丰巢IPO停滞，被曝是对赌存在分歧，投资人亚投资本在香港提起诉讼

Core Viewpoint - The IPO process of Fengchao has been stalled for over six months due to disputes over a buyback agreement with investor Asia Investment Capital, which has filed a lawsuit in Hong Kong, alongside issues of continuous losses and compliance inquiries [3][4]. Group 1: IPO Process - Fengchao submitted its IPO prospectus to the Hong Kong Stock Exchange in August 2024, aiming to become the first listed company in the parcel locker sector, but the prospectus became invalid in February 2025 due to failure to submit supplementary documents on time [3][4]. - The core reason for the IPO stagnation is a dispute over a buyback agreement with Asia Investment Capital, which invested a total of $400 million (approximately 2.587 billion RMB) in early 2021 [3][4]. Group 2: Financial Performance - Fengchao has reported losses for three consecutive years, with net losses of 2.071 billion RMB, 1.166 billion RMB, and 541 million RMB from 2021 to 2023, totaling over 3.7 billion RMB [4][5]. - In the first half of 2024, Fengchao achieved a net profit of 72 million RMB, but the stability of this profit remains uncertain [4]. Group 3: Compliance Issues - The China Securities Regulatory Commission has raised concerns regarding the legality of Fengchao's "storage fee" and package service fee, requiring additional disclosures, which Fengchao failed to provide within the stipulated time [4][5]. - The penetration rate of the "storage fee" business has been increasing, with the number of paid packages rising from 430 million in 2021 to 517 million in 2023, while the proportion of paid packages increased from 6.9% to 8.0% [5]. Group 4: Business Structure - Revenue from end-delivery services charged to couriers has been a core income source, increasing from 14.553 billion RMB in 2021 to 18.359 billion RMB in 2023, but its contribution to total revenue has been declining from 58% to 48.2% [5]. - Despite having a market share due to its scale advantages, Fengchao faces challenges from ongoing losses, buyback pressures, compliance inquiries, and the current lawsuit, making the future of its IPO uncertain [5].