Three Wharton dealmakers set sights on China trucking industry

Hong Kong

IN 2001, three Chinese men all named Richard enrolled in the University of Pennsylvania's Wharton School before heading for high-flying careers as bankers and dealmakers. More than 15 years later, they've teamed up to stake their future on building an Uber-like service for the country's convoluted trucking industry.

Their company, Truck Alliance Inc, known as Huochebang or truck gang in Chinese, is trying to bring the smartphone age to a trillion-dollar industry that carries 80 per cent of the country's cargo, yet has haulers standing empty almost half the time. Founded little more than three years ago, the company has joined the billion-dollar valuation club and raised US$270 million.