Core Insights - The article discusses the recent management change at Fengchao, a leading smart delivery locker operator, as it approaches a critical phase for its Hong Kong IPO [1][2] Group 1: Company Overview - Fengchao is recognized as the largest end logistics solution provider in China, holding a market share of 6.1% based on 2023 revenue [2] - As of May 31, 2024, Fengchao's smart locker network has expanded to cover 31 provinces in China and Thailand, with a total of 330,200 lockers [2] Group 2: Financial Performance - Fengchao faced significant losses from 2021 to 2023, accumulating a total loss of 3.768 billion yuan [2] - The company achieved its first profit in the first five months of 2024, reporting a net profit of 71.6 million yuan, and a net profit of 72 million yuan for the first half of 2024, with an adjusted net profit of 219 million yuan [2] Group 3: IPO Progress - Fengchao submitted its IPO application to the Hong Kong Stock Exchange in August 2023, but the application became invalid in February 2024 due to regulatory requirements [2][4] - The company is still pursuing its Hong Kong listing and may resubmit its application in the future [5] Group 4: Regulatory Challenges - The recent implementation of new express delivery regulations has introduced uncertainties for Fengchao, particularly regarding the legality of its service fees [6][7] - The revised regulations prohibit delivery companies from using smart lockers without user consent, leading to the withdrawal of lockers in various locations [7]