最近，阿里巴巴投資的圓通快遞計(jì)劃通過(guò)以175億元（約合27億美元）的價(jià)格并購(gòu)上市服裝制造商，實(shí)現(xiàn)借殼上市。這是中國(guó)電子商務(wù)繁榮時(shí)期，又一家希望借助資本市場(chǎng)保持競(jìng)爭(zhēng)力的快遞運(yùn)營(yíng)商。

在阿里巴巴控股集團(tuán)等科技公司的推動(dòng)下，中國(guó)電子商務(wù)市場(chǎng)增長(zhǎng)迅速，在這種形勢(shì)下，中國(guó)多數(shù)私人控股的快遞公司均面臨競(jìng)爭(zhēng)壓力，不得不加大對(duì)物流基礎(chǔ)設(shè)施和服務(wù)升級(jí)的投入，以保持市場(chǎng)份額。

“快遞行業(yè)進(jìn)入了重組和升級(jí)的階段。目前，各家快遞公司在服務(wù)標(biāo)準(zhǔn)方面沒(méi)有太大區(qū)別。所以，如果有公司想要升級(jí)服務(wù)標(biāo)準(zhǔn)，提供差異化的服務(wù)，需要大量的投資。”安信證券分析師姜明做此分析。

服裝制造商大連大楊創(chuàng)世公司在周二發(fā)布的交易所公告中稱，公司將通過(guò)資產(chǎn)交換和發(fā)行股份的方式，收購(gòu)圓通快遞，使這家快遞公司可以在上海證券交易所借殼上市。

大楊創(chuàng)世表示，根據(jù)該筆交易，公司將把其資產(chǎn)轉(zhuǎn)讓給圓通快遞的股東。該交易尚需獲得監(jiān)管審批，但公司表示，交易完成后，大楊創(chuàng)世最終將由圓通快遞的股東擁有。圓通快遞并未對(duì)周三的置評(píng)要求做出回復(fù)。

在此之前，圓通的競(jìng)爭(zhēng)對(duì)手申通快遞，在12月份宣布以169億元的價(jià)格，反向收購(gòu)一家在深圳上市的閥門制造商。

由于中國(guó)的首次公開募股程序要經(jīng)過(guò)漫長(zhǎng)的等待，因此，這種借殼上市的方式變得非常普遍。姜明表示，申通快遞仍在等待監(jiān)管審批，審批結(jié)果對(duì)于圓通快遞交易的前景會(huì)有指導(dǎo)意義。

他表示：“申通快遞是第一家……現(xiàn)在，其他快遞公司都感受到了壓力，紛紛加快上市步伐。”

競(jìng)爭(zhēng)對(duì)手順豐速運(yùn)于2月份在一家深圳報(bào)紙上發(fā)布公告稱，公司計(jì)劃上市，正在接受中信證券、招商證券和華泰聯(lián)合證券的輔導(dǎo)。

也是在上個(gè)月，湯姆森路透旗下的《IFR》雜志報(bào)道稱，中通快遞計(jì)劃今年在香港上市，IPO規(guī)模達(dá)到10億美元。

據(jù)分析師稱，由于行業(yè)準(zhǔn)入門檻較低，因此過(guò)去十年，中國(guó)的快遞行業(yè)迅速增加到超過(guò)8,000家，利潤(rùn)率已經(jīng)從10年前的30%下降到了5%。

據(jù)中國(guó)國(guó)家郵政局?jǐn)?shù)據(jù)顯示，2010年至2014年，該行業(yè)以每年50%的速度增長(zhǎng)。

圓通快遞成立于2000年，2015年歸于股東的凈利潤(rùn)從2014年的7.47億元下降到7.17億元。

阿里巴巴和馬云投資的基金云鋒新創(chuàng)，通過(guò)去年5月份宣布的戰(zhàn)略投資交易，持有圓通快遞的股份。

大楊創(chuàng)世在周二中國(guó)股市收盤后發(fā)布了上述公告。該公司從1月初開始，便以潛在重大資產(chǎn)重組為由，暫停了股票交易。（財(cái)富中文網(wǎng)）

譯者:劉進(jìn)龍/汪皓

Alibaba-backed YTO Express plans to go public via a 17.5 billion yuan ($2.7 billion) merger with a listed clothing maker, becoming the latest courier seeking capital market funds to stay competitive during China’s e-commerce boom.

China’s mostly privately held express delivery firms are under pressure to spend heavily on logistics infrastructure and service upgrades to retain market share as tech firms such as Alibaba Group Holding propel the country’s fast-growing e-commerce market.

“The (express delivery) industry has entered a phase of reorganisation and upgrading,” said Essence Securities analyst Jiang Ming.“Right now the firms aren’t very different in terms of service standards. So if one wants to make upgrades, differentiate themselves, this will require large investments.”

Clothing maker Dalian Dayang Trands Co. said in an exchange filing on Tuesday it would buy YTO Express through an asset swap and share issue, resulting in a backdoor listing on the Shanghai bourse for the courier.

Dayang Trands said it will transfer its assets to YTO Express’ shareholders under the deal. As a result of the transaction, which will require regulatory approval, the shareholders will ultimately own Dayang Trands, it said. YTO did not reply to requests for comment on Wednesday.

YTO’s deal follows that of rival Shentong (STO) Express, which announced a 16.9 billion yuan reverse takeover with a Shenzhen-traded valve maker in December.

Such back-door listings are becoming popular due to the lengthy waiting time involved in China’s initial public offering (IPO) process. STO Express is still waiting for regulatory approval and that decision could indicate whether YTO’s deal will go ahead, said analyst Jiang.

“STO Express was the first … Now other companies are frightened and are accelerating their stock market listings,” he said.

Rival SF Express in February posted a notice in a Shenzhen newspaper saying it was being advised by CITIC Securities, China Merchants Securities and Huatai United Securities on a potential stock market listing.

Also last month, Thomson Reuters publication IFR reported that ZTO Express was planning an up to $1 billion IPO this year in Hong Kong.

With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5% from 30% 10 years ago, according to analysts.

The sector grew around 50% each year between 2010 and 2014, data from the State Post Bureau showed.

YTO, which was founded in 2000, inked net profit attributable to shareholders of 717 million yuan in 2015, down from 747 million yuan in the previous year.

Alibaba and Yunfeng Capital, a fund backed by Alibaba’s founder Jack Ma, own a stake in YTO Express through a strategic investment deal announced in May last year.

Dayang Trands’ announcement on Tuesday came after China’s markets closed. The company has suspended trading in its shares since early January citing potential major asset restructuring.