上市捷报丨沙利文助力乐舱物流股份有限公司成功赴港上市(2490.HK)

Lechang Logistics Co., Ltd. (Stock Code:2490.HK) on2023year9month25The company successfully listed on the main board of the Hong Kong capital market. It is a benchmark enterprise in integrated cross-border ocean shipping logistics services in China, covering all aspects of cross-border logistics including consignment picking, warehousing and sorting, customs clearance, cross-border ocean shipping, warehousing transshipment, and last-mile distribution. Based on cross-border logistics services, the company has established multiple branches at key ports in eastern coastal cities to carry out cross-border logistics services. It has also accumulated resources related to ship operations through ship leasing business to strengthen its ability to provide cross-border logistics services. Frost & SullivanFrost & Sullivan,Frost & Sullivan, referred to below as the 'Industry Advisor', provides exclusive industry advisory services for the listing of LCL Logistics Co., Ltd. We hereby extend our warmest congratulations on its successful listing.

LeCab Logistics Co., Ltd. (hereinafter referred to as 'LeCab Logistics') was established on2023year9month25The company was successfully listed on the stock market, and shares were issued globally.2,83910,000 shares, Hong Kong issue283.910,000 shares, international offering2,555.1Ten thousand shares. The issue price per share is5.13HK$, and the net proceeds from the global offering are estimated to be approximately8,350HK$10,000,000.

During the process of listing in Hong Kong this time, Frost & Sullivan mainly undertook the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing the relevant parts of the prospectus (such as overview, competitive advantages and strategy, industry overview, business, and other important chapters), facilitating communication between the issuer and the Exchange of Hong Kong and investors, helping investors quickly understand the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on various industry-related issues from the Exchange of Hong Kong, etc.

Investment highlights

The company is a leading integrated cross-border ocean shipping logistics service provider;

The company continues to build influential cross-border logistics services and lead the development of the industry;

The company has the capability to integrate leading warehousing resources and transportation networks with its partners in the industry;

The company has strategic synergies with highly trusted industrial partners that drive industry development;

The company has a management team that shares a common mission and possesses profound foresight.

According to a report by Frost & Sullivan, by2022Annual Revenue, Company:

Ranked 15th among cross-border logistics service providers in China;

Ranked ninth among private cross-border logistics service providers in China;

Ranked tenth among cross-border ocean shipping logistics service providers in China;

Ranked fifth among private cross-border ocean shipping logistics service providers in China.

Global Cross-border Logistics Service Industry Overview

The market scale of global cross-border logistics services is affected by the volume of cross-border logistics services and current freight rates. The market scale of global cross-border logistics services has grown significantly in the past few years.2020In [year], due to the impact of the pandemic, there was a shortage of shipping capacity and port congestion, resulting in2020Year-end2021The freight rates for cross-border logistics services have risen significantly. As restrictions on the pandemic are gradually lifted, the market's capacity for cross-border transportation is being released.

Overview of China's Cross-border Logistics Service Industry

According to a Frost & Sullivan report, driven by the rapid global expansion of Chinese brands and the improvement in efficiency of digital logistics services, the cross-border logistics service market in China has grown steadily.2021In [year], the market scale of cross-border logistics services in China increased significantly3,670.0billion US dollars. As the impact of the pandemic on China's cross-border logistics service market has gradually subsided, the Chinese cross-border logistics service market is in2022Yearly reduction to3,538.0billions, expected2023The year will see further reduction, but it will still be above2019Levels before the pandemic, and2023Year-end2027Year-on-year stable growth. The current scale and expected development trends of the global and China cross-border logistics service markets are mainly related to current and expected export freight volumes and cross-border freight rates.

Competitive landscape of China's cross-border logistics service market

The cross-border logistics service market in China is fragmented, and by2022Annual income, prior15Total held by major service providers (private and state-owned)12.2%Market share. Through its own heavy assets, comprehensive information systems, and bargaining power in shipping and air freight booking, the leading company possesses strong cross-border end-to-end service delivery capabilities. It is expected that more cross-border logistics service providers will enhance their cost control capabilities and develop centralized logistics systems to strengthen their cross-border logistics services.

Source: Frost & Sullivan report

Average Composite Index of China's Export Container Freight

The average comprehensive index of export container freight rates in China2020year970.6Rising sharply to2021year2,601.9, and further rises to2022year2,807.0The significant increase is mainly due to insufficient capacity in the cross-border logistics industry and low port operational efficiency caused by the pandemic and related restrictive measures.

