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SF International

SF Holding Co., Ltd.(Shenzhen Stock Exchange:002352)yesChinaA sole proprietorship of a large private operationexpress deliveryThe company, established in 1993, is headquartered inGuangdong ProvinceShenzhen. As of December 31, 2017, SF Holding had 110 directly affiliated branches, 5 distribution centers, more than 30,000 operating vehicles, 200 transit depots, nearly 30,000 grassroots business outlets, and a total of 136 customer service warehouses of various types. Covering an area of nearly 1.4 million square meters, it covers all 31 provincial-level administrative regions, 334 prefecture-level cities, more than 2,672 county-level cities, and more than 7,800 towns in mainland China. Self-operatedCargo aircraft55 as of May 28, 2019[1]. Outsourced 16 all-cargo aircraft.

In addition, SF Express isHongkong,Macao,Taiwan,South Korea,Japan,Malaysia,SingaporeandUSA53 countries and regions have set up outlets or launched collection and delivery services.[2]

history

In the early 1990s,Deng Xiaoping's Southern Tour, reiterated that the CCP has established the direction of economic reform. About 80,000 manufacturing factories in Hong Kong have moved to mainland China. Among them, GuangdongPearl River DeltaThere are approximately 50,000 households. Wang Wei, founder of SF Express, also arrived in the Pearl River Delta with the company. He saw the volume of letters and freight between Hong Kong and the Pearl River Delta began to surge, and he realized the business opportunities.

On March 26, 1993, Wang Wei died in GuangdongShundeWhen "SF Express" was registered, the company initially had only 6 people and was mainly engaged in express delivery business between Shunde, Lufeng and Hong Kong. SF Express has attracted a large number of customers with its low-cost strategy, and due to strong market demand, it quickly established multiple locations in Guangdong. Until 1997, SF Express almost had a monopoly on express shipments to and from mainland China and Hong Kong.

In 2002, SF Express canceled the franchise system and changed it to a direct operation system. In the same year, SF Express launched a new business in ShenzhenFutianEstablish headquarters.

Year 2003SARS incidentDuring the epidemic, people did not go out to consume, which accelerated the rise of the online shopping model and once again brought development opportunities to SF Express. When the economy was in recession, SF Express took advantage of the situation andYangtze River ExpressSigned an agreement to charter five aircraft.

At the end of 2009, SF Express purchased two cargo aircraft and foundedSF Airlines, at that time it was the only private express delivery company in China that had its own aircraft.[2]

Data from 2012 shows that SF Express’s turnover exceeded 20 billionRMB, has 30 all-cargo charter flights, more than 5,000 business stations, more than 150 transfer stations and more than 10,000 operating vehicles.[3][4]

In 2015, SF Holding's revenue reached 47.3 billion yuan, an increase of 2.36% year-on-year. Profit was 1.967 billion yuan, an increase of 80% year-on-year. The core profit after deducting non-recurring business was 1.623 billion yuan, an increase of 76% year-on-year. The gross profit margin increased from 17.55% to 20.42%. It has 30 all-cargo charter flights, more than 30,000 business stations, more than 200 transfer stations and more than 15,000 operating vehicles.

On May 23, 2016, SF Express appliedBackdoorListed on Shenzhen A shares,Dingtai New Materials(002352.SZ) announced the acquisition of 1001 TP3T shares of SF Holding at a price of RMB 44.3 billion (the same below), of which Dingtai New Materials will pay SF Holding shareholders by issuing 3.95 billion new shares at RMB 10.76 per share. After the transaction was completed, SF Express founder and CEO Wang Wei controlledMingde HoldingsIt will hold 64.58% shares in the new company.

On February 24, 2017, Dingtai New Materials officially changed its name to "SF Holding" and was listed on the Shenzhen Stock Exchange.[5].

On June 1, 2017, SF Express-Fengchao andAlibaba–Rookie wrapsDue to disagreements, data exchanges were severed.State Post Bureaucome forward to negotiate[6][7]. After coordination, both parties agreed to fully resume data transmission from 12:00 on June 3 of the same year.[8].

September 27, 2017UPSand SF Express announced today that the joint venture established by both parties in Hong Kong has been approved by the Ministry of Commerce of China. At the same time, SF Express and UPS will launch a new co-branded product - "SF-UPS Direct Shipping+

On February 9, 2018, the State Council and the Central Military Commission issued an approval document agreeing to build a military base near Duwan Village, Yanji Town, Ezhou City, Hubei ProvinceEzhou Airport, and SF Express participated in the investment.

