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text｜xin entropy xiao wei

text｜xin entropy xiao wei

when alibaba withdrew its cainiao ipo at the last minute in late march this year, it certainly did not expect that its old rival fengchao would be so eager to go public. recently, fengchao express, a subsidiary of sf express, officially submitted its ipo prospectus to the hong kong stock exchange, with a valuation of approximately rmb 25 billion.

as the two giants in the "last mile" of domestic express delivery, fengchao and cainiao have always been in a high-intensity competition with both open and covert means. from the dispute over data interfaces to the choice between two shareholders to the ipo race, the two sides have been taking turns leading in the past decade.

however, as fengchao prepared to ring the bell, the story finally reached a turning point. after a moment of excitement and regret, both parties had to face thorny problems: fengchao suffered a loss of nearly 4 billion yuan, and even after listing it would face the question of how to make a profit. cainiao's situation was even more helpless. after a loss of more than 7 billion yuan, it was backed by the super e-commerce company alibaba. if alibaba prospers, cainiao will prosper, and if alibaba declines, cainiao will collapse.

both heroes are trying to explain that express delivery is a good business, but not everyone can easily reach the last mile.

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the past of the delivery battle between two heroes