Core Viewpoint - The resignation of Xu Yubin, founder and CEO of Fengchao, has brought the company's stalled IPO process back into public focus after more than six months of inactivity [1] Group 1: IPO Process - Fengchao submitted its IPO prospectus to the Hong Kong Stock Exchange in August 2022, but the prospectus became invalid in February 2025 due to the failure to submit supplementary documents within the required timeframe [2] - The IPO process has been further complicated by a lawsuit filed by one of its investors, Asia Forge (Cayman) Ltd., which has disagreements with Fengchao regarding a buyback issue [2][9] - The lawsuit has created a deadlock, preventing the IPO from progressing, as both parties have been unable to reach a consensus despite multiple discussions [9][10] Group 2: Financial Performance - Fengchao has reported continuous losses over the past three years, with losses of RMB 2.071 billion in 2021, RMB 1.166 billion in 2022, and RMB 541 million in 2023, totaling over RMB 3.7 billion [12] - In the first half of 2024, the company showed signs of improvement with a net profit of RMB 72 million, indicating a potential turnaround [12] - The primary reasons for the losses have been attributed to the significant costs and expenses associated with the investment and operation of its smart locker network [12] Group 3: Business Operations - The number of paid packages stored in Fengchao's smart lockers increased from approximately 430 million in 2021 to 517 million in 2023, with the penetration rate rising from 6.9% to 8.0% [14] - The revenue from last-mile delivery services has also grown, increasing from RMB 14.553 billion in 2021 to RMB 18.359 billion in 2023, although its contribution to total revenue has decreased from about 58% in 2021 to 48.2% in 2023 [14]
丰巢IPO因何停滞？知情人士：对赌存在分歧 投资人起诉
Di Yi Cai Jing·2025-10-21 09:14