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China's Uber for Trucks Heads for Over $ 1 Billion US IPO - Texas News Today
Chinese startup Full Truck Alliance Co., which provides Uber-like services to the truck industry, has filed an initial public offering of over $ 1 billion in the United States. The company that owns the Japanese SoftBank Group Corp. The Vision Fund and Alphabet Inc., among its many well-known...
texasnewstoday.com
Chinese startup Full Truck Alliance Co., which provides Uber-like services to the truck industry, has filed an initial public offering of over $ 1 billion in the United States.
The company that owns the Japanese SoftBank Group Corp.
The Vision Fund and Alphabet Inc., among its many well-known backers, are seeking to raise at least $ 1 billion, with valuations ranging from $ 20 billion to $ 30 billion, according to people familiar with the matter. It could raise up to $ 2 billion, according to some sources.
The Full Truck Alliance, also known as the Manbang Group, operates a mobile app that connects truck drivers with companies that need to transport goods within China. According to a survey by China Insights Consultancy commissioned by the company, it was the world’s largest digital freight platform in terms of total transaction value last year.
On Thursday, the company posted a preliminary listing on the US Securities and Exchange Commission’s website. It didn’t disclose the details of the funding or the plans to list on the New York Stock Exchange, and tentatively used $ 100 million to calculate the registration fee.
The startup has attracted investors around the world, with a valuation of $ 11.7 billion as of November. In addition to SoftBank and Alphabet, Sequoia Capital China and Tencent Holdings are also included. Co., Ltd., Hillhouse Capital Group, GGV Capital supporters are indicated in the filings.
The Full Truck Alliance is aiming to go public despite Chinese regulators cracking down on the tech sector.Campaign that swept Internet giants such as Alibaba Group Holding Co., Ltd.
And Meituan focuses on issues such as competition and data usage.
Earlier this month, nine other transportation technology groups, including the company and a ride-hailing company, were summoned for talks with officials from eight Chinese ministries.
In the prospectus, the company said it was asked to share details with regulators on issues such as user protection, pricing and competition. He said he could not guarantee that he would not face “heavy fines” in the future or be ordered to adjust his business in ways that could undermine growth or financial results.
The Full Track Alliance warned that the 2017 merger, which established the company between Yunmanman and two predecessors known as Huo Cheban, could also face scrutiny.
Based in Guiyang, southwestern Guizhou, the Full Track Alliance operates in more than 300 cities in China. Last year, it posted a net loss of $ 531.9 million and revenue of $ 395.5 million, driving orders worth $ 26.6 billion. Last year’s performance included an expense of $ 534.3 million as a stock-based compensation.
The Full Truck Alliance collects membership fees from truck drivers and fees for transactions facilitated by them. We also provide drivers with services such as financing and insurance, and sell fuel cards and used trucks.
The company will be listed under the ticker YMM.Contract underwriters include Morgan Stanley units,
China International Capital Co., Ltd.
And Goldman Sachs Group Co., Ltd.
On Friday, another major logistics listing in China was completed and JD Logistics Inc. shares began trading in Hong Kong. JD.com inventory Co., Ltd.
Following the sale of shares that raised nearly $ 3.2 billion, the unit rose nearly 11% in the morning trading.