October 26, 2018S.F. ExpressThrough SF Express Hong Kong andGermany postDHL Group (DPDHL) reached a strategic cooperation and was acquired by SF Express Hong Kong for 700 million euros/5.5 billion yuan/6.2 billion Hong Kong dollars in cashDHLIts DHL Supply Chain Hong Kong and DHL Supply Chain Beijing are DHL's supply chain businesses in mainland China, Hong Kong and Macau. On February 18, 2019, the new company name was officiallyFenghao Supply Chainoperate andSF Express DHL Supply Chain ChinaorSF DHL Supply Chain China as a brand.

At the beginning of 2019, Taiwan's SF Express was repeatedly exposed for banning the delivery of books to Hong Kong. SF Express also refused to send crosses handmade by volunteers from Catholic organizations in Hong Kong to Macau.[9].

Capital Structure

year 2013,CITIC CapitalandYuanhe Holdings,China Merchants GroupJointly invest in SF Express, with the total investment accounting for no more than 25% of the shares.[3][4]

The major shareholders of SF Express are:

business

  1. SF Express DHL Supply Chain China: On October 26, 2018, SF Express reached a strategic cooperation with Deutsche Post DHL Group (DPDHL) through SF Express Hong Kong. SF Express Hong Kong acquired DHL's DHL Group for 700 million euros/5.5 billion yuan/6.2 billion Hong Kong dollars in cash. Supply Chain Hong Kong and DHL Supply Chain Beijing, namely DHL’s supply chain business in Mainland China, Hong Kong and Macau. On February 18, 2019, the new company name was officiallyFenghao Supply Chainoperate andSF Express DHL Supply Chain ChinaorSF DHL Supply Chain China as a brand.
  2. SF Standard Express: SF Express is a transportation service launched by SF Express. Users who choose this service may be guaranteed timeliness. If the delivery fails to be delivered as scheduled due to SF Express's fault within the scope of the guarantee, the paying user can obtain an SF Electronic Voucher equal to the shipping fee through appeal. SF Express has two modes of transportation, namely land transportation and air transportation.
  3. SF Express Special Offer: This is a cost-effective and relatively low-price business. Users can pay low shipping costs and enjoy SF Express’s high-quality services.
  4. Value-added service - Insured price: The insured amount is between 0 and 500 yuan, and the insured price is 1 yuan; when the insured amount is below 1,000 yuan, 501 yuan and above, the insured price is 2 yuan; when the insured amount exceeds 1,000 yuan, the insurance fee is calculated as a percentage[10].
  5. SF Express Select: SF Express is an online shopping mall focusing on global gourmet food. It was officially launched on May 31, 2012. It mainly sells imported food from more than 60 countries and regions around the world. On March 14, 2016, SF Express launched fresh food delivery in the central and western regions, expanding fresh food cold chain distribution to 203 cities.
  6. High-speed rail shipments: SF Express cooperates with Railway Express. Railway express has also joined the ranks of express transportation, providing more choices for e-commerce. During "Double 11" in 2016, the cooperation between SF Express and railway transportation increased from 20% to 30% compared with last year.
  7. SF Express Next Morning: SF Express Next Morning was launched on May 6, 2015 in seven cities in the three major economic circles of the Bohai Rim, Yangtze River Delta and Pearl River Delta - Beijing, Shanghai, Guangzhou, Shenzhen, Dongguan, Suzhou and Hangzhou. "Next morning" service, and a timeliness commitment is made. Express items sent within the specified service range and time will be delivered before 10:30 the next day. If the delivery is overtime, the freight will be deducted.
  8. Entering the lottery industry: It is understood that SF Lottery’s paper-based instant lottery tickets have been approved by the Ministry of Finance, and will provide related services of agency sales of Feng Lottery-themed instant tickets through SF Express channels. According to the agreement, the sports lottery centers of the four provinces of Guangdong, Jiangsu, Hunan and Jiangxi will also provide free support for the listing, sales, marketing and promotion of Fengcai themed instant tickets. The sports lottery centers of the four provinces will pay commissions to SF Lottery based on the agreed proportion of Feng Lottery themed instant ticket sales.

Controversial events

Price-guaranteed proportional smart door

July 28, 2019Beijing Youth DailyAfter receiving the complaint, we investigated and uncovered a trap of SF Express that had long been ignored by consumers.[11]That is to say, when something is damaged under the insured service, the compensation will be very different from the general perception. For someone with an insured price of 20,000 yuan, only 250 yuan will be compensated for damage.

