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.