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China’s FTA to be the largest U.S. listing company


China’s Full Truck Alliance Co. Ltd. (FTA) is aiming for a valuation of over $20 billion in its U.S. initial public offering. FTA styles itself as “Uber for trucks” & is popularly referred to as Manbang in China & is offering 82.5 million American Depositary Shares between $17 & $19 ADS. FTA could raise as much as $ 1.57 billion from the IPO including it as the largest US listing for a Chinese company. As per the statistics, Chinese companies raised $12 billion from US listings last year which was triple the amount raised in2019. This year the rise is of $5.82 billion in the US. FTA was formed out of a merger between two digital platforms Yunmanman & Houchebang in 2017 that is led by the former Alibaba executive Peter Hui Zhang. The company establishes a link between truck drivers & people requiring to ship items within China through a mobile app. FTA had invested $1.7 billion to get a return of $12 billion in November. The investment involves Japanese conglomerate SoftBank’s Vision Fund, Sequoia Capital, Permira Capital & Fidelity. The company plans to list on the New York Stock Exchange under the symbol YMM.

Source: Reuters

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