2023年11月27日，來自上海的震坤行工業(yè)超市(上海)有限公司的實(shí)質(zhì)控股股東ZKH Group Limited（以下簡稱“震坤行”）在美國證監(jiān)會(huì)(SEC)更新招股書，擬在美國紐交所IPO上市，股票代碼 ZKH。其于2022年3月30日在SEC秘密遞表，2023年3月7日公開披露招股書。

震坤行，于11月3日獲中國證監(jiān)會(huì)境外發(fā)行上市備案通知書。

震坤行招股書鏈接：

https://www.sec.gov/Archives/edgar/data/1862044/000110465923121057/tm228516-27_f1a.htm

主要業(yè)務(wù)

震坤行，作為中國領(lǐng)先的MRO工業(yè)用品采購服務(wù)平臺(tái)，為客戶提供一站式MRO采購和管理服務(wù)，實(shí)現(xiàn)工業(yè)用品供應(yīng)鏈的透明、高效、降成本。

* MRO，即Maintenance, Repair & Operations 的縮寫，通常是指在實(shí)際的生產(chǎn)過程不直接構(gòu)成產(chǎn)品，只用于維護(hù)、維修、運(yùn)行設(shè)備的物料和服務(wù)。

震坤行旗下運(yùn)營2個(gè)平臺(tái)——ZKH(震坤行)、GBB(工邦邦)，主要經(jīng)營輔料、易耗品、通用設(shè)備、備品備件等工業(yè)用品。截至2023年9月30日的過去12個(gè)月，震坤行服務(wù)逾6.4萬名客戶，產(chǎn)生190萬個(gè)訂單。截至2023年9月30日，震坤行的產(chǎn)品供應(yīng)涵蓋約1720萬個(gè)SKU和所有主要MRO。

震坤行的一站式MRO采購管理服務(wù)，有別于傳統(tǒng)MRO采購服務(wù)商只專注于產(chǎn)品銷售和代理服務(wù)，公司提供生產(chǎn)采購計(jì)劃匹配、產(chǎn)品預(yù)篩選、智能推薦、庫存優(yōu)化等一站式MRO采購管理服務(wù)。

震坤行的數(shù)字化MRO采購解決方案為ZKH客戶和GBB客戶提供各種數(shù)字采購接口和解決方案。此外還為整個(gè)MRO行業(yè)價(jià)值鏈的參與者提供數(shù)字服務(wù)，以提高客戶和供應(yīng)商對(duì)平臺(tái)的忠誠度。

震坤行亦提供端到端服務(wù)，搭建覆蓋全國的“最后一公里”的交付網(wǎng)絡(luò)。截至2023年9月30日，震坤行在中國的履約網(wǎng)絡(luò)包括30個(gè)配送中心、96個(gè)中轉(zhuǎn)倉庫、4000多臺(tái)EVM智能自動(dòng)售貨機(jī)。

股東架構(gòu)

招股書顯示，震坤行在上市前的股東架構(gòu)中，A類股份每股可投1票，B類股份每股可投25票，其中：

陳龍 Long Chen，通過Phoenix ZKH Limited持有890,677,378股B類股，持股16.2%；

* 其他管理層股東的持股實(shí)體及員工持股平臺(tái)，將其所持的所有B類股表決權(quán)將不可撤銷的完全委托于陳先生，涉及270,402,622股B類股。

李俊雨 Junyu Li，通過June Rain Max Limited持有50,000,000股B類股，持股0.9%；

吳曉依Xiaoyi Wu，通過YIII Limited持有57,541,800股，持股1.0%。

其他董事包括陳雙翼 Shuangyi Chen、別豐毅 Fengyi Bie、楊昌湘 Changxiang Yang持股比例少于1%。

Eastern Bell (鐘鼎資本)，持股14.9%；

Genesis Capital (元生資本)，持股10.2%；

騰訊，持股9.4%；

加拿大養(yǎng)老金，持股6.4%；

Internet Fund IV(老虎環(huán)球旗下基金)，持股5.3%。

其他包括云鋒基金、國調(diào)基金、中投海外、普洛斯、建發(fā)新興投資、尚頎資本、元禾辰坤、殼牌中國、元禾母基金、惠友投資、紅橋創(chuàng)投等亦為震坤行的投資者。

公司架構(gòu)

招股書顯示，震坤行的公司架構(gòu)如下：

管理層

招股書顯示，震坤行的管理層如下：

陳龍 Mr. Long Chenis our founder, director, and chief executive officer. He has served in these roles since our inception. Mr. Chen is in charge of our overall strategy formation and management, operations, product development and research development. Mr. Chen received an executive MBA degree from China Europe International Business School in 2023.

