Debon Logistics Co., Ltd. is currently listed on the Shanghai United Property Exchange for the transfer of 3.3250% of its shares, with a bid of 332.5 million yuan. This has triggered the first valuation check of large logistics companies in China in the logistics industry. According to the transaction price, the total market value of Debon Logistics is estimated to be about 10 billion yuan by the outside world. Previously, SF Express was valued at approximately 32 billion yuan, Ririshun was valued at approximately 4.3 billion yuan, and Home Delivery was valued at approximately 3.333 billion yuan.

Valuation threshold for logistics companies

Yesterday, it was seen on the website of the Shanghai United Property Rights Exchange that the shares transferred by Debon this time were transferred by Shanghai New Development Technology Development Co., Ltd., the third largest shareholder of the company, and the transferred shares were also all of its holdings. After the project is completed, Shanghai New Development will withdraw from Debang Logistics. Shanghai New Development's share transfer this time accounts for 3.325%, with a listing price of 332.5 million yuan. Based on this, it is estimated that Debon's valuation is about 10 billion yuan. Not only Deppon, but also logistics companies have frequently engaged in capital operations in the past year, making the valuation of large logistics companies in China a math problem.

Huang Gang, director of the China Logistics and Supply Chain Governance High end Alliance and general manager of Hansen Century Supply Chain Governance Consulting, was the first to conduct a valuation check on the above companies on his social media. Among the companies that can currently be calculated, SF Express has the highest valuation. At the end of last year, SF Express signed a strategic cooperation agreement with Yuanhe Holdings, China Merchants Group, and CITIC Capital, with a total investment of no more than 25% of SF Express's shares, totaling 8 billion yuan. The estimated valuation is about 32 billion yuan.

The second place is Debon. Rishun ranks third. Over a year ago, Alibaba invested HKD 541 million to directly subscribe for a 9.9% stake in Rishun Logistics, a subsidiary of Haier Group, with a calculated valuation of approximately HKD 4.3 billion. Subsequently, in October of this year, Zhaijiu Express sold 30% of its equity and introduced Fosun Group, China Merchants Securities, Haitong Securities, Hongtai Capital, and Zhongjian Investment Fund for strategic financing of 1 billion yuan, with an estimated valuation of approximately 3.333 billion yuan. Finally, Tiandi Huayu was acquired by CITIC for 750 million yuan. However, 8 years ago, T N T spent over 1.1 billion yuan to acquire Tiandi Huayu Logistics, indicating a significantly lower selling price. Therefore, the market estimates that its market value has risen to 2 billion.

Huang Gang also compared large logistics companies in the United States. He stated that the market value of C H Robinson, the largest logistics company in North America, is $10.185 billion; The application of American ride hailing Uber in logistics has been launched for less than a year, with a valuation of up to 17 billion US dollars. By comparison, we can see the gap between Chinese logistics companies, but at the same time, it also indicates that there is great potential for market value growth in Chinese logistics companies.

The logistics industry quietly makes a fortune

How to evaluate the valuation of logistics companies? Huang Gang stated that the above inventory was only calculated based on the transaction price at that time, and now that time has passed, the valuation should have changed. Especially Deppon, currently only listed price, not actual transaction price. However, through this inventory, we can still understand the scale equivalent and industry role of the enterprise. He said that compared to North American logistics companies, it is certain that a single physical logistics enterprise and a logistics company that integrates e-commerce and platform concepts