President of ZJS Express Resign

After the failure of the listing plan, the ZJS Express trys to lay off through the winter. Yesterday, reporters learned that Ping Chen will resign from prisident of ZJS Express, his brother Xianbao Chen will take over the position.

According to informed sources, due to the shrinking market, ZJS Express accumulated losses of nearly billion RMB. Ping Chen's prestige in company reduced dramatically. Chen is likely to leave at the end of this month.

ZJS was founded on 18th Jan 1994. Its log was stemmed from the imagination of Pin Chen, who is the chief officer of ZJS. The monkey is a symbol of Sun Wukong, a mythical person who can move a great distance by only one fall; carrying a parcel represents small package express; the circle means service between door to door; the green symbolizes life and the forever passion of ZJS.

At the end of 2006, ZJS' total asset reaches 500 million RMB; the number of its employee is 10,000 and it has more than 1800 transportation vehicles. The annual turnover is 70 million with more than 45% increase annually. It has 480 branches.

Since then, there always has been news about its listing. In September of this year, the official said ZJS gave up the listing plan.

Earlier this month, ZJS started the "optimization of layoffs". There are more than 5,000 employees will be fired.

The professionals said the private express enterprises didn't have the advantage of capital as foreign competitors. And being impacted by the inflation, global investment reduction, even if ZJS Express has such problems, and that the whole epress industry will also cause for concern.

Originally Posted: China Business Daily
Author: Angulo Fu