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Truck Alliance, also called Manbang, is in advanced talks with new and existing backers including SoftBank and Tencent.
Tencent, whose internal venture arm is co-led by Forest Lin and Jeffrey Li, is one of China’s most prolific investors, seeding at least 600 companies.
The latest round was reportedly led by Hillhouse Capital and Tiger Global Management.
Beijing has never officially endorsed VIEs; they were pioneered by Sina Corp. and its investment bankers with its initial public offering in 2000. Shareholders may have difficulty enforcing rights in China should there be breaches of faith.
Zhang Yiming’s Bytedance is on its way to a more than $75 billion valuation.
Bytedance is said to be seeking around $3 billion in the current round.
Wang Xing, 39, is the latest in a recent rush of newly-minted Chinese billionaires as founders take their startups public. Five tech IPOs have helped at least 16 people ring up a combined $48 billion of net worth at the time of the IPOs.
Zhang’s endeavour to transform old-school shopping using data analysis to manage inventory and shipping has driven more than $8 billion of deals in endeavourseveral years.
The Chinese financial services giant is looking for deals to build its presence abroad, acquiring technology and investing in local payment services in Southeast Asia, Korea and India.
It was Alibaba’s record-setting initial public offering that altered the country’s tech industry for good.