EQS-News / 08/04/2020 / 22:33 UTC+8
CN Logistics Submitted
its Hong Kong Main Board IPO Application
CN Logistics International Holdings submitted its Main Board IPO application
to the Hong Kong Stock Exchange ("HKEX") on 6 April 2020 and CMBC Capital is
the sole sponsor.
CN Logistics is a well-established international logistics solutions
provider with a primary focus on providing air freight forwarding services
and distribution and logistics services in relation to high-end fashion
(including luxury and affordable luxury) products and fine wine. The group's
customers cover high-end fashion retailers (including The Lane Crawford
Joyce Group), brand owners (including Kering Group) as well as wholesalers
and retailers of wine (including L'Imperatrice). The group principally
engages in three business segments, which are air freight forwarding
services, distribution and logistics services and ocean freight forwarding
services. Headquartered in Hong Kong, the group's global business spans more
than 100 countries, including China, Italy and France through its own
business presence and its freight forwarder business partners.
As of 31 December in 2017, 2018 and 2019, the revenue of CN Logistics were
HKD 1,523.9 million, HKD 1,538.7 million and HKD 1,483.8 million,
respectively, and the gross profit were HKD 261.2 million, HKD 298.4 million
and HKD 306.8 million. Overall gross profit margin were 17.1%, 19.4% and
20.7%. The net profit were HKD 47.9 million, HKD 41.1 million and HKD 44.6
million in 2017, 2018 and 2019, representing a net profit margin of 3.1%,
2.7% and 3.0%. The adjusted net profit and adjusted net profit margin
(non-HKFRS measures) in 2019 were HKD 53.0 million and 3.6%.
According to the CIC Report, CN Logistics is one of the first air freight
forwarders to provide B2B services with integrated air freight forwarding
solutions in the PRC and Hong Kong and the group is one of the few
specialists in providing freight forwarding and distribution and logistics
services for wine in Hong Kong. The group ranked fifth in the integrated air
freight forwarding market for high-end fashion products in the PRC with a
market share of 1.7% and ranked sixth in Hong Kong, with a market share of
2.5%, for the year ended 31 December 2018 in terms of revenue. For the year
ended 31 December 2018, CN Logistics ranked first in the distribution and
logistics market for high-end fashion products in both the PRC and Hong
Kong, with a market share of 8.2% and 20.0% in the PRC and Hong Kong,
respectively.
The application material shows that Japan Post Holdings Co., Ltd. (through
its holding company "TOLL"), together with Mr. Lau Shek Yau John and his
daughter (Ms. Lau Ying Cynthia) (through CS Logistics), collectively owned
84.1% of equity interest of CN Logistics before IPO. Ms. Chen Nga Man, Mr.
Ngan Tim Wing, Mr. Lau Kin Shing Charles, Mr. Wu Kwok Ping Max, Global
Megain and Yuantong Taiwan also held 0.7%, 10.8%, 1.1%, 1.1%, 1.1%, 1.1% of
the shares, respectively, totaling 100%.
Document: https://eqs-cockpit.com/c/fncls.ssp?u=WMRHKWUTNA [1]
Document title: CN Logistics_A1 Submission_Eng
08/04/2020 Dissemination of a Financial Press Release, transmitted by EQS
Group.
The issuer is solely responsible for the content of this announcement.
Media archive at www.todayir.com
1: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=eeafc9670cd2da5fe3962ed8cfc1d1db&application_id=1018995&site_id=vwd&application_name=news
(END) Dow Jones Newswires
April 08, 2020 10:33 ET (14:33 GMT)
© 2020 Dow Jones News