Source: Ministry of Transport, Frost & Sullivan report

China Cross-border Logistics Service Market

Key market drivers

· Policy stimulus

Government supervision is one of the cornerstones for the development of cross-border e-commerce markets and related logistics service markets. The Chinese government has proposed 'dual circulation' measures, which mean 'accelerating the formation of a new development pattern where domestic and international dual circulations promote each other', in order to drive economic development. Policies such as the establishment of comprehensive bonded areas, exemption from value-added tax and consumption tax have widely promoted the growth of China's cross-border e-commerce market and cross-border logistics service market in terms of import and export trade scale.

· Digital technology

blockchain,IoTWireless radio frequency identification system andAIDigital technology is being applied to optimize the planning, procurement, and tracking of the entire cross-border logistics process. Moreover, due to the almost complete inability to conduct face-to-face manual logistics operations and transactions under strict health regulations, the pandemic has accelerated the digitization of cross-border logistics. Cross-border logistics service providers have established comprehensive platforms that connect various key links in logistics, making delivery services more transparent and efficient.

· Diversified needs

Against the backdrop of China's improved value chain, as business models become increasingly mature, more and more Chinese brands are expanding their operations in different regional markets around the world. For new entrants who value delivery timeliness but worry about logistics management costs, end-to-end logistics service providers can shorten delivery times by offering on-demand delivery services. Additionally, end-to-end logistics service providers can offer value-added services such as complex operations, management, and planning. For brands that have developed maturely and possess overseas infrastructure such as warehouses or distribution centers, customized and fragmented cross-border logistics services can cater to their needs by providing high-quality and stable shopping experiences for buyers.

China Cross-border Logistics Service Market

Key market development trends

· Enhanced requirements for stability and security

Due to the rapidly changing international environment, it is crucial for cross-border logistics service providers to fulfill their commitment of delivering on time to customers at predictable costs. At the same time, involvingB2BorB2CE-commerce sellers are increasingly dealing with cross-border shipping of various categories, requiring not only large-scale or repetitive industry shipments but also highly variable and specific order-based batched e-commerce transactions. Such small but frequent orders must rely on mature and reliable cross-border logistics services to ensure delivery by the shipper. Provides customers with a high degree of certainty regarding overall costs and transit time.

· Data visualization and popularization of cloud technology

The entire cross-border logistics process involves data visualization and digitalization using cloud technology, which is expected to become the key to improving efficiency. It tracks every stage of cross-border logistics, evaluates, integrates, and visualizes real-time logistics and operational profiles. Operate a logistics platform jointly between consumers, retailers or businesses and suppliers. The transparency and visibility of delivery and transportation processes enable the company to optimize operational performance and allow customers to monitor their orders throughout the entire logistics process, thereby Gaining customer trust and increasing end-user loyalty has attracted more cross-border retailers and merchants to choose us. Physicalized cross-border logistics service provider's logistics services.

· The platformization and integration give rise to significant player advantages

Due to the dispersed product lines and different customer groups, brand owners need to distribute their shipments to multiple destinations with small volumes and frequent deliveries. High freight rates. Freight and forwarding demand is shifting from full-container loads to less-than-container-load shipments, reflecting platform-based and integrated cross-border logistics services. The market profits are substantial. Platform-based logistics services are based on a wide range of transportation, including self-operated and third-party shipping networks. Resources serve customers based on industry segmentation, customer density, distance, response level, as well as the value and quantity of products. In addition, integrated cross-border logistics services enable brand owners, retailers, and manufacturers to improve the visibility of their logistics. Clarity and efficiency. Platform-based and integrated cross-border logistics services help enterprises achieve commercial success in competition.

View the prospectus

Frost & Sullivan has extensive research experience in the transportation industry and has assisted well-known companies in successfully listing on capital markets. Successful listings include: Jia Yuda ( NASDAQ:JYD), CBL（NASDAQ:BANL), InterContinental Shipping Lines2409.HK), Deutsche Bank Worldwide2418.HK), Kuaidao Taxi2246.HK), Canggang Railway2169.HK), Yanguang PearlYGMZ.NASDAQ)Asia Express8620.HK),InfinityL&T（1442.HK), Xiangxing International8157.HK), CSSC Leasing3877.HK), Chengdu Expressway1785.HK), Huazhi International2258.HK), Wanli Da8482.HK), Qilu Expressway1576.HK), Asia Industry1737.HK), JunGao Holdings8035.HK).