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Alibaba-backed Best Logistics Technologies plans US IPO in January
ALIBABA-BACKED Chinese logistics company Best Logistics Technologies is expected to stage an initial public offering in January, reports the Wall Street Journal.
Backed by tech giants Alibaba and Foxconn, Best Logistics, based in Alibaba's hometown of Hangzhou, was valued at US$3 billion after raising $760 million from new investors, according to people familiar with the deal.
Investors included Fosun International, SoftBank China Venture Capital, Alibaba's own logistics unit, Cainiao Network and the World Bank's private-sector investment arm, International Finance Corp, according to a company statement.
Chinese logistics companies that support the country's rapidly growing e-commerce industry have attracted billions of dollars from investors.
ZTO Express raised $1.4 billion from its New York IPO in October, making it the largest such offering in the US this year.
Founded in 2007 by Johnny Chou, Google China's former co-president, Best Logistics has grown quickly by building a warehouse and distribution network across China.
Best Logistics operates 400 centres in China as well as three warehouses in the US and one in Germany. It expanded its logistics business to Australia, Japan and Thailand this year. The company also provides domestic and international delivery services for China's online shoppers.
Backed by tech giants Alibaba and Foxconn, Best Logistics, based in Alibaba's hometown of Hangzhou, was valued at US$3 billion after raising $760 million from new investors, according to people familiar with the deal.
Investors included Fosun International, SoftBank China Venture Capital, Alibaba's own logistics unit, Cainiao Network and the World Bank's private-sector investment arm, International Finance Corp, according to a company statement.
Chinese logistics companies that support the country's rapidly growing e-commerce industry have attracted billions of dollars from investors.
ZTO Express raised $1.4 billion from its New York IPO in October, making it the largest such offering in the US this year.
Founded in 2007 by Johnny Chou, Google China's former co-president, Best Logistics has grown quickly by building a warehouse and distribution network across China.
Best Logistics operates 400 centres in China as well as three warehouses in the US and one in Germany. It expanded its logistics business to Australia, Japan and Thailand this year. The company also provides domestic and international delivery services for China's online shoppers.
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