Chinese express locker operator Hive Box bags $400m from Trustbridge, others

HIVE BOX

Hive Box Holding Limited, the holding company of the Chinese delivery services and logistics giant SF Express, has secured $400 million from investors to deepen its market presence in the country, according to a company filing with the Shenzhen Stock Exchange on Friday.

Hive Box has inked an agreement with existing shareholders and six new investors — Trustbridge Partners, Asia Forge (Cayman), SCC Growth VI 2020 F, Redview Capital Investment VII Limited, All-Stars PEIISP VI Limited, and All-Stars PESP X Limited — for the $400 million funding — an equivalent of 484 million common shares.

The deal will be conducted through Liangyue Company Limited, which is a majority shareholder in Hive Box alongside a subsidiary of SF Express. Investment bank CEC Capital served as the exclusive financial advisor for the deal.

Upon the completion of the deal, SF Express will hold an 8.73% stake in Hive Box, down 1.33%. Meanwhile, the six investors will have a combined 11.57% stake.

Shenzhen Mingde Holdings is the controlling shareholder in Hive Box with a 38.72% equity interest, followed by Silkvojo Capital with an 18.7% stake. SF, which invested 500 million yuan ($77 million) in Hive Box’s angel round through Liangyue in 2015, owns 10.06% stake.

Hive Box, which claims to be the world’s largest parcel machine operation company, was set up in June 2015 in Shenzhen. It operates 150,000 express lockers across the country to provide last-mile logistics solutions.

It delivers one-stop express services and also delivery, storage, automated vending machine, lottery, and advertisement. Besides, it has developed a round-the-clock running IT system that can guarantee customers’ bank data security.

As of September 2020, Hive Box clocked 1.5 billion yuan ($226 million) in revenue and 14 billion yuan ($2.2 billion) in assets under management. Additionally, Hive Box’s valuation has touched $3 billion.

“Not only can it help us expedite operational network and strengthen the terminal efficiency, but also it will be able to advance our strategy of last-mile contactless delivery and competitive capacity,” the company said.

Hive Box has also been backed by an array of marquee groups including GLP, Eastern Bell Capital, Yunda Express, CDH Investments, among others. 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.