Chinese startup Full Truck Alliance said to eye $1.5b New York IPO

Photo by Robson Hatsukami Morgan on Unsplash

Chinese startup Full Truck Alliance aims to raise around $1.5 billion from its initial public offering in New York which will value the company at more than $20 billion, a source familiar with the matter said on Tuesday.

CNBC reported earlier on Tuesday that Full Truck Alliance could file for a U.S. listing as early as this week.

Full Truck Alliance, the result of a 2017 merger between truck service platforms Yunmanman and Huochebang, connects drivers with truck owners and their mutual client base. The company, often described as China’s “Uber for trucks”, is backed by Tencent and SoftBank.

Full Truck Alliance declined to comment. The person declined to be identified as the information is confidential.

The company, which has over 10 million registered truck drivers and more than 5 million truck owners on its platform, plans to use the funds for technology, service and business model innovations.

On-demand logistics service in China is crowded, with Manbang, Huolala and Kuaigou as market leaders. Didi Chuxing is also offering a logistics service.

Plus, a startup working on autonomous driving trucks in which Full Truck Alliance has an investment, said on Monday it would go public through a merger with blank-check company Hennessy Capital Investment Corp V in a deal that values the self-driving truck technology startup at $3.3 billion.

Reuters

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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.