Chinese logistics firm Best Logistics Technology Co., backed by Alibaba Group Holding Ltd. and Hon Hai Precision Industry Co., is planning to raise US$1 billion via an initial public offering in the U.S. later this year.
The Hangzhou-based logistics company is currently selecting an investment bank to help it go public, most likely in September or October, according to media reports citing insiders.
In February, China's largest express delivery firm S.F. Express completed a back-door listing on the Shenzhen Stock Exchange, after four major Chinese courier delivery companies all completed public listings.
Last September, CITIC Private Equity led a US$760 million pre-IPO funding round in Best Logistics before its planned listing. Best Logistics was reportedly worth over US$3 billion after that round. It's unclear what valuation it wil...
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