China's 'Uber For Trucks' Seeks To Raise $1B+ from NYSE IPO: WSJ

  • SoftBank Group Corp SFTBY SFTBF and Alphabet Inc GOOG GOOGL- backed Chinese Uber Technologies Inc UBER-like truck service provider Full Truck Alliance Co has filed for an NYSE initial public offering (IPO) at a valuation range between $20 billion - $30 billion, the Wall Street Journal reports.
  • Full Truck Alliance, also called Manbang Group, plans to get listed under the ticker symbol “YMM” and raise up to $2 billion.
  • Yunmanman and Huochebang merged in 2017 to form Manbang.
  • Manbang runs a mobile app that connects truck drivers to goods transporting businesses within China.
  • The company collects transactional membership fees from truck drivers and commissions. It also offers drivers financing and insurance services, including fuel cards and second-hand truck sales.
  • It reported a net loss of $531.9 million, on revenue of $395.5 million in 2020, and enabled $26.6 billion orders.
  • Manbang’s other sponsors include Sequoia Capital China, Tencent Holdings Ltd TCEHY, Hillhouse Capital Group, and GGV Capital.
  • Earlier this month, eight Chinese ministries and agencies summoned Manbang and nine other transport technology groups for meetings amid a heightened regulatory crackdown on the tech sector.
  • Price action: SFTBY shares traded higher by 2.28% at $38.20 on the last check Friday.
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