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US$700m for shipper
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A Chinese logistics company partly owned by Alibaba Group Holding Ltd is raising US$700 million in a new fundraising round as investors pour money into China’s rapidly growing e-commerce infrastructure.
Best Logistics Technologies Ltd, based in Alibaba’s hometown of Hangzhou, is raising the funds ahead of a planned initial public offering, according to a disclosure statement by the World Bank’s private-sector investment arm, the International Finance Corp. The IFC said it is considering investing as much as US$30 million in the company. The latest fundraising round will help Best Logistics expand and pursue acquisitions ahead of an initial public offering, according to the IFC disclosure statement. The timing and venue for Best Logistics’ IPO is unclear.
Founded in 2007 by Google China’s former co-president, Johnny Chou, the Chinese logistics company has grown quickly to build a warehousing and distribution network across China. It operates 400 distribution centers within China as well as three warehouses in the US and one warehouse in Germany.
Private-equity funds and other investors have been eager to put money into China’s logistics sector because it gives them a way to make money from the growth of e-commerce without the risk associated with technology startup bets.
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