快递小哥逆袭成富豪，突然辞职了？

Core Viewpoint - The resignation of Xu Yubin, founder and CEO of Fengchao, marks a significant turning point for the company, which has faced challenges in its IPO process and overall business performance [1][10][15]. Company Background - Xu Yubin, born in 1981 in Guangdong, started as a courier for SF Express and rose through the ranks due to his exceptional performance [4][5]. - He identified inefficiencies in last-mile delivery and was inspired by international practices, leading to the establishment of Fengchao in 2015 to optimize delivery services through smart lockers [7][8]. Recent Developments - Xu Yubin and CFO Zhou Xiangdong exited the board in April, with Li Qiuyu from SF Express becoming a new director [3]. - Fengchao has expanded its smart locker network to 330,000 units, covering over 209,000 communities, and has diversified into services like laundry and home services [12]. IPO Challenges - Fengchao's IPO process has faced setbacks, with its prospectus becoming invalid due to failure to pass hearings within six months [11]. - The company has been valued at up to 25 billion RMB but struggles with a business model that lacks perceived growth potential, making it less attractive to investors [8][20][23]. Strategic Implications - The leadership change may signal a shift in strategy for Fengchao, potentially moving away from reliance solely on smart lockers [15][16]. - There is speculation that SF Express may integrate Fengchao's resources into its operations, exploring new service offerings such as local deliveries [19][20][23].