics service capabilities and long-term core competitiveness.
At the end of September this year, SF Holdings completed the acquisition of the equity of Kerry Logistics, a logistics company in Southeast Asia, at a cost of up to HK$17.555 billion. The acquisition of 51.5% of Kerry Logistics has realized another layout in international business.
In fact, whether it is acquiring an international logistics company for tens of billions of dollars or advancing the construction of an airport, SF Holdings continues to diversify.
At the beginning of November this year, SF Holdings signed a strategic cooperation framework agreement with Wenzhou Municipal Government and Zhejiang Airport Group Co., Ltd. According to the agreement, the three cooperative parties will focus on improving aviation timeliness and agglomeration of integrated supply chain industries to promote the landing of SF Express’s southern wing of the Yangtze River Delta Coastal Airport Innovative Supply Chain Headquarters Base Project in Wenzhou to cultivate and develop the southern Zhejiang aviation hub business.
(Author: Cao Enhui Editor: Zhang Weixian)