10月17日，极兔速递宣布其全资附属公司华星集团作为借款人，与公司及若干银行签署融资协议，获得最高100亿元人民币的定期贷款融资，贷款期限为36 个月。曾经凭借"八毛钱发全国"的价格战横扫中国快递市场的极兔，正在资本市场和新兴市场开启新的故事。 出品｜网经社 作者｜可乐 审稿｜云马 配图｜网经社图库 一、百亿融资背后的控制权绑定 10月17日，极兔速递（股票代码：01519.HK）宣布其全资附属公司华星集团作为借款人，与公司及若干银行签署融资协议，获得最高100亿元人民币的定期 贷款融资，贷款期限为36个月。此次融资将主要用于现有债务再融资、一般企业运营资金及优化资本结构。 网经社物流科技台获悉，根据融资协议条款，极兔速递创始人、董事会主席兼CEO李杰持有公司约55.09%的表决权，其对公司的控制权与融资协议深度绑 定。协议规定，若李杰不再拥有公司最大比例表决权或失去对公司政策的指示权，且多数贷款人提出要求，未使用的贷款额度可能被取消，已发放贷款或需 提前偿还。截至公告日，李杰实际持有9.71亿股A类股份（每股10票表决权）及794万股B类股份（每股1票表决权），其表决权比例远超其他股东。 从股权结构看，李杰 ...

Core Viewpoint - The report from the Net Economy Research Center defines logistics technology as an ecosystem supported by e-commerce, encompassing various logistics categories such as comprehensive e-commerce logistics, cross-border logistics, instant logistics, warehousing logistics, freight O2O, third-party express delivery, last-mile delivery, smart logistics service providers, logistics supply chains, and bulk logistics [1][16]. Industry Overview - The logistics technology industry chain includes major players across different categories: 1. Comprehensive e-commerce logistics: Cainiao Network, JD Logistics, Suning Logistics, Anxun Logistics [1][16] 2. Cross-border logistics: Yunquna, Disifang, Zongteng Group [1][16] 3. Instant logistics: Dada Express, Meituan Delivery, SF City, Fengniao Delivery [1][16] 4. Warehousing logistics: Paixun Intelligent, Hairou Innovation, Syrius [1][16] 5. Freight O2O: UU Runner, Flash Delivery, Didi Freight, Huoyun [2][16] 6. Third-party express delivery: SF Express, Shentong Express, YTO Express, Zhongtong Express, Yunda Express, Jitu Express [2][16] 7. Last-mile delivery: Fengchao, Jinlinbao [2][16] 8. Smart logistics service providers: Dizhantian, Yazuishou, Fenghuodi [2][16] 9. Bulk logistics network: Wangsheng Yunze, Chuanhua Zhili [2][16] 10. Logistics supply chain: ProLogis, Riri Shun [2][16] Geographic Distribution - The report indicates that the most logistics technology companies are located in "Beijing, Shanghai, Guangdong, and Zhejiang." - Beijing: JD Logistics, G7 Yiliu, Flash Delivery, Didi Freight [20] - Shanghai: Dada, Debang Express, KuaiCang, Aneng Logistics, Jitu Express, Zhongtong Express [20] - Zhejiang: Cainiao, Songjianxia, SF City, Kuaihuoyun, Yunda, Shentong Express, Baishi Logistics [20] - Guangdong: Fengchao, Yunyi Tong, Shunyou Logistics, Yuancang Overseas Warehouse, Ruiyun Cold Chain, SF Express, Huoyun [20] Policy Developments - Key policies impacting the logistics technology sector include: 1. March 1: Ministry of Transport issued the "Express Market Management Measures," requiring express delivery personnel to obtain user consent before delivering to smart lockers [22]. 2. April 26: Ministry of Commerce released the "Digital Commerce Three-Year Action Plan (2024-2026)," promoting data sharing in logistics and green packaging transformation [22]. 3. July 31: Central Committee of the Communist Party and State Council issued opinions on accelerating the green transformation of economic and social development, aiming for a 9.5% reduction in carbon emissions from operational transport vehicles by 2030 [22]. Market Data - The report provides various market data for the logistics sector: 1. The express delivery industry revenue is projected to reach 1.52 trillion yuan in 2024, with a growth rate of 8.57% [31]. 2. The instant logistics market is expected to exceed 420 billion yuan in 2024, showing a significant growth of 68% [34]. 3. The same-city freight market is projected to be approximately 1.9964 trillion yuan, with a year-on-year growth of 17.48% [37]. 4. The smart express cabinet market is estimated to reach 58 billion yuan, growing by 16% [40]. 5. The cross-border e-commerce logistics market is expected to reach 3.28 trillion yuan, with a growth of 30.15% [45]. 6. The cold chain logistics market is projected to be 536.1 billion yuan, with a growth of 3.69% [48]. 7. The global e-commerce logistics market is expected to reach 9.65 trillion yuan, with an increase of 8.61% [52].