CITIC Private Equity has led a US$760 million new funding round in Chinese logistics company Best Logistics ahead of a planned initial public offering, with participation from existing investors Cainiao Network, Goldman Sachs and CDH Investments.
New investors China Development Bank International Investment Ltd. and Fosun International also participated in the round.
Best Logistics says it will use the proceeds on improving technology, adding financial services and international expansion.
In January, it was revealed that Best Logistics was raising around US$700 million ahead of a planned initial public offering, as the International Finance Corp disclosed that it was considering investing as much as US$30 million in the round.
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