* Guizhou - IFC to invest $20M in truck logistics start-up Huochebang
--- International Finance Corporation, a member of the World Bank Group, is to invest as much as US$20 million in Huochebang, a Uber-like Chinese truck logistics start-up, according to media reports citing insiders... Founded in 2014, Huochebang, which is a Chinese phrase meaning "truck gangs", helps truck drivers find commodities to transport and vacant parking lots, facilitates truck sales and used truck auctions, as well as provides other related services to trucking businesses in China... Logistics expenses take up 16% of China's GDP, about twice the level in the U.S. and Europe, because 85% of China's large-size trucks are operated by individuals and have a 40% non-load ratio, according to information posted on Huochebang's website... Huochebang currently has 2.3 million certified trucks and five million daily commodity transport demands, with 1,000 service centers around China. It aims to help improve efficiency in China's truck logistics sector... Another similar start-up, Yunmanman, raised venture funding worth hundreds of millions RMB in 2015 led by Yunfeng Capital, co-founded by Alibaba Group Holding Ltd.'s executive chairman Jack Ma...
Guiyang, Guizhou, China -- China Money Network, by Jillian Yue - 21 November 2016Labels: trucking industry news China, trucking markets
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