百世物流拟赴美上市筹资10亿美元

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)已申请在纽约上市，拟筹资10亿美元，这可能是中资公司今年在美国进行的最大规模上市。

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.

此次首次公开发行(IPO)试图利用投资者对中国电商以及中国快速增长的物流行业的兴趣，该行业去年递送310亿个包裹，比前一年增长大约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.

在去年的一轮融资中，百世物流的估值达到30亿美元，该公司在美国的名称将变更为Best Inc。阿里巴巴是该公司最大单一股东，持股23.4%。创始人周韶宁(Johnny Chou)持有14.7%的股权。强大的在线地盘使阿里巴巴成为中国快递和物流发展的推动力量。

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.

百世物流计划将上市筹集的资金投入集团的扩张计划。过去3年，该公司的收入增长近两倍，至13亿美元。与此同时，去年亏损增长近一倍，至1.98亿美元。

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

目前，中国物流行业占全球每年9万亿美元物流行业的四分之一。

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.

预计百世物流将在夏季过后上市，据亚洲一些券商称，在经过多年的疑虑后，目前国际投资者对中国的兴趣开始升温。

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.

上周，MSCI明晟成为首个将中国A股纳入其全球基准指数的全球指数提供商，此举将迫使跟踪其指数的基金经理投资中国在岸市场。

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，除了一些热门大公司（例如阿里巴巴2014年创纪录的250亿美元IPO）以外，美国投资者对在纽约上市的中国公司的兴趣有高有低。

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月在纽约上市以来（当时的估值为120亿美元），中国另一家物流公司中通快递(ZTO Express)的股价已累计下跌26%。自今年初以来，阿里巴巴股价一直强劲飙升，昨日下午在纽约达到142.71美元。阿里巴巴IPO时的发行价为每股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.

根据Dealogic的数据，赴美上市的中国公司数量在2010年达到最多，为39家，此后数量大大减少。百世物流将是今年第四家赴美上市的中国公司，也是自中通上市以来中资公司在美国规模最大的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.

提供聚焦于IPO的交易所交易基金(ETF)的Renaissance Capital的分析师马修?肯尼迪(Matthew Kennedy)表示，投资者对在美上市的中资集团的兴趣存在差异，他们根据具体情况区别对待这些公司。

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

他表示，“由于阿里巴巴持有百世部分权益，人们可能会持正面看法”。

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

负责百世物流此次IPO的投行包括花旗集团(Citigroup)、瑞信(Credit Suisse)、高盛(Goldman Sachs)、摩根大通(JPMorgan)和德意志银行(Deutsche Bank)。