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JD.com, SF, Carlyle among bidders for CJ Group's $1 billion China logistics business - sources

12/02/2020 | 01:30am EDT
FILE PHOTO: The logo of The Carlyle Group is displayed at the company's office in Tokyo

HONG KONG (Reuters) - Chinese online retailer JD.com, delivery company SF Group and Carlyle are bidding for South Korean conglomerate CJ Group's China logistics business in a deal that could fetch over $1 billion, people familiar with the matter said.

CJ Group has hired Morgan Stanley to run the sale of Shanghai-based CJ Rokin Logistics Supply Chain Co, which it acquired in 2015 via CJ Logistics Corp.

It comes as e-commerce in China has boomed during the coronavirus pandemic, benefiting the logistics sector. China's economy has also seen a steady recovery from the COVID-19 shock.

First-round bidders also include real estate and technology companies as well as other financial sponsors and industry peers, said the sources, declining to be named due to confidentiality restraints.

The deal could value CJ Rokin at over 7 billion yuan ($1.1 billion), with final bids due in January, two of the sources said.

A CJ Logistics spokesman declined to comment, as did Morgan Stanley and Carlyle. CJ Rokin could not be reached for comment. JD.com and SF did not respond to requests for comment.

The total value of goods transported via the logistics sector rose 2% year-on-year to 202.5 trillion yuan in the first nine months of 2020, according to data from China Federation of Logistics & Purchasing.

Mergers and acquisitions in China's logistics sector have jumped 53% year-on-year to $2.3 billion this year, according to Refinitiv data.

Established by brothers Zhang Yurong and Zhang Yuqing in 1997, CJ Rokin specializes in cold chain and chemical products transportation, according to its website.

Cold chain storage and transportation have become increasingly important during the COVID-19 pandemic, which has killed over 1 million people, as the promising Pfizer vaccine for example is required to be stored at temperatures of minus 70 degrees Celsius (-94 F) or below.

(Reporting by Kane Wu in Hong Kong; additional reporting by Joyce Lee in Seoul, Josh Horwitz in Shanghai and Donny Kwok in Hong Kong; Editing by Ana Nicolaci da Costa)

By Kane Wu

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CJ LOGISTICS CORPORATION -1.65% 149000 End-of-day quote.-9.97%
MORGAN STANLEY 1.52% 101.8 Delayed Quote.46.33%
PFIZER, INC. 0.70% 43.16 Delayed Quote.16.27%
THE CARLYLE GROUP INC. 1.42% 55.16 Delayed Quote.73.00%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.13% 6.382 Delayed Quote.-1.74%
09/29Hyundai Motor to Launch Xcient Fuel Cell Trucks in South Korea in November
08/06CJ LOGISTICS : Swings to Loss in Q2
07/09Kurly Inc. announced that it has received $200 million in funding from Aspex Management..
02/25An unknown buyer agreed to acquire 73.1% stake in CJ Rokin Logistics and Supply Chain C..
02/22Switzerland's Kuehne & Nagel buys Asian logistics firm Apex
02/22Switzerland's Kuehne & Nagel buys Asian logistics firm Apex
02/10CJ LOGISTICS : South Korea?s CJ picks FountainVest as buyer for China logistics firm in $1..
02/10FountainVest Partners agreed to acquire 73.1% stake in CJ Rokin Logistics and Supply Ch..
02/09CJ LOGISTICS' : Net Profit in Fourth Quarter 2020 Rises 45%
2020CJ LOGISTICS : Delivery drivers working to death amid online shopping boom in S. Korea
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Analyst Recommendations on CJ LOGISTICS CORPORATION
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Sales 2021 11 256 B 9,56 B 9,56 B
Net income 2021 63,8 B 0,05 B 0,05 B
Net Debt 2021 2 149 B 1,82 B 1,82 B
P/E ratio 2021 51,2x
Yield 2021 -
Capitalization 2 972 B 2 523 M 2 523 M
EV / Sales 2021 0,45x
EV / Sales 2022 0,42x
Nbr of Employees 6 053
Free-Float 39,4%
Duration : Period :
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Technical analysis trends CJ LOGISTICS CORPORATION
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Income Statement Evolution
Mean consensus BUY
Number of Analysts 16
Last Close Price 149 000,00 KRW
Average target price 208 562,50 KRW
Spread / Average Target 40,0%
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Managers and Directors
Shin-Ho Kang Chief Executive Officer & Director
Hyo-Hee Lee Managing Director & Head-Finance
Young-Hak Min Managing Director & Head-Technology
Do-Yeob Kwon Independent Director
Young-Sun Yoon Independent Director
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