It turns out that SF Express is different from many other express delivery companies in that the guaranteed service terms include[12]"In the event of damage or shortage, SF Express will compensate you according to the ratio of the insured value to the actual loss. When the consignment is lost, the maximum value shall not exceed the declared value of the insured value at the time of consignment." Among them, "the value shall be calculated according to the ratio of the insured value to the actual loss."Proportion"The true meaning of vague terms that most people don't understand is that they imply a set of counterintuitive formulas. For example, if an instrument costs 500,000 yuan and the sender buys insurance for 20,000 yuan,[11]Later, the thing was damaged and the repair fee was 10,000 yuan. I thought that if the amount was less than 20,000 yuan, I would be able to claim the full amount of 10,000 yuan. Unexpectedly, the SF Express algorithm is a more malicious legal concept with implicit accusations, that is, the customer claimed The value of the object is 20,000, but the actual value is 500,000, which implies the imaginary concept of "deliberate underreporting" of the fault. Therefore, a penalty should be imposed. The punishment method is 1/50 of the 500,000 instrument maintenance fee if 10,000 is 10,000. In that case, it will be based on the 20,000 insured. Compensating 1/50 of it is 400 yuan, so people who intuitively believe that they can get 10,000 yuan in compensation will only end up with 400 yuan.[11]

This legal concept is suspected of being overly imaginative. A customer buying a 20,000 yuan insurance may think that he only needs to be protected for 20,000 yuan. It cannot be assumed that the total price of the item claimed by the customer is 20,000 yuan. There is no legal obligation for customers to honestly tell the freight company the actual total value of their items, so the contract is full of overly self-defining, self-created obligations, etc. However, most people sign and ship the goods without understanding or paying attention. contract, or pressing the OK button in the APP, resulting in SF Express being able to claim that both parties agree to this specification, and the customer being put at a disadvantage.

As for whether this clause is an overbearing clause and should be declared invalid by law, it is still in the dispute stage. If consumers really want to take it seriously at this stage, they can only litigate and decide on a case-by-case basis.Renmin University of ChinaLiu Junhai, a professor at the Law School, said that the concept of this treaty is suspected of grafting Chapter 5 of the Postal Law onto Chapter 6. Chen Yinjiang, deputy secretary-general of the Consumer Rights Protection Law Research Association of the China Law Society, believes that express delivery companies are The terms listed on the list obviously reduce its own responsibilities and exclude the rights of consumers. They are typical overbearing terms, and the default check on the software violates the right to know. At the same time, there are practical precedents in the case of Xining STO paying compensation to Dawa Sangzhou at market prices that seem to support the position of consumers’ intuitive understanding.[11], so the lawsuit may have a chance of winning, but it is still a troublesome litigation process for most people.

See

refer to

  1. ^ SF Airlines acquired 5 aircraft in half a year and expanded its fleet to 55 aircraft. NetEase Airlines.
  2. ^ Jump to:2.0 2.1 SF Express President Wang Wei’s career history: from parallel importer to express delivery giant2013-02-17 Source: Entrepreneur, Chutian Financial News
  3. ^ Jump to:3.0 3.1 SF Express raised nearly RMB 8 billion for the first time in 20 years, and the three major institutions held no more than 25% of the shares. Page archive backup, exists inInternet ArchiveSource: 21st Century Business Herald Author: Chen Cheng 2013-8-20
  4. ^ Jump to:4.0 4.1 4.2 Chen Liangrong. Is China's express delivery overlord sneaking into Taiwan?. Issue 535. World Magazine. November 12, 2013 [2019-05-28].
  5. ^ SF Holding is listed on the "ding" Wang Wei: ushering in a new starting point. China Securities Network. February 24, 2017 [2019-05-28].
  6. ^ The State Post Bureau intervenes in the rookie SF Express dispute: emphasizing the importance of politics and considering the overall situation. The Paper. 2017-06-02 [2019-05-28]. (original contentArchived on 2019-05-08).
  7. ^ SF Cainiao’s “data severance” affects millions of consumers every day. Beijing News. June 2, 2017 [2019-05-28].
  8. ^ SF Cainiao reconciles and fully resumes data transmission. Xinhuanet. Beijing News. 2017-06-04 [2019-05-28].
  9. ^ [SF Express Review] Hong Kong store reveals embargo for the first time! Staff member who refused to send crosses to Macau: Refuse to send religious items on behalf of others. Apple Daily. January 16, 2019 [2019-05-28].
  10. ^ Insured. SF Express. [2016-04-19]. (original contentArchived on 2016-04-19).
  11. ^ Jump to:11.0 11.1 11.2 11.3 CCTV - If the product is insured for 20,000 yuan and the express package is damaged, you can only pay 250 yuan?
  12. ^ Insured price ratio?

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