Original title: The scandal comes true! SF Holdings 17.6 billion bride gift "marriage" Kerry Logistics , aiming at offshore duty-free logistics, and will raise 22 billion yuan to do these big things...
Rumors come true! On the evening of February 9, SF Holdings officially announced that it will acquire 51.8% of the shares of Kerry Logistics (00636.HK) in cash, with an estimated cost of approximately 17.555 billion yuan. In addition, the company plans to raise no more than 22 billion yuan in private placement.
SF Holdings stock resumes trading from the opening of today.
This morning, Kerry Construction and Kerry Logistics jointly issued an announcement announcing that its stock will resume trading from 9:00 this morning.
plans to acquire Kerry Logistics 51.8% of the shares of Kerry Logistics through its wholly-owned subsidiary Flourish Harmony, with the acquisition of 931 million shares, accounting for about 51.8% of the issued share capital of Kerry Logistics . The acquisition is cash acquisition. The announcement shows that the total consideration paid by SF Holdings based on some offers and share option offers is approximately HK$17.555 billion.
If this transaction is successfully completed, Kerry Logistics will still maintain its listing status, and its public shareholding ratio will be changed from 25% to 15%.
SF Express said that the acquisition of Kerry Logistics is to further enhance the capabilities of integrated integrated logistics solutions and improve the strategic layout of freight forwarding and international business.
Kerry Logistics is the largest international logistics company listed on the Hong Kong Stock Exchange. It has more than 43,000 employees worldwide. Its core businesses include integrated logistics, international freight forwarding and supply chain solutions. The group is headquartered in Hong Kong and has a network across six continents around the world, including one of the largest distribution networks and hubs in Greater China and ASEAN regions.
data shows that from January 1, 2018 to February 5, 2021, the highest market value of Kerry Logistics was HK$42.1 billion and the lowest was HK$15.1 billion. In the first half of 2020, Kerry Logistics achieved revenue of approximately HK$21.9 billion and net profit of HK$1.335 billion.
It is worth mentioning that this transaction is a cross-border offer. The prerequisites for initiating this transaction include approval from the Hong Kong Securities Regulatory Commission, the Stock Exchange, the National Development and Reform Commission, the commercial authorities, and the Chinese anti-monopoly authorities or completing relevant filings; passing the US national security approval; and achieving prerequisites related to the compulsory offer in Thailand.
SF Holdings stated that through this transaction, SF Holdings will further improve the capabilities of integrated comprehensive logistics solutions, supplement key capabilities such as international freight forwarding, and further improve the strategic layout of international business. On this basis, both parties can achieve better development of their business by sharing rich and high-quality customer resources and cross-selling.
Industry insiders generally believe that SF Holdings "marriage" Kerry Logistics not only makes up for the shortcomings of international freight, but also points to the "cake" of offshore duty-free logistics. On December 16, 2020, Kerry Logistics announced that it will build a bonded logistics center in Haikou Comprehensive Bonded Zone in Hainan. The total area of the logistics center is 50,000 square meters, including a 10,000 square meters of frozen warehouse, which is expected to be officially completed in the first quarter of 2023. In addition, the company also stated that it has been the logistics partner of two existing duty-free shopping malls in Hainan Province since 2011.
In the secondary market, on February 4, the stock price of Kerry Logistics showed abnormal movement. As of the closing, Kerry Logistics rose 25% to HK$23.45, with a total market value of HK$42.1 billion.
As a domestic logistics giant, SF Holdings 's share price rose 138% in 2020, with an increase of more than 20% at the beginning of 2021. The latest market value is 485 billion yuan, ranking 23rd in the A-share market value.
plans to raise 22 billion yuan to build integrated warehouse and distribution service capabilities
At the same time, SF Holdings announced the plan for the 2021 private placement of A-shares, and plans to raise no more than 22 billion yuan.According to reports, among which SF Holdings plans to use 6 billion yuan of raised funds for the automation upgrade of express transportation equipment, 5 billion yuan for the construction of a new Hubei Ezhou Civil Airport Transfer Center project, 3 billion yuan for the construction of digital supply chain system solutions, 2 billion yuan for the improvement of land transportation capacity, and 2 billion yuan for the purchase and maintenance of aviation materials.