李俊雨 Mr. Junyu Li has served as our director since December 2021. Mr. Li has served as our vice president since June 2018. Mr. Li joined us since our inception and served multiple positions in our company since then. Mr. Li received a bachelor’s degree in environmental engineering from Fudan University in 2002.

陳雙翼 Ms. Shuangyi Chenhas served as our director since December 2021. Ms. Chen has served as our vice president since June 2018. Prior to joining us, Ms. Chen served as a director of Asia Pacific financial planning and analysis (FP&A) at Johnson Controls (China) Investment Co., Ltd. from September 2016 to April 2018. From June 2011 to August 2016, Ms. Chen served as the chief financial officer at Comau China. Before that, Ms. Chen had various experience in accounting and finance. Ms. Chen received a bachelor’s degree in international accounting from Shanghai University of International Business and Economics in 1998 and a master’s degree in business administration from Shanghai University of Finance and Economics and Webster University in 2011. Ms. Chen is also a certified general accountant of Canada.

別豐毅 Mr. Fengyi Biehas served as our director since May 2022. Mr. Bie has served as our vice president since January 2018, responsible for sales to our enterprise customers. Mr. Bie also currently serves as a general manager at Shanghai Hangli Industrial Co., Ltd., one of the subsidiaries of ZKH Supply Industrial, where he is responsible for daily business operations and management. Prior to that, Mr. Bie served multiple positions in 3M China Ltd. from April 2005 to December 2017, with the last position held as a senior sales general manager. Mr. Bie received a bachelor’s degree in mechatronics from Zhengzhou University in 2002 and a master’s degree in business management from Business School Netherlands in 2018.

楊昌湘 Mr. Changxiang Yanghas served as our director since December 2021. Mr. Yang has served as our vice president since December 2018. Mr. Yang joined us since our inception and served multiple positions in our company since then. Prior to that, Mr. Yang served as a sales manager at Shanghai Athan Industrial Co., Ltd. from May 2011 to February 2012 and a sales manager at EHSY from December 2007 to May 2011. Mr. Yang received a bachelor’s degree in electronic information engineering from Nanjing University of Science and Technology in 2007.

吳曉依 Ms. Xiaoyi Wuhas served as our director since December 2021. Ms. Wu has worked at Ruiqi Holdings Corporation since April 2018 and currently serves as an assistant to the chairman, an assistant to the president, and a director of the investment department of Ruiqi Holdings Corporation. Prior to that, Ms. Wu was an entrepreneur in the e-commerce industry from July 2014 to March 2018. Ms. Wu received a bachelor’s degree in business communication from Shanghai University of International Business and Economics in 2012 and a bachelor’s degree in business communication from University of Central Lancashire in 2013.

朱迎春 Mr. Yingchun Zhu has served as our director since December 2021. Mr. Zhu has been a partner of Eastern Bell Capital since September 2009. Prior to joining Eastern Bell Capital, Mr. Zhu served as a vice president in Industrial and Commercial East Asia Capital Limited from August 2005 to August 2009. Mr. Zhu served as a vice president in Shanghai Rongbo Investment Management Co., Ltd. since August 2004. From July 2002 to July 2004, Mr. Zhu served as an investment manager of Shenwan Hongyuan Group Co., Ltd. (formerly known as Shenyin & Wanguo Securities Co., Ltd.). Mr. Zhu received a bachelor’s degree in tourism management from Fudan University in 1999 and a master’s degree in tourism management from Fudan University in 2002.

盧山 Mr. Shan Lu has served as our director since April 2023. Mr. Lu has served as an executive director of Yunfeng Capital Limited since 2017. Prior to that, Mr. Lu served as the chief financial officer and the board secretary of Beijing Xinpianchang Media Joint Stock Company from 2016 to 2017. Mr. Lu served as a senior investment director in Fosun Group from 2013 to 2016. From 2008 to 2012, Mr. Lu served as a product director in China Mobile Limited (SHA: 600941; SEHK: 00941). Mr. Lu received a bachelor’s degree in electronic information science and technology and a master’s degree in communication and information system from Beijing University of Posts and Telecommunications in 2005 and 2008, respectively. Mr. Lu also received a master’s degree in business administration from Tsinghua University in 2014.

