Source of this article: Times Finance Author: He Mingliang
Picture source: Tuchuang Creative
The largest acquisition case in China's express delivery industry has finally settled.
As the tender offer liquidation and transfer procedures are completed, JD Logistics (02618.HK) successfully controls Debang Shares (603056.SH).
html After the trading session on September 7, an announcement released by Debang Co., Ltd. showed that JD Logistics subsidiary Suqian JD Zhuofeng Enterprise Management Co., Ltd. (hereinafter referred to as "JD Zhuofeng") controlled a total of 71.93% of Debang Co., Ltd.'s shares.In the transaction plan disclosed in March this year, JD Logistics plans to acquire Debang Holdings through its subsidiary JD Zhuofeng, indirectly obtain 66.50% of Debang Shares' equity, with a total transfer price of approximately 8.976 billion yuan. At the same time, a comprehensive offer was issued to other shareholders of Debang Shares except Debang Holdings.
However, since the public disclosure of this year's transaction, the relevant announcement has always stated that this transaction will be aimed at terminating the listing status of Debang Shares. However, from the results, Debang Shares will continue to operate as a listed company in A shares , and its listing status will not be affected.
JD Logistics acquired 72% of Debang shares in 9.7 billion yuan
html After the trading session on September 7, Debang shares announced that the liquidation and transfer procedures for JD Zhuofeng's offer to acquire Debang shares have been completed. As of September 6, JD Zhuofeng controlled a total of 739 million shares of Debang shares, accounting for 71.93% of the company's total share capital.It is worth mentioning that since the public disclosure of this acquisition, the relevant announcements have stated that the relevant transactions will be aimed at terminating the listing status of Debang Co., Ltd.
Until August 18, when the transaction period is approaching, the "Report of the Board of Directors of Debang Logistics Co., Ltd. to all shareholders" disclosed by Debang Co., Ltd. on the tender offer of Suqian Jingdong Zhuofeng Enterprise Management Co., Ltd." also stated that this tender offer is a comprehensive tender offer of to acquire , which will be aimed at terminating the listing of Debang Co., Ltd.
However, as of the expiration of the acquisition period, a total of 55.77 million shares of 480 accounts accepted the offer issued by JD.com Zhuofeng, only completing about 20% of the offer target. Previously, relevant announcements disclosed that the number of shares JD Zhuofeng plans to acquire is 277 million shares, accounting for 26.98% of the total share capital of the listed company.
, calculated at the tender offer price of 13.15 yuan, the total amount of 55.77 million shares of Debang Shares reached 733 million yuan. Together with the acquisition of 8.976 billion yuan of Debang Holdings, JD.com Zhuofeng acquired 71.93% of Debang Shares this time, the total transaction amount was 9.7 billion yuan.
According to the listing rules of Shanghai Stock Exchange , the company's total share capital exceeds 400 million yuan and the shares held by public shareholders are less than 10% of the company's total share capital, the company does not meet the conditions for listing. According to Tonghuashun data, as of September 6, Debang Holdings, Yunda Holdings and JD Zhuofeng held 66.5%, 6.52% and 5.43% respectively, reaching a total of 78.45%.
At the same time, Debang Co., Ltd.'s personnel have also changed. According to the previous announcement from Debang Co., Ltd., the company received a written resignation report from Chairman and General Manager Cui Weixing and Deputy General Manager and Financial Director Tang Xianbao: Cui Weixing resigned from the position of general manager of the company due to personal reasons and continued to serve as the company's chairman; Tang Xianbao resigned from the position of financial director of the company due to job responsibilities and continued to serve as the company's deputy general manager. The company plans to appoint Huang Huabo as the company's general manager, Zuo Gaopeng, Luo Qi and Ding Yongsheng as the company's deputy general managers, and Ding Yongsheng as the company's financial director.
htmlOn September 8, Times Finance contacted JD Logistics and Debang Co., Ltd. on issues such as the coordinated development of the two companies in the future, and no reply was received as of press time.Debang shares have been on the three consecutive boards
In terms of the secondary market, since resumed trading on on September 2, Debang shares have increased by 33% from September 2 to September 8. By day, Debang shares closed flat on the first day of resumption of trading, and then fell slightly by 0.08% on September 5. However, starting from September 6, Debang shares have achieved three consecutive daily limit increases, with its stock price rising from 13.12 yuan on September 2 to 17.45 yuan, with a market value of 17.92 billion yuan.
Wind data shows that as of 2:10 pm on September 8, Debang Co., Ltd.'s main capital inflow on that day was 106 million yuan, of which the large order inflow was 141 million yuan, accounting for the highest proportion, accounting for 31% of the capital transaction volume on that day.In terms of turnover rate, its turnover rate on September 8 was only 2.91%, and the reluctance to sell was more obvious.
In this regard, some investors said in the stock bar, " JD is a bull, Liu Qiangdong has the appeal", and some investors "shear tears without a pattern."
For the continuous rise in Debang 's stock price, an investment director of South China Investment Company believed that logistics stocks are old infrastructure assets and lack growth potential, "not worth the current price."
traces back further. From the second half of 2021 to the announcement of the acquisition transaction in February this year, Debang's stock price has been hovering between 9-11 yuan for a long time. The tender offer description of JD Logistics mentioned that, given that the arithmetic average value of the weighted average price of Debang shares was RMB 10.87 per share within 30 trading days before the summary date of the tender offer report, JD Logistics set the tender offer price to RMB 13.15.
Debang Express was founded in 1996. It has been focusing on the large-ticket transportation market for many years. It has made great achievements in LTL transportation, complete vehicle transportation (FTL) transportation, delivery services and warehousing management . As of the end of 2021, Debang Group has more than 9,000 outlets in China, covering almost all districts and counties in China, with a total area of more than 2 million square meters of its 153 distribution centers.
In the first half of 2022, Debang Co., Ltd.'s revenue fell by 0.59% year-on-year to 14.801 billion yuan, but its net profit attributable to shareholders increased by 501.63% year-on-year to 94 million yuan. As the transaction is settled, Debang Co., Ltd. will also be included in JD Logistics' 2022 annual report.
JD Logistics said that the transaction allows the group to obtain a nationwide express delivery network in freight services, effectively improving the group's network capabilities. JD Group and Debang Group can share network resources, optimize cost structure, and give full play to the economic effect of in scale . There are also comments from the outside world that after JD Logistics acquires Debang Holdings, it will be able to make up for the shortcomings of the LTL and express delivery business, extending its globalization tentacles further.
