您现在的位置: 纽约时报中英文网 >> 纽约时报中英文版 >> 商业 >> 正文

中通纽约上市,IPO规模创今年美国之最

更新时间:2016-10-29 9:46:01 来源:纽约时报中文网 作者:佚名

ZTO Express of China Has Largest U.S. I.P.O. This Year
中通纽约上市,IPO规模创今年美国之最

The latest company to offer American investors a piece of China’s internet boom has risen with the help of thousands of couriers on electric carts who speed garments, lipsticks and electronic devices to customers’ homes.

最近,一家公司让美国投资者得以分享中国的互联网繁荣。这家公司是在成千上万名骑着电动车的快递员的帮助下崛起的。他们快速将衣服、口红和电子设备送到消费者家中。

The company, ZTO Express, is one of a host of delivery companies that have emerged in China to ferry packages from merchant to consumer to propel the country’s vast e-commerce revolution. China is now the world’s largest delivery market; nearly 21 billion packages were sent last year, roughly 70 percent originating from online transactions, according to the market research firm iResearch.

名为中通快递的这家公司,是中国出现的众多快递公司中的一家。这些公司将包裹从商家递送到消费者手中,推动了中国巨大的电子商务革命。中国现在是全球最大的快递市场。从市场调研公司iResearch的数据来看,中国去年寄出了近210亿个包裹,大致70%来自在线交易。

That concept enabled ZTO to raise a greater-than-expected $1.4 billion in an initial public offering of stock on Thursday, the largest I.P.O. in the United States this year, according to Dealogic, a deal information provider. But by midafternoon in New York, its shares on the e New York Stock Exchange t dropped 12 percent, a concerning signal for new listings, which have been challenged this year.

这个概念使中通能够在周四的首次公开募股中筹集到了高于预期的14亿美元(约合95亿元人民币)。交易信息供应商Dealogic的数据显示,这是美国今年规模最大的IPO。但到纽约时间下午3点,中通在纽约证券交易所(New York Stock Exchange)的股价下跌12%。对今年处境艰难的新上市企业来说,这是一个令人担心的信号。

The offering’s size eclipsed the $1.3 billion that the Japanese messaging company Line raised in July. That also makes it the largest American debut by a Chinese company since the $25 billion stock sale in 2014 by the Alibaba Group, the Chinese e-commerce giant that has underpinned the rise of companies like ZTO.

中通的发行规模超越了日本即时通讯公司Line在7月筹集到的13亿美元。这也使中通成为了继电商巨头阿里巴巴集团2014年筹资250亿美元后,中国公司在美国规模最大的IPO。正是阿里巴巴集团为中通这类公司的崛起奠定了基础。

ZTO is one of four Chinese delivery companies that ferry a bit more than half of all packages in China. The companies, known as the Tongda Operators, share similar names, business models and origins, and all of the founders hail from Tonglu County, about 50 miles south of Alibaba’s headquarters in Hangzhou, in the eastern province of Zhejiang. Proximity to Alibaba has been a boon for business; Alibaba’s online shops accounted for about 77 percent of ZTO’s business in 2015, according to the company’s I.P.O. prospectus.

中国的四家快递公司承担了该国略超过一半的包裹,中通便是其中之一。被称作“三通一达”的它们在名字、商业模式和发迹史上都类似,创始人都来自东部省份浙江下辖的桐庐县。该县位于阿里巴巴杭州总部以南约50英里(约合80公里)处。紧挨着阿里巴巴对业务有好处。从中通的IPO招股书来看,公司2015年的业务中大约77%来自阿里巴巴的网店。

“To Xinjiang, Beijing, anywhere in China, all the Tongda Operators are about the same price,” said Liu Song, who runs the Sweet Lisa Flagship Store, which sells women’s apparel on Alibaba’s Tmall online shopping platform. From China’s southern city of Guangzhou, Mr. Liu ships about 3,000 dresses, blouses and skirts each month, for roughly 53 cents a parcel. In 2011, he paid $1.20 a parcel to ship to Beijing.

“到中国任何地方,不管是新疆还是北京,三通一达的价格都一样,”在阿里巴巴的天猫网购平台上经营女装店甜蜜丽莎旗舰店的刘松说。刘松每月会从南方城市广州发出大约3000件连衣裙、衬衫和短裙,每个包裹邮费大约53美分。他说,2011年发往北京的包裹一个1.2美元。

“Every year the price is going down,” Mr. Liu said. “I don’t think it can go down any more.”