王肖璠 Ms. Cindy Xiaofan Wangwill serve as our independent director upon the effectiveness of our registration statement on Form F-1, of which this prospectus is a part. Ms. Wang has served as the chief financial officer of Trip.com Group Limited (Nasdaq: TCOM), since November 2013 and its executive vice president since May 2016. Prior to that, Ms. Wang was its vice president since January 2008. Ms. Wang joined Trip.com Group Limited in December 2001 and has held a number of managerial positions. Ms. Wang won the Best CFO Award by Institutional Investor in the 2017 All-Asia Executive Team Rankings in 2017, and China Best CFO Leadership Award by SNAI/ACCA/Korn Ferry in 2021. Previously, Ms. Wang worked with PricewaterhouseCoopers Zhong Tian CPAs Co., Ltd. from 1997 to 1999. Ms. Wang has been a director of MakeMyTrip Limited (Nasdaq: MMYT) since August 2019. She also served on the board of directors of Huazhu Group Limited (Nasdaq: HTHT, SEHK: 1179) from January 2018 to July 2020. Ms. Wang received a master of business administration from Massachusetts Institute of Technology in 2013 and obtained her bachelor’s degree from Shanghai Jiao Tong University in 1997. Ms. Wang is a Certified Public Accountant (CPA).

徐赫 Mr. He Xuwill serve as our independent director upon the effectiveness of our registration statement on Form F-1, of which this prospectus is a part. Mr. Xu joined Lenovo in 2001 and has held a number of managerial positions. Mr. Xu has served as chief executive officer of Leshines Zhida (Hainan) Supply Chain Management Co., Ltd., an indirect subsidiary of Lenovo Group Limited (SEHK: 0992), since its inception. Prior to that, Mr. Xu served as chief transformation officer of Lenovo’s global supply chain strategy and operation team from June 2016 to March 2021, strategy and operation director of Lenovo’s PC and Enterprise Business Group global operation team from September 2015 to May 2016, and chief operating officer and board secretary of LC Future Center Limited from July 2014 to August 2015. Mr. Xu received a bachelor’s degree in management science and technology from Beijing Jiaotong University in 2000. Mr. Xu is currently attending an executive education program on the digital transformation of enterprises at China Europe International Business School.

賴俊超 Mr. Chun Chiu Lai has served as our chief financial officer since February 2022. Prior to joining us, from April 2014 to June 2021, Mr. Lai worked at China International Capital Corporation Hong Kong Securities Limited, with his last position being an executive director in the investment banking division, advising clients on initial public offerings, mergers and acquisitions and other strategic transactions. Mr. Lai received a bachelor’s degree in business administration from Hong Kong University of Science and Technology in 2008 and a master’s degree from the University of Nottingham in 2010.

Mr. Yang Liu has served as our chief technology officer since April 2023. Mr. Liu has extensive experience in technical management. Prior to joining us, Mr. Liu served as a general manager at Alibaba (Beijing) Software Services Co., Ltd. from October 2014 to March 2023, where he oversaw the business unit covering e-commerce, cloud-computing and digital media. Mr. Liu served as a senior technical product manager at Lenovo (Beijing) Co., Ltd. from March 2011 to October 2014 and a technical architect at Amlogic (Shanghai) Co., Ltd. (SHA: 688099) from December 2007 to February 2011. Mr. Liu received a bachelor’s degree in computer science and technology from Beijing University of Posts and Telecommunications in 2005 and a master’s degree in computer science and technology from Tsinghua University in 2007.

公司業(yè)績

招股書顯示，在過去的2020財(cái)年、2021財(cái)年、2022財(cái)年和2023財(cái)年前九個(gè)月，震坤行的收入分別為人民幣46.20億、75.00億、80.87億和60.17億元，相應(yīng)的凈虧損分別為人民幣3.97億、10.94億、7.31億和3.25億元。

中介機(jī)構(gòu)

震坤行是次IPO的的中介團(tuán)隊(duì)主要有：德意志銀行、華興資本、中金公司(39.880, 0.39, 0.99%)為其聯(lián)席承銷商；普華永道為其審計(jì)師；漢坤、世達(dá)分別為其公司中國律師、公司美國律師；通商、凱易為其承銷商中國律師、承銷商美國律師。

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