Among them, in terms of the automation upgrade of express transportation equipment, SF Express said it will further configure automation, intelligent sorting and warehousing equipment for related transfer stations and warehousing centers to improve the operational efficiency of the entire network. It is worth mentioning that the investment in this project will help improve the company's ability to transfer to handle different types of products, adapt to diversified application scenarios, meet the customized needs of leading customers, and create market-competitive integrated warehousing and distribution service capabilities. Data shows that the volume of SF Express logistics express delivery in 2020 increased by 68.43% compared with the same period last year.
In terms of investment in digital supply chains, SF Express said it will build a digital smart supply chain platform to provide customers with all-round services such as warehouse network planning, demand forecasting, data monitoring, inventory optimization, intelligent replenishment, store location selection, and consumer insights.
In addition, SF Express is also positioning the core resources of the airport. In the Hubei Ezhou Civil Airport Transfer Center project, SF Express stated that the company, as a base airline, enters Ezhou Civil Airport and customizes the construction of the Transfer Center facilities according to its own business development needs, which is conducive to optimizing sorting efficiency, reducing sorting error rate, and improving the company's overall business operation efficiency. In addition, the transfer center's use of its own land resources can reduce the market risk of rising property leasing prices and reduce operating costs, thereby building the company's long-term competitive advantage.
data shows that the number of SF Express cargo aircraft increased from 57 at the end of 2017 to 73 at the end of June 2020, with air shipments reaching 1.11 million tons, 1.24 million tons and 1.35 million tons respectively, and reached 780,000 tons in the first half of 2020, a year-on-year increase of 21.76%. Judging from SF Express’s national layout, as of the end of June 2020, the company had 9 hub-level transfers, 36 aviation and railway stations (excluding sites that share sites with transfers), and 130 area transfers (excluding SF Express and Shunxin Jetta Transfer).
strong team up to seize the highlands
equity structure shows that the ultimate controlling shareholder of Kerry Logistics is Kerry Group Limited, which belongs to the famous Guo family. The founder Guo Henian is the richest man in Malaysia. He was born in Malaysia in 1923 and his ancestral home is Fuzhou, Fujian.
You don’t know what Guo Henian said, but if you talk about Shangri-La Hotel and Golden Dragon Fish, you must know very well. Shangri-La Hotel and Golden Dragon Fish are both industries of the companies under Guo Henian’s name.
As early as 1949, Guo Brothers Co., Ltd. operated a small-scale family trading business of rice, sugar and flour in Johor Bahru, Malaysia. The Hong Kong branch, namely Kerry Holdings Co., Ltd., was established in 1974. After more than 70 years of development, Guo Group has become one of the most dynamic multinational comprehensive enterprise groups in Asia. Its business covers six continents, covering industries ranging from logistics, maritime, and even property, hotel industry. The International Trade Center in Beijing, Shangri-La hotels in various places, and many Kerry centers are all assets of Guo Henian. Shangri-La hotels have exceeded 100 in 2017. Jinlongyu, which was listed on the A-share market in October 2020, rose 117.9% on the first day of listing, with a market value of 303.6 billion yuan on the day of listing. As of the latest market value of 662.8 billion yuan, the market value of the GEM was second only to CATL, ranking second.
Some time ago, Forbes announced the 2020 Malaysian Rich List. The 97-year-old Robert Kuok is as stable as Mount Tai, and he has been ranked as richest in Malaysia for 20 consecutive years, with a net worth of up to US$11.5 billion.
Wang Wei, the founder of SF Holdings , is also a richest man. In the "2020 Hurun Rich List", Wang Wei ranked fourth on the list with 240 billion yuan, and his residence is Hong Kong, China. On the latest Forbes real-time rich list, Wang Wei also ranked 33rd on the list with US$40.7 billion, while Li Ka-shing ranked 40th with US$34.7 billion. This means that Wang Wei has become the new richest man in Hong Kong.
One is the richest man in Hong Kong, one is the richest man in Malaysia; one is a domestic logistics giant, and the other is a senior international freight forwarder. SF Express and Kerry join forces to create a brilliant spark in the express delivery industry? Let's wait and see.
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