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Industry Overview

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Industry Overview THIS DOCUMENT IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT. INDUSTRY OVERVIEW The information and statistics in this section, unless otherwise indicated, are derived from various private and official governmental publications, publicly available sources and the Frost and Sullivan Report, a market research report prepared by Frost and Sullivan and commissioned by our Group. We believe that the sources of the information in this section are appropriate sources for such information, and we have taken reasonable care in extracting and reproducing such information. We have no reason to believe that such information is false or misleading or that any fact has been omitted that would render such information false or misleading. The information prepared by Frost and Sullivan and set out in this section has not been independently verified by us, the Sole Sponsor, the [REDACTED], the [REDACTED], the [REDACTED] or any other party involved in the [REDACTED] and we do not give any representations as to its accuracy or correctness and accordingly it should not be relied upon in making, or refraining from making, any investment decision. SOURCE AND RELIABILITY OF INFORMATION Our Group commissioned Frost and Sullivan, an independent market research company, to conduct an analysis of, and to produce a report on, the logistics, third party logistics service and cargo terminal operating service market study in Hong Kong and the PRC for use in this document. Frost and Sullivan is an independent global consulting firm founded in 1961, and offers industry research, market strategies and provides growth consulting and corporate training on a variety of industries. The information from Frost and Sullivan disclosed in this document is extracted from the Frost and Sullivan Report, a report commissioned by us for a fee of HK$650,000 and is disclosed with the consent of Frost and Sullivan. The Frost and Sullivan Report was undertaken through both primary and secondary research obtained from various sources. Primary research included interviews with industry experts and participants in the PRC logistics services market. Secondary research involved reviewing the statistics published by the government official statistics, industry publications, annual reports and databasedonFrostandSullivan’s own database. Frost and Sullivan also adopted the following primary assumptions while making projections on the macroeconomic environment, the overall the logistics, third party logistics service and cargo terminal operating service markets in Hong Kong and the PRC: . Hong Kong and the PRC’s economy are expected to grow at a steady rate supported by favourable government policies as well as global economic recovery, among other factors; and . The social, economic and political environment of Hong Kong and the PRC (including its relationship with the United States) is likely to remain stable during the forecast period, which would ensure a sustainable and steady development of the logistics services market in Hong Kong and the PRC. Except as otherwise noted, all of the data and forecasts contained in this section are derived from the Frost and Sullivan Report. The year-end for the market size and competitive landscape analysis is based on our financial year (i.e. 31 March) and the year-end for the other tables is based on calendar year (i.e. 31 December) unless otherwise specified. Our Directors confirm that after taking reasonable care, the sources of information used in this section, which are extracted from the Frost and Sullivan Report, are reliable and not misleading as Frost and Sullivan is an independent professional market research agency with extensive experience, and there is no material adverse change in the overall market information since the date of the Frost and Sullivan Report that would materially qualify, contradict or have an impact on such information. MACRO ECONOMIC ENVIRONMENT OVERVIEW OF GLOBAL AIR CARGO SERVICES MARKET Industry Value Chain of Air Cargo Services Market Service providers in air cargo services market usually offer specialised logistics services to the shipper at the origin and at the destination of the shipment throughout the entire logistics operation. Prior to delivery, the freight forwarder will arrange flight bookings, cartage for crating and consolidation at the service provider’s facility and delivery to airport at the origin for loading. The service continues when the cargo arrives at the cargo terminal of its destination where agency or partner of the freight forwarder will provide services including crate breakdown, storage, distribution and delivery to the consignee through warehousing and land freight transportation services providers. – 61 – THIS DOCUMENT IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT. INDUSTRY