China’s Full Truck Alliance might file for $30 billion US IPO this week

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Trucks and other vehicles are traveling on a freeway in this aerial photo captured in Shanghai, China on Wednesday March 25, 2020. Full Truck Alliance or Manbang tries to connect truck drivers with those who want to ship goods.

Qilai Shen | Bloomberg | Getty Images

GUANGZHOU, China – A Chinese truck start-up could publicly apply for a US listing this week, which could value the company at up to $ 30 billion, a knowledgeable person told CNBC.

The Full Truck Alliance connects truck drivers with people who want to ship items. This model often earns the company the title “Uber for Trucks”.

Bloomberg reported in February that the Full Truck Alliance, known as Manbang in Chinese, had already filed a confidential IPO with US regulators.

But the start-up could release its filing as early as this week and will likely choose the New York Stock Exchange as its listing location, the person said.

The Full Truck Alliance could raise around $ 1.5 billion from the IPO, valued at between $ 20 billion and $ 30 billion, said the source, who wanted to remain anonymous as they weren’t allowed to speak publicly.

A company representative was not immediately available to comment.

The Full Truck Alliance was founded in 2017 after the two truck service platforms Yunmanman and Huochebang merged. It makes money by collecting membership fees for those who want to ship goods and also cutting down on transactions, much like Uber does.

In November, the Full Truck Alliance raised $ 1.7 billion from a number of high profile supporters, including SoftBank and Tencent.

China’s logistics market is becoming more and more competitive. The Full Truck Alliance competes with other companies like Huolala. Giants like Alibaba and Tencent are also placing more emphasis on growing their own logistics business.

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