百世物流擬赴美上市籌資10億美元

Alibaba-backed Best Logistics has filed for a $1bn New York listing in what could be the biggest US float of a Chinese company this year

阿里巴巴(Alibaba)支持的百世物流(Best Logistics)已申請在紐約上市，擬籌資10億美元，這可能是中資公司今年在美國進行的最大規模上市。

The initial public offering is seeking to tap investor interest in Chinese ecommerce and the country’s fast-growing logistics industry, which delivered 31bn parcels last year, some 50 per cent up on the previous year.

此次首次公開發行(IPO)試圖利用投資者對中國電商以及中國快速增長的物流行業的興趣，該行業去年遞送310億個包裹，比前一年增長大約50%。

Best Logistics, which will be known as Best Inc in the US, was valued at $3bn in a funding round last year. Alibaba — a driving force in the development of delivery and logistics in China because of its commanding online presence — is the biggest single shareholder with 23.4 per cent. Founder Johnny Chou holds 14.7 per cent.

在去年的一輪融資中，百世物流的估值達到30億美元，該公司在美國的名稱將變更爲Best Inc。阿里巴巴是該公司最大單一股東，持股23.4%。創始人周韶寧(Johnny Chou)持有14.7%的股權。強大的在線地盤使阿里巴巴成爲中國快遞和物流發展的推動力量。

Best plans to use the cash raised to fund the group’s expansion plans. Revenues have almost trebled in the past three years to $1.3bn. Losses meanwhile have nearly doubled to $198m last year.

百世物流計劃將上市籌集的資金投入集團的擴張計劃。過去3年，該公司的收入增長近兩倍，至13億美元。與此同時，去年虧損增長近一倍，至1.98億美元。

China’s logistics industry now accounts for a quarter of the $9tn-a-year global industry.

目前，中國物流行業佔全球每年9萬億美元物流行業的四分之一。

The IPO, expected to take place after the summer, comes as interest in China among international investors is beginning to pick up after years of scepticism according to brokers in Asia.

預計百世物流將在夏季過後上市，據亞洲一些券商稱，在經過多年的疑慮後，目前國際投資者對中國的興趣開始升溫。

Last week, MSCI became the first global index provider to include domestic Chinese equities, known as A-shares, in its global benchmarks — a move that will force fund managers following its indices to invest onshore.

上週，MSCI明晟成爲首個將中國A股納入其全球基準指數的全球指數提供商，此舉將迫使跟蹤其指數的基金經理投資中國在岸市場。

But US interest in New York-listed Chinese stocks has been mixed outside of blockbusters such as Alibaba’s own record $25bn initial public offering in 2014.

然而，除了一些熱門大公司（例如阿里巴巴2014年創紀錄的250億美元IPO）以外，美國投資者對在紐約上市的中國公司的興趣有高有低。

Shares in rival Chinese logistics group ZTO Express have fallen 26 per cent since the company floated in New York in October last year with a valuation of $12bn. Alibaba shares have strongly rallied since the start of the year and were trading at $142.71 mid-afternoon in New York. The Alibaba IPO priced at $68 per share.

自去年10月在紐約上市以來（當時的估值爲120億美元），中國另一家物流公司中通快遞(ZTO Express)的股價已累計下跌26%。自今年初以來，阿里巴巴股價一直強勁飆升，昨日下午在紐約達到142.71美元。阿里巴巴IPO時的發行價爲每股68美元。

US-listed Chinese floats peaked at 39 deals in 2010, but there have been far fewer since then, according to data from Dealogic. Best would be only the fourth such listing this year and the largest since ZTO.

根據Dealogic的數據，赴美上市的中國公司數量在2010年達到最多，爲39家，此後數量大大減少。百世物流將是今年第四家赴美上市的中國公司，也是自中通上市以來中資公司在美國規模最大的IPO。

Matthew Kennedy, an analyst at Renaissance Capital, which runs exchange traded funds that focus on IPOs, said appetite for US-listed Chinese groups varied and investors approached them on a case-by case basis.

提供聚焦於IPO的交易所交易基金(ETF)的Renaissance Capital的分析師馬修?肯尼迪(Matthew Kennedy)表示，投資者對在美上市的中資集團的興趣存在差異，他們根據具體情況區別對待這些公司。

He said that “since Alibaba owns an interest in Best, people might view that favourably”.

他表示，“由於阿里巴巴持有百世部分權益，人們可能會持正面看法”。

Citigroup, Credit Suisse, Goldman Sachs, JPMorgan and Deutsche Bank are leading the Best deal.

負責百世物流此次IPO的投行包括花旗集團(Citigroup)、瑞信(Credit Suisse)、高盛(Goldman Sachs)、摩根大通(JPMorgan)和德意志銀行(Deutsche Bank)。