Dayun divested its express delivery business from listed companies, and Yungang Logistics lost 654.38+0.5 billion yuan last year.

On the evening of May 20th, Dayun Co., Ltd. (SZ002 120) announced that it planned to give up the preemptive right to subscribe for the capital increase of its holding subsidiary, Shanghai Dayun Yungan Logistics Technology Co., Ltd. (hereinafter referred to as "Yungan Logistics"), and Tonglu Yungan Network Technology Co., Ltd. (hereinafter referred to as "Tonglu Yungan") increased its capital by 432 million yuan.

After the completion of this capital increase, the registered capital of Yungan Logistics will increase from 200 million yuan to 632 million yuan, Tonglu Yungan will become the largest shareholder of Yungan Logistics, and the shareholding ratio of Dayun Co., Ltd. will be reduced from 60% to 65,438+08.99%, and Yungan Logistics will no longer be included in the consolidated statement of Dayun Co., Ltd.

As the main body of Dayun express business operation, Yungang Logistics is committed to building a leading, standardized, efficient and collaborative express network.

Tonglu Yungan was established on April 7, 20 19 with a registered capital of RMB100000, and its legal representative is Chen Liying. Renxin Investment Management Co., Ltd. of Ningbo Meishan Bonded Port Area holds 0/00% equity of Tonglu Yungang/KLOC-,and Tengyun Nie is the actual controller of Tonglu Yungang, which is consistent with the actual controller of Dayun, a listed company.

Through this transaction, Dayun actually stripped the express delivery business from the main body of the listed company.

Dayun said in the financial report that considering the capital investment in the development of express delivery business and the profitability of express delivery business, the company decided to give up the priority of capital increase for Yungan Logistics. This move is to further focus on the main business and concentrate resources to strengthen core advantages.

Dayun said that although Dayun has formulated a development strategy and operation plan for the positioning and development of express delivery business, due to fierce competition in the express delivery business market, large-scale capital investment is needed to achieve economies of scale. At present, Yunnan-Jiangxi Logistics may face or bear the risk of further expansion due to the large operating losses in the express delivery business, which is far from reaching the breakeven point.

According to the financial data of Yunan Logistics shown in the announcement, the operating income in 20 18 was 567 million yuan, and the net loss reached 654.38+75 million yuan. In the first quarter of 20 19 (unaudited), the operating income10.85 million yuan, and the net loss reached 336710.3 million yuan. As of the announcement date, Yungan Logistics owes Dayun RMB 654.38+0.28 billion, which is planned to be returned before June 30, 2065.438+09.

According to the previous financial report of Dayun 20 18, Dayun's express delivery business is still at a loss stage. In 20 18, Dayun's express service revenue was 538 million yuan, with the growth rate of 227 1. 12%, accounting for 0.23% to 3.89% of the total revenue. However, due to the continuous investment in large cloud service networks, equipment and venues, the cost of express delivery service is 602 million yuan. By the end of the reporting period, the accumulated net profit attributable to shareholders of listed companies was -0.67 billion yuan.

After the completion of this transaction, Yungang Logistics will no longer be included in the scope of Dayun consolidated statements, and the company will not provide guarantee or entrust the target company with financial management. In addition, Dayun will become a minority shareholder of Yungang Logistics. If Yungang Logistics achieves economies of scale by increasing capital and shares in the future and crosses the breakeven point, it can continue to share the development benefits of Yungang Logistics.

CITIC Securities, the sponsor institution, believes that after the transaction is completed, it will help to reduce the operating costs and risks of Dayun, further optimize the strategic layout and overall resource allocation of Dayun, and help Dayun to further consolidate the chassis construction of its core express business.