What truck app's huge haul says about China's logistics boom

Softbank, Alphabet and Tencent join venture capital, private equity firms to pump $1.9 billion into truck-hailing portal Manbang. The deal underlines the heat around China's logistics sector.

What truck app's huge haul says about China's logistics boom

A star-studded consortium involving Softbank, Alphabet, and Tencent is set to invest $1.9 billion in truck-hailing platform Manbang Group, marking the Chinese logistics sector's second billion-dollar private fundraising in three months.

The joint investment, announced on Tuesday, follows JD Logistics’ $2.5 billion capital-raising in February, which is China's largest private funding deal so far this year. This is also Chinese logistics industry's largest private funding deal to date,...

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