Core Viewpoint - The sudden resignation of Xu Yubin, founder and CEO of Fengchao, has raised concerns about the company's future, especially as it was preparing for a critical IPO phase on the Hong Kong Stock Exchange. This resignation, coupled with the expiration of its prospectus, has led to market anxiety regarding the company's trajectory, which was previously valued at 25 billion yuan [1][10]. Group 1: Xu Yubin's Background and Career - Xu Yubin, born in 1981 in a rural family in Guangdong, started his career as a courier for SF Express and quickly rose through the ranks due to his exceptional performance and operational efficiency [3][4]. - He played a pivotal role in the establishment of Fengchao in 2015, which was formed with a 500 million yuan investment from major logistics companies, including SF Express and others [4][6]. - Under Xu's leadership, Fengchao expanded rapidly, installing over 100,000 smart lockers by 2017 and acquiring a significant market share through strategic moves, including the acquisition of rival eZhan [6][7]. Group 2: Financial Performance and Challenges - Despite rapid growth, Fengchao has struggled with profitability, reporting revenues of 2.526 billion yuan, 2.891 billion yuan, and 3.812 billion yuan from 2021 to 2023, with net losses of 2.071 billion yuan, 1.166 billion yuan, and 541 million yuan during the same period [8][10]. - The company managed to achieve a net profit for the first time in early 2024, marking a significant turnaround, although this was influenced by accounting policy changes [10]. Group 3: Future Implications of Xu Yubin's Resignation - Xu Yubin's departure signifies a shift from a founder-driven model to a professional management approach, as the company transitions into a phase requiring refined management and compliance [11]. - The appointment of a new executive with investment and acquisition experience indicates a strategic pivot for Fengchao, raising questions about its future direction and operational strategy [11].