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IPO Plus - IPO

To-be Listed
Name▼
/
Code▼
 Industry Offer Price Lot Size Entry Fee Closing Date
Grey Market Date▼
Listing Date▲
S.F. Holding
06936.HK		 Air Freight & Logistics 32.3-36.3 200 N/A 2024/11/22 2024/11/26 2024/11/27
Jiuyuan Gene
02566.HK		 Biotechnology - Medical Devices 11.48-12.56 200 N/A 2024/11/25 2024/11/27 2024/11/28
Mokingran
02585.HK		 Watch & Jewellery 12-14.4 200 N/A 2024/11/26 2024/11/28 2024/11/29
FAR INTL (02516.HK)
Summary
We are an established cross-border e-commerce logistics service provider based in the PRC principally engaged in the provision of end-to-end cross-border logistics services. We are capable of providing various flexible and reliable delivery options to our customers based on their selection of express, standard or economic delivery options through coordinating our network of suppliers. At present, we provide overall management of the entire logistics value chain (from receiving the parcel from our customer and delivering the parcel to the final destination), including the determination of the delivery route, means of transportation, delivery costs control and fulfillment of customs requirements. Leveraging our ability in providing services for the entire logistics chain together with our suppliers, we also provide different types of logistics services to customers in the PRC and overseas. We offer our customers the flexibility to pick and choose the services they require us to perform within the logistics value chain, such as freight forwarding, customs clearance, recovery, warehouse operation, transportation and last-mile delivery. We offer customised solutions based on our customers’ specific requirements and formulate logistics solutions that suit their needs.

According to F&S, China’s cross-border e-commerce logistics market was highly fragmented, with the top five domestic cross-border e-commerce logistics services providers accounted for an aggregate market share of 2.5% in terms of revenue generated from cross-border e-commerce logistics services in 2022. And our Group ranked between 25th to 30th among domestic cross-border e-commerce logistics providers in China in terms of cross-border e-commerce logistics revenue, occupying 0.03% market share with revenue of RMB1.0 billion in 2022.

We operate our service outlets network directly providing parcel acceptance, warehousing, security check, repackaging, labelling and sorting services within the end-to-end logistics value chain, whereas our suppliers (including air/sea port operators, air and ocean carriers, customs brokers and third-party logistics service providers) operate air/sea port operation, customs clearance, international linehaul and last-mile delivery services. Our logistics business model enables us to scale our network rapidly with limited capital outlay and provide express, standard or economic delivery service options to our customers based on their budget and preferences.

We worked closely with international and national-level suppliers for the provision of various logistics services to build our international logistics network. We maintained business relationships with Customer/Supplier Group G, a Fortune Global 500 multinational logistics company group founded in the US, since 2005. We also became a business partner of Supplier Group K, a US founded Fortune Global 500 German logistics company group listed on the Frankfurt Stock Exchange since our acquisition of the Global Link group in 2017, which had had over seven years of business relationships with Global Link group prior to our acquisition of Global Link group. During the Track Record Period, we had business relationship with over 1,100 suppliers. With the support of such comprehensive suppliers’ network, we are capable of providing end-to-end cross-border delivery services to different countries around the world. During the Track Record Period, we have delivered parcels to more than 220 countries/regions.

Since the outbreak of COVID-19, there was a significant change in consumer habits boosting the development of the e-commerce industry. Our Group has benefitted from the high export demand in the second half of 2020, recording the highest billed weight in FY2020 of approximately 19.4 million kg, which is the highest during the Track Record Period.

During the Track Record Period, there was a decreasing trend in our revenue. Our revenue decreased from approximately RMB1,512.1 million in FY2020 to approximately RMB1,353.7 million in FY2021, which was mainly attributable to the decrease in revenue from economic delivery services due to the adoption of “Option V” postal remuneration system by the Universal Postal Union leading to a significant increase in postal fees for delivery from the PRC to the US, as such, our economic delivery services became less favourable. Our revenue further decreased to approximately RMB1,252.0 million in FY2022 mainly due to the decrease in revenue from the provision of standard delivery services of approximately RMB238.0 million, as a result of a decrease in the number of parcels and billed weight to North America, which was our Group’s major export destination. This decline traces back to our strategic shift aimed at improving profitability in FY2022. We increased our pricing, reduced the intensity and discount offered in our sales promotion, and pivoted towards higher-margin services. While these moves improved the profit margins, they inadvertently shrank our business volume, measured in the number of parcels and billed weights, leading to the revenue downturn in FY2022.

Our revenue then experienced an increase during the six months ended 30 June 2023 compared with that of the six months ended 30 June 2022. The increase was mainly attributable to the increase in revenue from the provision of standard delivery services by approximately RMB134.0 million due to the procurement of standard delivery services of approximately RMB150.7 million by Customer Q. The increase in revenue for 6M2023 was partially offset by the decrease in revenue from the freight forwarding services by approximately RMB47.7 million, primarily resulting from decrease in revenue from seaborne and airborne freight forwarding services.

During the Track Record Period, we experienced narrow gross profit margins and net profit margins, which was in line with other companies in the same industry in accordance with the F&S Report. Our ability to negotiate with our upstream suppliers regarding their upward adjustments in transportation costs, seasonal surcharges, and fuel surcharges is relatively limited, as they possess a broader international delivery network and fleets of ground transportation and aircraft. Additionally, operating in a highly competitive industry has placed significant pressure on our capacity to promptly and fully adjust prices for our customers. These factors have resulted in squeezed gross profit margins, impacting our overall profitability. During the Track Record Period, over 90% of our cost of sales was attributable to logistics cost, which primarily consist of (i) cost for transshipment process; (ii) cost for international linehaul and last-mile delivery process; (iii) freight charges for airborne transportation; (iv) freight charges for seaborne transportation; (v) ground transportation fees; (vi) handling costs for customs clearance/pick-up/delivery; (vii) miscellaneous costs for industry-tailored solutions; and (viii) ground transportation costs involved in OGP/OSP services.

Source: FAR International (02516) Prospectus (IPO Date : 2023/12/12)
Listing Market MAIN
Industry Air Freight & Logistics
Background Others
Major Business Area N/A
Corporate Information
Substantial Shareholders Wang Quan & Associates (33.74%)
[09988] Alibaba Group Holding Limited (8.60%)
Ye Jianrong & Associates (6.63%)
Hangzhou City Gongshu District State-owned Investment Holding Group Co., Ltd. (5.83%)
Directors Wang Quan (Chairman and Chief Executive Officer and Executive Director)
Zhang Guangyang (Deputy General Manager and Executive Director)
Yang Zhilong (Financial Executive and Executive Director)
Zhu Jiong (Executive Director and Secretary to the Board)
Wei Ran (Non-Executive Director)
Yao Shenjie (Non-Executive Director)
Ren Tiangan (Independent Non-Executive Director)
Ye Xingyue (Independent Non-Executive Director)
Wang Jiaofei (Independent Non-Executive Director)
Company Secretary Wong Hoi Ting
Principal Bankers Hangzhou United Rural Commercial Bank Co., Ltd
Solicitors Loong & Yeung, Solicitors
Auditors Shinewing (HK) CPA Limited
Registered Office Room 1603, 16th Floor, China Building, 29 Queen’s Road Central, Central, Hong Kong
Share Registrars Computershare Hong Kong Investor Services Ltd. [Tel: (852) 2862-8628]
Share Registrars Tel No (852) 2862-8628
Internet Address http://www.far800.com
Email Address dongban@far800.com
Tel No (86 571) 8783-4112
Fax No
 
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