Carlyle-backed Chinese logistics firm ANE files for Hong Kong IPO

Photo by Markus Spiske from Pexels

Shanghai ANE Logistics Ltd, a less-than-truckload (LTL) shipping operator, has filed for an initial offering (IPO) on the main board of the Hong Kong Stock Exchange.

The company did not disclose the size of the offering in its IPO filing. According to a February report by Bloomberg, ANE Logistics was mulling a $500 million listing.

ANE Logistics plans to use the IPO proceeds to acquire up to 10 key transit hubs in strategic locations, boost its line-haul truck fleet, develop its technology further and meet working capital requirements.

CICC Capital and JPMorgan Chase are the joint sponsors of the IPO.

ANE’s key shareholders include Centurium Capital (27.81% stake), CDH Investments (10.39%) and CPE (6.87%). Other investors include NWS Holdings, Ping An, Carlyle Group, GBA Investments and Goldman Sachs.

Founded in 2010, ANE Logistics operates an express freight network. It claims to have registered the largest freight volume in 2020 at approximately 10.2 million tons and boasts a market share of 17.2%.

ANE’s annual revenue from its less-than-truckload business stood at 5.3 billion yuan ($831 million) in 2019 and 7.1 billion yuan ($1.1 billion) in 2020. It incurred a net loss of 214.9 million yuan ($33.44 million) in 2019 and a net profit of 218.2 million yuan ($33.96 million)in 2020.

Before filing for the IPO, in February 2021, ANE Logistics had secured about $300 million in a strategic investment led by CPE that was joined by Greater Bay Area Homeland Investments (GBA Investments), Creo Capital, Huagai Capital and NWS Holdings.

In January last year, Centurium Capital, Goldman Sachs and Carlyle Group had collectively injected over $300 million in a Series F round in ANE Logistics.

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.