“每年都在降价,”刘松说。“我觉得不能再降了吧。”

Though ZTO depends heavily on the legions of delivery people who zip around Chinese cities delivering makeup, clothes and gadgets, it doesn’t employ them. The Tongda Operators run only the sorting and long-haul transportation network, leaving last-mile delivery — traditionally the most costly link in the chain — to partners who ferry packages from hubs to homes.

尽管中通严重依赖穿梭在中国各大城市递送化妆品、衣服和小物件的快递员大军,但双方并不存在雇佣关系。“三通一达”只负责分拣和长途运输网络,把最后一英里的递送——历来是整个链条中成本最高的环节——留给合作伙伴,由他们将包裹从各个站点送到消费者家中。

That has helped ZTO maintain profit margins as prices charged to customers decline. ZTO earned a net income of $115 million on revenue of $639 million in the first six months of this year.

这帮助中通在降低面向顾客的收费同时仍能维持利润空间。今年上半年,中通营收6.39亿美元,净收益1.15亿美元。

“As the market cost leader, we are not afraid of a price war,” said James Guo, ZTO’s chief financial officer, while also noting that the decline in parcel weight and the introduction of digital waybills explained some of the falling prices. “In the case of the price war, we can actually benefit from that and gain market share.”

“作为市场成本领导者,我们不怕价格战,”中通首席财务官郭健民说。他还指出,包裹重量减轻和数字运货单的引入是价格不断下降的部分原因。“就价格战而言,我们实际上可以从中受益,扩大市场份额。”

Almost anyone can open a delivery outlet by paying a fee and signing a contract with ZTO or one of its partners. Then come logos, three-wheeled carts and delivery personnel to start carrying packages. These partners set the prices charged to senders and are the ones being squeezed by a price war.

几乎任何人都可以开设一个快递网点,只要支付一笔费用,并同中通或它的合作伙伴签订合同。然后再配上标识、三轮车和快递员,就可以开始运输包裹了。这些合作伙伴制定向发件人收取的价格,是受价格战挤压的一方。

Though the Tongda Operators are the biggest, China’s delivery market is fragmented and cutthroat. It has an estimated 8,000 companies, according to 2015 figures from the China E-Commerce Research Center. No single courier holds more than 15 percent market share by volume, according to iResearch. Deutsche Post DHL pulled out of the domestic delivery market entirely in 2011; FedEx and UPS have a tiny share.

尽管“三通一达”是规模最大的,但中国的快递市场分散,竞争激烈。从中国电子商务研究中心2015年的数据来看,中国估计有8000家快递公司。iResearch的数据显示,从货物量来看没有哪家快递公司的市场份额超过15%。2011年,德国邮政敦豪(Deutsche Post DHL)彻底退出中国国内快递市场,联邦快递(FedEx)和UPS的市场份额非常小。

ZTO’s business model is particular to China, with its densely populated cities and its online shopping boom. It is a business model probably unsuited for many other countries, so the bet for investors is on growth in China’s e-commerce market and eventual consolidation in the delivery space.

中通的商业模式是针对城市人口密集、网购繁荣的中国度身定制的。它可能不适合其他很多国家,因此投资者赌的是中国电商市场的增长和快递领域最终的整合。

An American initial public offering like ZTO’s is unusual among China’s express delivery companies. ZTO’s immediate peers — YTO Express, STO Express and Yunda Express, as well as the premium competitor SF Express — are going public in mainland China using what are called reverse mergers, in which the company pours its operations into an existing company that has publicly traded shares.

在中国的快递公司中,像中通这样在美国IPO很少见。与其实力接近的同行圆通快递、申通快递和韵达快递,以及面向高端客户的竞争对手顺丰快递,都准备通过反向并购的方式在内地上市,即公司将业务注入已有的上市公司中。

ZTO said on Thursday that it would sell more than 72 million shares at $19.50 each, though it said its underwriters had a 30-day option to buy an additional 10.8 million. The offering was led by Morgan Stanley, Goldman Sachs, China Renaissance, Citigroup, Credit Suisse and J. P. Morgan.

中通周四表示,将以每股19.50美元的价格出售7200万股,不过该公司称承销商有权在30天内再购买1080万股。这次公开发行由摩根士丹利(Morgan Stanley)、高盛(Goldman Sachs)、华兴资本、花旗集团(Citigroup)、瑞士信贷(Credit Suisse)和摩根大通(J. P. Morgan)牵头经办。

“全文请访问纽约时报中文网,本文发表于纽约时报中文网(http://cn.nytimes.com),版权归纽约时报公司所有。任何单位及个人未经许可,不得擅自转载或翻译。订阅纽约时报中文网新闻电邮:http://nytcn.me/subscription/”

相关文章列表