最近，阿里巴巴投資的圓通快遞計劃通過以175億元（約合27億美元）的價格并購上市服裝制造商，實現借殼上市。這是中國電子商務繁榮時期，又一家希望借助資本市場保持競爭力的快遞運營商。

在阿里巴巴控股集團等科技公司的推動下，中國電子商務市場增長迅速，在這種形勢下，中國多數私人控股的快遞公司均面臨競爭壓力，不得不加大對物流基礎設施和服務升級的投入，以保持市場份額。

“快遞行業進入了重組和升級的階段。目前，各家快遞公司在服務標準方面沒有太大區別。所以，如果有公司想要升級服務標準，提供差異化的服務，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世公司在周二發布的交易所公告中稱，公司將通過資產交換和發行股份的方式，收購圓通快遞，使這家快遞公司可以在上海證券交易所借殼上市。

大楊創世表示，根據該筆交易，公司將把其資產轉讓給圓通快遞的股東。該交易尚需獲得監管審批，但公司表示，交易完成后，大楊創世最終將由圓通快遞的股東擁有。圓通快遞并未對周三的置評要求做出回復。

在此之前，圓通的競爭對手申通快遞，在12月份宣布以169億元的價格，反向收購一家在深圳上市的閥門制造商。

由于中國的首次公開募股程序要經過漫長的等待，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管審批，審批結果對于圓通快遞交易的前景會有指導意義。

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

競爭對手順豐速運于2月份在一家深圳報紙上發布公告稱，公司計劃上市，正在接受中信證券、招商證券和華泰聯合證券的輔導。

也是在上個月，湯姆森路透旗下的《IFR》雜志報道稱，中通快遞計劃今年在香港上市，IPO規模達到10億美元。

據分析師稱，由于行業準入門檻較低，因此過去十年，中國的快遞行業迅速增加到超過8,000家，利潤率已經從10年前的30%下降到了5%。

據中國國家郵政局數據顯示，2010年至2014年，該行業以每年50%的速度增長。

圓通快遞成立于2000年，2015年歸于股東的凈利潤從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，通過去年5月份宣布的戰略投資交易，持有圓通快遞的股份。

大楊創世在周二中國股市收盤后發布了上述公告。該公司從1月初開始，便以潛在重大資產重組為由，暫停了股票交易。（財富中文網）

譯者:劉進龍/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.