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FOR-U Smart Freight

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FOR-U Smart Freight
Native name
Traditional Chinese福佑卡車
Simplified Chinese福佑卡车
IndustryOnline freight
FoundedMarch 2015
Headquarters
Beijing[1]
Key people
Dandan Shan (founder, CEO)[2]
RevenueIncrease CN¥3.6 billion (2020)
Websitewww.for-u.com

FOR-U Smart Freight[3] (previously Fuyoukache,[4] also spelled Fuyou Kache;[5] Chinese: 福佑卡车[6]), or ForU Trucking,[7] also known as ForU Worldwide,[8] or simply as FOR-U,[9] is a China-based[10] road freight transport platform[11] founded by Dandan Shan[12] in March 2015.[13] It provides long-haul trucking logistics services to enterprises and third-party logistics firms[14] through web and mobile app.[15]

Invested by GLP, ZhenFund, and Legend Capital,[16] it focuses on the trucking logistics industry.[17] On March 1, 2021, ForU Trucking completed the brand upgrade and released the new name "FOR-U Smart Freight".[18] The company filed an application for listing with the SEC on May 13, 2021, and plans to list on the NASDAQ,[19] with Goldman Sachs, UBS and CICC appointed as its joint bookrunners.[20]

History

[edit]

FOR-U Smart Freight initially started in Nanjing.[21] In December 2018, it completed a Series D financing round totaling $170 million,[22] led by BOCGI[23] and Matrix Partners China.[24]

FOR-U Smart Freight's revenue in 2020 reached ¥3.6 billion ($544.3 million).[25] In Q1 2021, the firm generated revenue of ¥1.183 billion.[26]

In March 2021, FOR-U Smart Freight signed on to UN Women's WEPs to mark International Women's Day 2021.[27]

References

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  1. ^ Winnie Liu (10 March 2017). "Legend leads $36m round for China truck logistics platform". Asian Venture Capital Journal.
  2. ^ "China's ForU Trucking says big data is revolutionising freight transport". SeaNews Turkey. 19 July 2019.
  3. ^ Jiao Yue (17 December 2020). "McKinsey Interpretation: The total scale of China's road freight market in 2019 is about 5.5 trillion yuan". Securities Daily.
  4. ^ Maera Tezuka (19 Dec 2018). "Chinese truck logistics company Fuyoukache fetches US$170M in series D round". S&P Global.
  5. ^ Ding Yi (Apr 9, 2021). "Didi to Expand New Logistics Service From 8 to 19 Cities in China". Caixin Global.
  6. ^ Sora Ju (30 November 2019). "Progress of China Fintech and Deregulation" (PDF). North American Academic Research.
  7. ^ "JD.com-backed ForU Trucking mulls US$500m US IPO". International Financing Review. 25 Mar 2021.
  8. ^ Cai Ding (2021-05-17). "Road freight platform ForU Trucking launches U.S. IPO". National Business Daily.
  9. ^ Larissa Ku (25 May 2021). "China trucking player secures $200m Series E". Asian Venture Capital Journal.
  10. ^ Kirsten Korosec (May 17, 2021). "The Station: Exits at Waymo and Bird's SPAC reveals its scooter-nomics". TechCrunch.
  11. ^ Julia Fioretti (25 May 2021). "Boom in China Firms Listing in the U.S. Comes to Sudden Halt". Bloomberg News.
  12. ^ "The 5th China Finance Summit was held in Beijing". Ta Kung Pao. 2016-07-25.
  13. ^ Xiang Li; Shao-ju Lee; Bing-lian Liu; Ling Wang (29 June 2019). Contemporary Logistics in China: Interconnective Channels and Collaborative Sharing. Springer. pp. 148–. ISBN 9789811378164.
  14. ^ Brandy Betz (Jan 6, 2018). "Venture capital deals of the week". Seeking Alpha.
  15. ^ "2017 China Leading Fintech50" (PDF). KPMG. 21 December 2017.
  16. ^ "Rebooting factories - AVCJ" (PDF). Asian Venture Capital Journal. 14 March 2017.
  17. ^ "Builders and Innovators - Asia 2019 - Goldman Sachs". Goldman Sachs. January 8, 2020.
  18. ^ "Technology-driven freight platform upgrade ForU Trucking launches new brand identity". Securities Daily. 2021-03-02.
  19. ^ "Jingdong Logistics to raise up to more than 26.4 billion yuan in an IPO today". Sing Tao Daily (Canada). 2021-05-17.
  20. ^ Jonathan Breen (May 14, 2021). "China's ForU Worldwide hauls in $100m US IPO". www.globalcapital.com.
  21. ^ "New economy gathers new momentum". People's Daily. Oct 14, 2020.
  22. ^ Ling Wang; Shao-ju Lee; Xiao-fan Wu; Bing-lian Liu, Jian-hua Xiao (6 August 2020). Contemporary Logistics in China: Persistent Reformation, Continual Opening and Vibrant Innovation. Springer Nature. pp. 42–. ISBN 9789811569456.
  23. ^ "Opportunity for fast growth - Colliers International". Colliers International. Apr 23, 2020.
  24. ^ Jane Li (18 December 2018). "Chinese online truck logistics platform raises $170m". Asian Venture Capital Journal.
  25. ^ Jennifer Chan (May 13, 2021). "Form F-1 Registration Statement under the Securities Act of 1933 of ForU Worldwide Inc". U.S. Securities and Exchange Commission.
  26. ^ "ForU Trucking to go public on NASDAQ, plans to raise up to $500 million". Oriental Daily News. May 16, 2021.
  27. ^ Jane Li (March 30, 2021). "China's companies giving more opportunities to women". UN Women.
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