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.

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, although dwarfed by 2017's Chinese $11.6 billion private buyout of Global Logistic Properties GLP, a business with a portfolio of warehouse assets in China but also across Asia, the Americas, and...

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