来源：证券时报
作者：卓泳
11月6日，中国智慧供应链解决方案与物流服务提供商百世集团发布公告称，董事会收到阿里巴巴、菜鸟网络、公司创始人周韶宁组成的买方财团提出的初步不具约束力的收购所有已发行普通股的要约。
根据这份建议，买方财团计划以每股普通股 0.144 美元或每股 ADS 现金 2.88 美元，收购$百世集团(BEST.US)$全部已发行普通股，包括以 ADS 为代表的 A 类普通股。而以当前百世集团总股本1988万股为基数计算，此次私有化价格或将达到5725.44万美元，约合人民币超4亿元。
值得注意的是，此次发起收购要约的财团成员$菜鸟物流(临时代码)(810537.HK)$，近期已向港股提交了上市招股书，在这个时间节点提出收购要约，不免让外界浮想联翩：百世集团的快运、国际业务以及供应链业务是否会并入菜鸟体系内，对菜鸟港股上市会带来哪些影响？这些问题都备受市场关注。
或将花4亿收购，百世国际业务已有起色
根据百世集团官网信息，百世集团成立于2007年，是中国和东南亚领先的智慧供应链解决方案和物流服务提供商，集快运、供应链管理、国际物流等业务板块于一体，建立了“门到门”的B2B2C的一站式服务。截至目前，百世已建立覆盖全国的物流配送网络，并在美国、泰国、越南、马来西亚等7个海外国家开展业务。2017年，百世集团在美国纽交所上市。
关于本次私有化提案，百世集团宣布，公司董事会已成立一个由三名独立董事组成的特别委员会，以评估和审议该建议书和潜在的交易。这三名独立董事分别为李文飚（Wenbiao Li）、吴鹰（Ying Wu）和Klaus Anker Petersen；特别委员会主席由吴鹰担任。
百世董事会也提醒公司股东和其他考虑交易本公司证券的人士，公司尚未就提案或拟议交易作出任何决定，不能保证买家会给出最终的正式收购要约，也不能确保将来会达成任何交易。
值得注意的是，百世集团的国内快递业务早在2021年10月就被极兔速递以约68亿元人民币收购。百世集团创始人、董事长兼首席执行官周韶宁表示，收购完成后，百世将集中精力和资源，进一步推动供应链、快运、国际业务的深度融合，加快业务的发展，打造国际化的综合智慧供应链服务。
这意味着，百世集团离开了国内竞争激烈的价格战场，将发展重心放在供应链、快讯和国际跨境业务上。从近期的财报可发现，百世的这个战略转移开始有了成效。
根据百世集团财报，公司上半年营收为38.53亿元人民币，净亏损为4.17亿元，而去年同期的净亏损为7.18亿元。今年二季度，百世集团总营收为21.4亿元，毛利率同比提高8.8个百分点。其中，百世快运实现Non-GAAP（非通用会计准则）盈利，百世供应链连续两个季度盈利。百世集团首席财务官樊倩怡当时也表示，二季度百世集团财务指标改善明显，营收同比增长10.7%，预计今年下半年，快运、供应链业务将继续保持盈利，并实现全年经营现金流为正。
是否会并入菜鸟？不排除回A股或港股
本次收购提案的买方财团，除了百世集团创始人周韶宁以外，还有$阿里巴巴-SW(09988.HK)$/$阿里巴巴(BABA.US)$和菜鸟网络。
根据百世集团2022年年报和现有公开资料，百世集团的创始人周韶宁自公司成立以来一直担任公司董事长兼首席执行官，而公司董事万霖和胡晓分别来自菜鸟网络和阿里巴巴，前者是菜鸟集团首席执行官，后者历任阿里战略投资部总监，董事总经理。
据百世集团此前的IPO文件，IPO前百世集团第一大股东阿里巴巴持股23.4%（同时持有百世快递70%的股份），第二大股东为百世集团董事长兼首席执行官周韶宁，持股14.7%，第三大股东CR Entities持股11.3%，第四大股东IDG持股6.2%，菜鸟网络持股5.6%。
菜鸟已在今年9月26日正式向港交所提交上市申请，成为阿里巴巴“1+6+N”之后首个正式进入IPO（首次公开募股）进程的业务集团。值得注意的是，菜鸟在招股书中多次强调自身在跨境物流上的布局，且在2023财年，其国际物流已经占菜鸟财政年度收入的47.4%，占比超过国内物流（46.2%）。这就不难理解，菜鸟想通过收购百世集团的供应链及国际业务，从而进一步夯实自己在海外的业务实力。
快递专家赵小敏对记者分析，从目前百世集团在资本市场的表现来看，市值长期低迷，又经过多次转股，且没有继续挂牌的需求，私有化也是市场预料之中的结果。而更关键的是，此次百世集团若能完成私有化，百世快讯、国际业务和供应链业务是否会并入菜鸟体系里，是市场关注的焦点。
赵小敏表示，对菜鸟来说，百世集团的上述业务若能并入菜鸟，菜鸟的快运和国际业务板块将得到进一步有效补充。但需要注意的是，毕竟百世部分业务仍在亏损，菜鸟如何考虑和处理这些亏损，是个未知数。
他进一步分析，倘若百世集团一旦完成私有化，后续就是摘牌退市，不排除会在A股或者港股重新上市的可能。
编辑/tolk
Source: Securities Times
Author: Zhuo Yong
On November 6, Baishi Group, a provider of smart supply chain solutions and logistics services in China, issued an announcement stating that the board of directors has received an initial non-binding offer from a buyer consortium composed of Alibaba, Cainiao Network, and company founder Zhou Shaoning to acquire all issued common shares.
