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.