Hong Kong logistics start-up Lalamove files confidentially for US$1 billion US listing
- Lalamove’s filing comes as logistics firms have gained popularity among investors during the coronavirus pandemic
- Its filing follows offerings by JD Logistics and Full Truck Alliance
The company, which is known as Huolala in China, is seeking to raise at least US$1 billion in the offering, the people said. The fundraising amount and other details of offering are subject to change depending on investor demand, the people said, asking not to be identified as the information is private.
Lalamove has no specific timetable or plans for going public, a company representative said when contacted by the South China Morning Post.
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Lalamove was founded in 2013 by Chow Shing-yuk, a Stanford graduate and former professional poker player. It operates in more than 20 markets in Asia, Latin America and the US, and has a pool of more than 700,000 driver partners.
“Our first choice is always [to list in] Hong Kong,” he said at the time. “I’m from Hong Kong, and I think that [the city] needs some examples of successful tech companies listing here.”