Based on this proposal, the buyers' consortium plans to buy at $0.144 per common share or $2.88 per ADS in cash$BEST Inc(BEST.US)$All issued common shares, including Class A common stock represented by ADS. Based on the current total share capital of Baishi Group of 1988 million shares, the current privatization price may reach 57.2544 million US dollars, which is approximately over 400 million yuan.
It is worth noting that the consortium members who initiated the takeover offer this time$Cainiao Smart Logistics Network Limited(810537.HK)$A listing prospectus has recently been submitted to the Hong Kong stock market. A takeover offer has been put forward at this point in time. The outside world cannot help but wonder if Baishi Group's express delivery, international business, and supply chain business will be integrated into the Cainiao system, and what impact will it have on Cainiao's Hong Kong stock listing? These issues have all attracted market attention.
It may spend 400 million dollars on acquisitions. Baishi International's business has improved
According to Baishi Group's official website, Baishi Group was founded in 2007 and is a leading provider of smart supply chain solutions and logistics services in China and Southeast Asia. It integrates express transportation, supply chain management, international logistics and other business segments to establish a “door-to-door” B2B2C one-stop service. Up to now, Baishi has established a nationwide logistics distribution network and is operating in 7 overseas countries, including the United States, Thailand, Vietnam, and Malaysia. In 2017, Baishi Group was listed on the NYSE.
Regarding this privatization proposal, Baishi Group announced that the company's board of directors has set up a special committee composed of three independent directors to evaluate and review the proposal and potential transactions. The three independent directors are Wenbiao Li (Wenbiao Li), Ying Wu (Ying Wu), and Klaus Anker Petersen; Wu Ying is the chairman of the special committee.
Baishi's board of directors also reminds the company's shareholders and others considering trading the company's securities that the company has not made any decisions on the proposal or proposed transaction, and there is no guarantee that the buyer will make a final formal takeover offer, nor can it guarantee that any future transactions will be reached.
It is worth noting that Baishi Group's domestic express delivery business was acquired by Jitu Express as early as October 2021 for about 6.8 billion yuan. Zhou Shaoning, founder, chairman and CEO of Baishi Group, said that after the acquisition is completed, Baishi will concentrate its energy and resources to further promote the deep integration of supply chain, express transportation and international business, accelerate business development, and create an international integrated intelligent supply chain service.
This means that Baishi Group has left the competitive domestic price battlefield and focused its development on supply chain, news and international cross-border business. As can be seen from recent financial reports, Baishi's strategic shift is beginning to bear fruit.
According to Baishi Group's financial report, the company's revenue for the first half of the year was RMB 3,853 million, with a net loss of RMB 417 million, compared with a net loss of RMB 718 million for the same period last year. In the second quarter of this year, Baishi Group's total revenue was 2.14 billion yuan, and gross margin increased by 8.8 percentage points over the same period last year. Among them, Baishi Express achieved non-GAAP (non-GAAP) profits, and Baishi Supply Chain was profitable for two consecutive quarters. Fan Qianyi, chief financial officer of Baishi Group, also said at the time that Baishi Group's financial indicators improved markedly in the second quarter, with revenue increasing 10.7% year on year. It is expected that in the second half of this year, the express shipping and supply chain businesses will continue to be profitable and achieve positive operating cash flow throughout the year.
Will it be incorporated as a rookie? A return to A shares or Hong Kong stocks is not ruled out
In addition to Zhou Shaoning, founder of Baishi Group, the buyer consortium of this acquisition proposal also includes$BABA-SW(09988.HK)$/$Alibaba(BABA.US)$and Cainiao Network.
According to Baishi Group's 2022 annual report and available public information, Baishi Group founder Zhou Shaoning has been the company's chairman and CEO since the company was founded, while company directors Wan Lin and Hu Xiao are from Cainiao Network and Alibaba respectively. The former is the CEO of Cainiao Group, while the latter has served as director and managing director of Alibaba's strategic investment department.
According to Baishi Group's previous IPO documents, Alibaba, the largest shareholder of Baishi Group before the IPO, held 23.4% of the shares (and 70% of Baishi Express); the second largest shareholder was Baishi Group Chairman and CEO Zhou Shaoning, holding 14.7%; CR Entities, the third largest shareholder, held 11.3%; the fourth largest shareholder, IDG, held 6.2%; and Cainiao Network held 5.6%.
Cainiao officially submitted a listing application to the Hong Kong Stock Exchange on September 26 this year, becoming the first business group to officially enter the IPO (initial public offering) process after Alibaba's “1+6+N”. It is worth noting that Cainiao has emphasized its layout in cross-border logistics many times in its prospectus, and in fiscal year 2023, its international logistics already accounted for 47.4% of Cainiao's annual fiscal revenue, surpassing domestic logistics (46.2%). This is easy to understand. Cainiao wants to further strengthen its overseas business strength by acquiring Baishi Group's supply chain and international business.
Express delivery expert Zhao Xiaomin analyzed to reporters that judging from Baishi Group's current performance in the capital market, the market capitalization has been sluggish for a long time. After many stock exchanges, and there is no need to continue listing, privatization is also a result anticipated by the market. What is more critical is whether Baishi Express, international business, and supply chain business will be merged into the Cainiao system if Baishi Group can complete privatization this time is the focus of market attention.
Zhao Xiaomin said that for Cainiao, if Baishi Group's business mentioned above can be incorporated into Cainiao, Cainiao's express and international business segments will be further effectively complemented. However, it is important to note that after all, part of Baishi's business is still losing money; it is unknown how Cainiao will consider and handle these losses.
He further analyzed that if Baishi Group completes privatization, then it will be delisted and delisted, and the possibility that it will re-list A-shares or Hong Kong stocks is not ruled out.
editor/tolk
