Temasek-backed trucking startup G7 weighs US$500m Hong Kong IPO: sources
[HONG KONG] G7, a fleet management company backed by Temasek Holdings, is weighing an initial public offering in Hong Kong that could raise about US$500 million as soon as this year, people with knowledge of the matter said.
The Chinese firm is working with China International Capital (CIC), Citigroup and Morgan Stanley on the proposed share sale, said the people, who asked not to be identified as the information is private. Deliberations are ongoing and details of the fundraising such as size and timing could change, the people said.
Representatives for CIC, Citigroup and G7 declined to comment, while a representative for Morgan Stanley didn't immediately respond to requests for comment.
G7 uses artificial intelligence and Internet of Things technology to manage road freight and logistics services. It employs anti-fatigue cameras to call out bad driving, built-in advanced driver-assistance systems to send warnings about insufficient space between vehicles on highways, and real-time cargo weighing to prevent stealing.
The company was founded in 2010 and takes its name from the G7 Beijing-Urumqi Expressway, the world's longest desert highway. It raised US$200 million in a round led by Trustbridge Partners and CS Capital in February, according to a press release.
G7 formed a joint venture in 2018 with Singapore-based investor GLP Pte and Nio Capital, a unit of electric vehicle maker Nio, to focus on areas such as developing smart heavy-duty trucks powered by autonomous driving and logistics big data, a separate press release shows.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
The startup counts GLP, Bank of China and Tencent Holdings among its backers. BLOOMBERG
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Startups
GoTo narrows Q1 loss to 420 billion rupiah with TikTok deal, cost cuts
Health-tech startup Thrixen bags US$7 million from 22Health Ventures, Aldevron co-founder
Mergers, closures, diversification: What is happening to Singapore’s cultivated meat sector?
Singapore’s Geniebook edutech startup seizes Vietnam opportunities
Foodpanda doubles down on quick commerce with house-brand grocery products
High Court dismisses bid by co-founder and CTO to liquidate Cake Group