China’s Two Biggest Uber-Like Services for Truckers Agree to Merge
Yunmanman and Huochebang, China’s two biggest Uber-like services connecting truckers with cargo, have agreed to merge, creating a company valued at more than $2 billion.
The two online freight dispatching services have shaken up China’s 5 trillion yuan ($757 billion) trucking industry, which carries 75% of the nation’s commercial cargo.
Wang Gang, an angel investor in car-hailing giant Didi Chuxing, has been tapped to become the chairman and CEO of the merged entity, the companies said in a joint statement. However, they didn’t reveal a timeline for the merger or any regulatory requirements that need to be met before the deal goes through.
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