Chinese mobile logistics app 58 Suyun, operated by New York-listed online classifieds site 58.com’s online-to-offline life services spinoff 58 Home, has merged with intra-city logistics platform GoGoVan, the two announced on Monday.
The transaction creates Asia’s largest online platform in the intra-city logistics and freight business, according to the announcement. It also values the merged company which will be branded as 58 Suyun in the mainland market and GoGoVan offshore including Hong Kong at more than $1 billion, making it the first unicorn in Hong Kong, according to executives.
“If this merged company is valued at $1 billion only, for some of...
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