OVERVIEW The flowchart below illustrates the value chain of the air cargo services market: Outbound Outbound Inbound Inbound Forwarding Handling Airline Handling Forwarding Agent Agent Agent Agent Receiver Transportation Cargo Transportation Air Transport Cargo Transportation Transportation Shippcr terminal operation terminal operation terminal operation terminal operation Documention Warehousing Ramp Handling Documention Terminal Trasport Ramp Handling Warehousing Deconsolidation Customs Office Customs Office Source: Frost & Sullivan International Merchandise Trade Volume With the undesirable global economic performance in 2015 and 2016, the international trade performance, as well as the performance of the APEC countries, has been heavily affected in recent years. From 2013 to 2018, the international merchandise trade volume has decreased from USD18,950.6 trillion in 2013 to USD19,475.4 trillion in 2018, representing a CAGR of approximately 0.5%. The merchandise trade in APEC has also recorded a positive CAGR of approximately1.4%from2013to2018.Theeconomy in European countries and USA have recovered since 2017 which has also improved the international trade performance since 2017. It is therefore expected the merchandise trade volume will reach approximately USD24,735.3 trillion by 2023 with a CAGR of approximately 4.9% from 2019 to 2023. International Merchandise Trade Volume (World & APEC Region), 2013–2023E CAGR 2013-2018 2019E-2023E Total 0.5% 4.9% USD Trillion APEC 1.4% 7.7% 30,000 APEC Rest of the World -0.2% 1.8% 24,735.3 25,000 Rest of the World 23,577.2 22,480.4 21,409.9 20,429.3 19,475.4 20,000 18,950.6 18,984.5 17,731.9 16,530.6 16,030.5 12,956.4 13,928.1 11,180.4 12,052.5 15,000 8,938.3 9,114.7 9,585.4 10,352.2 8,320.2 7,990.7 8,811.3 10,000 9,890.0 10,077.1 10,229.5 10,427.9 10,620.8 10,807.2 5,000 10,012.4 9,869.8 8,210.4 8,039.8 8,920.6 0 2013 2014 2015 2016 2017 2018 2019E 2020E 2021E2022E 2023E Source: World Trade Organisation, Frost & Sullivan OVERVIEW OF AIR CARGO SERVICES MARKET IN HONG KONG AND THE GREATER BAY AREA Hong Kong plays an important role in the international air cargo market as it remains as the world’s busiest air cargo hub in 2018 according to the Airports Council International. There are currently 3 cargo terminals at the Hong Kong International Airport which are capable to process about 7.4 million tonnes of cargo annually, whereas the Guangzhou Baiyun International Airport and the Shenzhen Bao’an International Airport are two of the five largest air cargo airports in China in 2018. During 2013 to 2018, air cargo service market experienced a steady growth, which is reflected by the fact that air cargo throughput increased from approximately 4.1 million tonnes in 2013 to 5.0 million tonnes in 2018, representing a CAGR of 4.1%. The increase of inbound and outbound cargo is driving the air cargo throughput growth in Hong Kong. The increasing demand from the growing global e-commerce activities is expected to provide a strong growth momentum to the air cargo market growth at a CAGR of approximately 2.6% from 2019 to 2023, reaching approximately 5.6 million tonnes in 2023. – 62 – THIS DOCUMENT IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT. INDUSTRY OVERVIEW Market Size of Cargo throughput by Air Transport in Hong Kong, 2013–2023E 2013-2018 2019E-2023E CAGR 4.1% 2.6% Million Tonnes 6.0 5.6 5.3 5.4 5.5 5.1 5.1 4.9 5.0 5.0 4.4 4.4 4.5 4.5 4.1 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2013 2014 2015 2016 2017 2018 2019E 2020E 2021E2022E 2023E Source: Frost & Sullivan Market Potential in the Greater Bay Area The rapid development of air logistic infrastructure in Hong Kong, Guangzhou and Shenzhen have supported the growth of air logistic market in the Greater Bay Area recently. From 2013 to 2017, the total air cargo throughput has increased from approximately 6,901.4 thousand tonnes in 2013 to 9,276.3 thousand tonnes in 2018, representing a CAGR of 6.1%. With the governmental policy on developing the Greater Bay Area, the logistic service in the Area is expected to grow further. It is therefore expected that the total air cargo throughput will reach approximately 11,714.3 thousand tonnes by 2023, with a CAGR of approximately 5.0% from 2019 to 2023. Cargo Throughput by Air Transport in the Greater Bay Area, 2013–2023E 2013-2018 2019E-2023E CAGR 6.1% 5.0% Thousand tonnes 11,714.3 12,000 11,103.6 10,544.7 11,000 10,014.0 9,628.8 10,000 9,276.3 8,597.1 9,000 7,956.0 8,000 7,374.4 7,537.7 6,901.4 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 2013 2014 2015 2016 2017 2018 2019E 2020E 2021E2022E 2023E Source: Frost & Sullivan Cost Factors of Air Cargo Services Market Logistics related personnel include labour who are engaged in (i) import and export trading; (ii) land transport; and (iii) other logistic services such as warehouses.
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