The Spectrum Expansion Methodology Behind Junlian Logistics Investment Roadmap

On June 9, China Eastern logistics was listed on the Shanghai Stock Exchange. According to the first day's closing price of 22.71 yuan / share, the market value of the company exceeded 36 billion yuan.

According to the prospectus of China Eastern logistics, Junlian capital is the only private equity fund among the top ten shareholders of the company, holding 4.9% of the company's pre IPO shares.

On the other hand, not long ago, JD logistics was listed on the Hong Kong stock exchange, and Junlian capital was also a shareholder of the company. With Fuyou truck, which has submitted its application for listing in the United States, Junlian capital's logistics supply chain plate is entering a new harvest period.

In June this year, Li Jiaqing, President of Junlian capital, said in an interview with the 21st century economic reporter: "several enterprises have their own characteristics, including the mixed reform of state-owned enterprises, the separation of e-commerce giants, and the development of logistics technology. To us, these are very meaningful."

The reporter learned that, including China Eastern logistics, Junlian capital has invested in more than 10 enterprises in the field of logistics, among which Haichen logistics, millway, Jingdong Logistics and China Eastern logistics have been listed.

Behind the report card of logistics supply chain layout is another reuse of Junlian capital's spectrum expansion methodology.

Behind the "first sample" of mixed reform in Civil Aviation

China Eastern Airlines logistics is the first state-owned enterprise in the field of civil aviation, which is known as the "first sample" in the field of civil aviation.

On June 19, 2017, China Eastern logistics announced the mixed reform plan. In addition to introducing Lenovo holdings, Junlian capital, pros, Debang and Greenland, it also opened 10% of its shares to core employees.

In fact, it was agreed at the beginning of the investment that Junlian capital, together with Lenovo holdings, will participate in the project as the leading investor in the mixed logistics reform project of China Eastern Airlines, and then become the second largest shareholder, the most important external investor and close partner jointly holding 25% of the company's shares.

According to the information disclosed in the prospectus of China Eastern Airlines logistics, in terms of business cooperation and cooperation, the company can carry out in-depth strategic cooperation and business cooperation of "capital + industry" with deppon shares, Lenovo holdings and Junlian capital in logistics transportation, logistics warehousing, logistics industry ecosystem construction, etc.

From the beginning of contact to the completion of the investment, Junlian capital team spent more than two years in the logistics project of China Eastern Airlines. So what does this time-consuming and laborious investment mean for an investment institution?

"It's like a qualification certification, it's the embodiment of the team's comprehensive ability," Li said

The 21st century economic reporter has learned in his interview that the complexity of the mixed reform project determines that the core competence of investors is far beyond the conventional financial investment and financial engineering; In China's equity investment industry, there are few market-oriented investment institutions willing and able to participate in such large-scale project transactions.

Reviewing the project of China Eastern Airlines logistics, Li Jiaqing added that the mixed reform of state-owned enterprises has always been one of the investment directions of Junlian capital, and the team is also paying attention to relevant investment opportunities in transportation, energy and nuclear industry.

Investment map emerges

With the listing of Jingdong Logistics and China Eastern Airlines logistics, as well as Fuyou truck entering the listing application process, Junlian capital's investment map in the field of logistics supply chain has emerged.

"It's not about hot topics. We'll follow suit. But according to the context of systematization, we will enter into the subdivided fields and complete the investment layout. " Li Jiaqing said that the investment action of Junlian capital has always been "traceable".

In the 20 years since its establishment, Junlian capital's investment spectrum has gradually expanded from TMT to TMT and innovative consumption, professional services and intelligent manufacturing, medical and health.

Generally speaking, the path of Junlian capital to expand new fields usually starts from the fields that the team is familiar with, enters relatively new fields from the perspective of familiarity, and then acquires knowledge in the new fields, accumulates industry cognition, and establishes professional teams, so as to build the new position into an investment base.

Taking the logistics supply chain field as an example, the team's first investment case is in the logistics supply chain field of the electronic industry. In 2012, Junlian capital became the shareholder of Haichen logistics. Later, the team landed in millway in the field of chemical supply chain, and captured Yunda in the field of e-commerce. Starting with Haichen logistics, Junlian capital has officially launched a systematic logistics supply chain investment journey. The representative projects include China Eastern Airlines logistics, millway, Haichen logistics, Fuyou truck, Yanwen logistics, Jingdong Logistics, tricou and liushou, zhenkunxing, xinrongmao, Shuhai supply chain and other enterprises.

Li Jiaqing said that 10 years after entering the field of logistics supply chain, the investment boundary of the team in this field has been greatly expanded: "organize and coordinate resources with the concept of supply chain, and finally achieve efficient delivery (of different elements). As for whether it "carries" the real object, it is no longer important. "

In other words, with the increasing role of science and technology in the field of logistics supply chain, logistics is not only a transportation supplier, but also realizes the value promotion as a supply chain.

New scenario of pathfinding logistics supply chain

Today's logistics supply chain has gone far beyond the definition of 10 years ago. It has become an investment concept and systematic method.

"For example, tuhu (raising cars) seems to be B2B or B2C mode. In fact, it solves the supply chain problems in the field of auto parts, including resource integration, business collaboration and service delivery Li Jiaqing, for example, said that this is also the reason why xinrongmao and Shuhai supply chain projects are classified as logistics supply chain projects within Junlian capital.

From Junlian capital's point of view, the logistics supply chain industry has entered a new stage, opening a new prelude to it enabling various fields. On the other hand, new scenarios will generate new traffic and new data, corresponding to the demand for new resource integration and delivery methods.

Looking back on the past, the focus of its stage in the field of logistics supply chain can be summarized as follows:

The essence of "logistics" in stage 1.0 is how to transport "goods" with low cost and high efficiency according to the demand of consumption or manufacturing industry;

The "supply chain service" of stage 2.0 is characterized by further searching for intelligent supply chain service enterprises that can provide more value-added for vertical industries on the basis of meeting the "Freight" demand of shippers.

In the 3.0 stage, it is characterized by the use of the idea of "digital transformation, collaborative delivery, platform development", and through the investment of industry node enterprises, the construction of industrial Internet.

Combing the investment portfolio of Junlian capital under the theme of logistics supply chain, we can find that SF express, Jingdong Logistics and Shuhai supply chain are all projects incubated or stripped by industrial giants. For such projects, only funds are not enough to get the opportunity of investment.

Li Jiaqing said: "they will have the need to split the business departments out of the consideration of team motivation and business development independence. We have a lot of cooperation with leading companies in various industries, and when opportunities arise, we have enough experience to support them to grow from bu (business unit) to independent company. "

"Today's logistics supply chain investment requires investors to have cross industry business awareness, which can involve vertical industries in TMT, consumption and medical fields." Li Jiaqing added that the logistics supply chain investment has entered the deep water area, and there will be more cross industry investment opportunities.