On March 30, the review status of the IPO review of the "three-state shares" ChiNext board of cross-border e-commerce enterprises was changed to "suspended". According to the prospectus, Sanshi shares intend to raise 803 million yuan this time, and from 2019 to the first half of 2021, the revenue of Sanshi shares is 1.567 billion yuan, 1.993 billion yuan and 1.229 billion yuan, and the revenue of 2 and a half years is nearly 5 billion. (For details, see the special topic of the network economic and social society: http://www.100ec.cn/zt/stgfIPO/)
"Three-state shares" suspended the IPO
The review status of the IPO of the Three-State Shares Growth Enterprise Market has been changed to "suspended", and CITIC Securities is its sponsor. It is reported that on March 30, 2022, due to the issuer and the sponsor updating their financial information and voluntarily applying for the suspension of the issuance and listing review process, the Shenzhen Stock Exchange suspended the review of the issuance and listing of three-state shares in accordance with the relevant provisions of Article 64 of the Rules for the Review of the Issuance and Listing of Shares on the Growth Enterprise Market of the Shenzhen Stock Exchange.
As an export cross-border e-commerce retail and export cross-border logistics enterprise, Sanshi Co., Ltd. intends to raise 803 million yuan this time, in addition to 250 million yuan for replenishment, 240 million yuan will be invested in the cross-border e-commerce system intelligent upgrade project, and 313 million yuan will be invested in the warehousing intelligent upgrade and service system construction project.
It is worth noting that the amount of funds raised by San-state shares has exceeded the company's total assets. Financial data shows that from 2018 to 2020, the total assets of Sanshi Shares were 350 million yuan, 513 million yuan and 557 million yuan, respectively. As of the end of June 2021, the total assets of Sanshi shares were only 749 million yuan, which was lower than the amount of funds raised in this IPO.
It is understood that San state co., Ltd. was established in 2008, the company is engaged in export cross-border e-commerce retail and third-party export cross-border e-commerce logistics integrated enterprises, focusing on export cross-border e-commerce retail business, while deriving export cross-border e-commerce logistics business.
2 and a half years of revenue of nearly 5 billion
Sanshi shares come from Shenzhen, an export cross-border e-commerce gathering place, and unlike many export cross-border e-commerce sales enterprises, the company not only exports cross-border e-commerce retail business, but also has cross-border logistics and global warehousing business.
According to the prospectus, from 2018 to the first half of 2021, the main business income of Sanshi Shares was 1.215 billion yuan, 1.567 billion yuan, 1.993 billion yuan and 1.229 billion yuan, respectively, and the net profit attributable to the mother was 162 million yuan, 153 million yuan, 214 million yuan and 0.98 billion yuan, respectively. During the reporting period, 70% of the company's main business income came from commodity sales, and the rest came from logistics warehousing services.
From the perspective of main business, about 70% of the main operating income of Sanshi Shares comes from the sale of goods exported to cross-border e-commerce retail business. During the reporting period, the sales revenue of tri-state shares was 911 million yuan, 1.23 billion yuan, 1.391 billion yuan and 963 million yuan respectively, accounting for 76.29%, 78.81%, 69.78% and 78.39% of the main business income, respectively; logistics and warehousing revenue was 283 million yuan, 331 million yuan, 602 million yuan and 265 million yuan, accounting for 23.71%, 21.18%, 30.21% and 21.59% of the main business, respectively.
According to the prospectus, the comprehensive gross profit margins of Tri-State Shares during the reporting period were 57%, 56%, 52% and 56%, respectively, of which the gross profit margin of commodity sales was close to 70%, and the gross profit margin of logistics warehousing was more than 10%, both higher than those of comparable companies in the same industry. In this regard, the Shenzhen Stock Exchange asked Sanshi to analyze "the reasons and rationality of the gross profit margin of the commodity sales business continuing to be higher than that of other cross-border e-commerce companies" and explain whether there is a risk of a sharp decline in gross profit margin." ”
In the prospectus, Sanshi shares said that the company currently has about 580,000 SKUs on sale, and nearly 100 product classification items. These kinds of products are huge, and the company mainly sells them in BTC on overseas third-party platforms such as eBay, Amazon, AliExpress, Wish, Lazada, Shopee and so on.
In addition, in 2009, the company opened a new export cross-border logistics and warehousing business. Among them, the export cross-border e-commerce retail business is the company's core business, from 2018 to the first half of 2021, the proportion of commodity sales revenue in the main revenue is 69%-79%, and the proportion of logistics and warehousing income is basically in the range of 21%-24%.
Establish a cross-border e-commerce ecosystem
Sanshi Co., Ltd. focuses on cross-border e-commerce export business, adheres to the basis of software and data technology, and is committed to improving the efficiency of cross-border trade through the establishment of an e-commerce ecosystem.
At present, the company's e-commerce business covers most parts of the world, providing local consumers with a variety of commodity consumption choices. Sanmus bridges more than 30 overseas third-party e-commerce shopping platforms, including Amazon, eBay, AliExpress, etc., and the Chinese manufacturing supply chain as the world's factory, using technology and innovation to allow overseas consumers to share the speed and convenience brought by e-commerce in globalization.
At the same time, Sanshi shares opened up its many years of warehousing, order fulfillment and cross-border export logistics capabilities, as of the end of 2020, the company's logistics business has accumulated to provide high-quality warehousing and global logistics solutions for nearly 20,000 global e-commerce sellers, partners include not only world-renowned logistics companies, such as DHL, Hermes, etc., but also overseas mainstream e-commerce and payment platforms, such as Amazon, ebay, coupang, B2W and Payoneer.
In terms of sales model, Sanshi shares mainly sell domestic goods to global consumers in the form of B2C through more than 20 overseas third-party e-commerce platforms such as eBay and Amazon. As of the first half of 2021, merchandise sales revenue from eBay and Amazon accounted for more than 55% of the main business revenue of Sanshi Shares, and the rest came from cross-border platforms such as AliExpress, Shopee, Wish, and Lazada.
At present, in the export cross-border e-commerce industry chain, the main platforms, sellers and service providers include: Alibaba International Station, Amazon Global Store, eBay, AliExpress, Wish, Global Resources, Dunhuang.com, SHEIN, Anker Innovation, Cross-border Pass, Tongtuo, Youkeshu, Lanting Jishi, Banggu, Zebao, Sanmu, Yibai, Aoji, Saiwei, Xingshang, Aosen, Zhuozhi, SHOPLINE, Zongteng Group, Sifang, Zhimeitong, PingPong, Lianlian Payment, Pai Anying, E-Bao Payment, Easy Warehouse, Lingxing, Feishu Interactive, etc.