news

"science and technology innovation board daily" september 21st (reporter chen mei)recently, bingex limited launched the pdie (pre-transaction investor education) program, which is seen as an important step before its ipo.

the reporter of science and technology innovation board daily noted thaton september 13, the company submitted the f-1 document to the sec, starting its listing process.the prospectus shows that xue peng, as the founder, directly holds 22.7% of the shares. at the same time, xue peng and his family hold 20.7% of the shares through the snoweagle-s limited trust, making him the largest shareholder.

as of june 30, 2024, shansong disclosed that it had about 2.7 million registered riders. if the listing is successful, it means that 2.7 million registered riders will support an ipo.

market demand is diversified and the price per customer is declining

as a star company, shunfeng's performance has attracted much attention.

the prospectus shows that from 2021 to the first half of 2024, shunfeng's revenue reached 3.04 billion yuan, 4.003 billion yuan, 4.529 billion yuan, and 2.284 billion yuan, respectively, with corresponding net profits of -291 million yuan, -180 million yuan, 110 million yuan, and 124 million yuan.

this means that shunfeng will start to turn losses into profits starting from 2023.however, the reason for the turnaround was not the increase in business revenue, but the increase in government subsidies.

in the prospectus, shunfeng said that its profit in 2023 was mainly due to the increase in government subsidies, which increased other income from 9.2 million yuan in 2022 to 74.32 million yuan, and the operating profit related to operating conditions was only 11 million yuan.

according to data from cailianshe venture capital, shansong was founded in 2013 and has achieved market share growth by acquiring c-end users through its instant logistics platform. as of june 30, 2024, the number of shansong's registered users has increased from approximately 31.1 million in 2021 to approximately 88.9 million.however, an investor told the reporter of science and technology innovation board daily that the number of users is only the number of registered users, not the number of actual active users.

from the perspective of operating performance, shansong's performance is significantly affected by seasonal fluctuations, such as the relatively low activity of customers and riders during the lunar new year. in terms of price per customer, in 2023, shansong's average revenue per order will drop to less than 17 yuan; by the first half of 2024, shansong's price per customer will further drop to 16.5 yuan. in the initial 2021, shansong's price per customer was as high as 19.2 yuan.

facing the reduction in per-customer prices, jiang han, a senior researcher at pangu think tank, told the science and technology innovation board daily reporter:the main reason is that users are more sensitive to "price""at present, market demands are diverse, and the demand for instant delivery services has gradually expanded from urgent documents and small items to daily commodity delivery. therefore, many similar services have emerged in the market, such as dada, sf express, and uu running errands."

"many times, when sending flowers, food, fresh retail and other items, users may not have such high requirements for 'one-to-one' expedited delivery services, and thus choose cost-effective services rather than simply pursuing speed."

in the same-city distribution service, the reporter of "science and technology innovation board daily" learned that dada's delivery price can be as low as 6 yuan to 8 yuan; the starting price of uu running errands in some cities is also 8 yuan.

in terms of model, although shunfeng emphasizes that it is a "one-to-one" express delivery service, it still adopts the light-asset model of "crowdsourcing", that is, it relies on a large network of independent contractors to deliver packages.

in response, shansong stated in its prospectus that differentiated delivery services are shansong's future strategy, and this strategy will increase the penetration rate in the existing market. in addition, covering more cities is also one of shansong's plans for ipo fundraising.

star unicorn valuations are “discounted”

in the birth of shunfeng, the support of star capital has always been the focus of its attention.

the reporter of the science and technology innovation board daily noted that shansong had gone through 10 rounds of financing before its ipo.sig haina asiaholding 9.7% of the shares, it is the largest external shareholder;cdh investments and shunwei capitalholding 8.9% and 7.8% of the shares respectively, the three parties have 3.2%, 2.9% and 2.6% of the voting rights.

besides,matrix partners, guangyuan ventures, tiantu investment, and n5 capital have also invested in flash express.

in terms of valuation, shansong has also had its moments of glory. the reporter of "sci-tech innovation board daily" noted that in 2021, when shansong successfully completed its d2 round of financing of us$125 million, the company's valuation reached us$2 billion, equivalent to rmb 12.903 billion. during this period, shansong's valuation on the hurun global unicorn list reached its peak.

however, starting from 2022, the valuation of shan song began to decline. according to the hurun global unicorn list,in 2022, shunfeng's valuation was approximately 10 billion yuan; by 2023, its valuation had dropped 31% year-on-year to 6.9 billion yuan.

in 2024, shunfeng's valuation rebounded slightly to 7.1 billion yuan, but it was still nearly 45% lower than the level in 2021, falling back to the level in 2020.

the market generally believes that the decline in valuations reflects the intensification of industry competition and the weakening of investment attractiveness. an investor told the reporter of the science and technology innovation board daily,"the entry of multiple large platform companies has rapidly transformed the market, which was once considered a blue ocean, into a fiercely competitive red ocean. this competitive environment has led to the saturation of market delivery services and weakened shansong's first-mover advantage."

it is worth mentioning thatpreviously, the china securities regulatory commission also issued supplementary material requirements for shunfeng's overseas listing, one of which was about the rationality of the share changes.

the csrc asked shansong to explain: "in june 2015, kunpeng limited and halfmoon pavilion shansong limited transferred 111,100 common shares to lighthouse venture international, inc. respectively. in july of the same year, the above share transfer was revoked, and your company issued a total of 222,200 common shares to lighthouse venture international, inc., and the issue price was lower than the price of shares issued to tiantu china consumer fund i, lp during the same period. please explain the reasons and rationality for the cancellation of the share transfer and the lower issue price.

and the reasons and rationality for your company to repurchase the shares held by kunpeng limited, halfmoon pavilion shansong limited and y&x lebo limited at us$0.0001 per share in july 2015.

the reporter of "science and technology innovation board daily" noticed that lighthouse venture international, inc. is the investment platform of lighthouse capital, which participated in the d+ round of financing in 2018; tiantu china consumer fund i, lp is the first phase of the china consumer fund established by tiantu investment, which was registered and filed in september 2014, and the first round of closing amount was us$38 million.

this time, shunfeng plans to issue no more than 57.5 million common shares on the nasdaq, including the american depositary receipts (adrs), with a maximum issue price of us$5 per share.