Logistics Platform GOGOX to Go Public in Hong Kong
Monday, April 25, 2022
(Pandaily by Staff Writer) – On April 24, Chinese logistics platform GOGOX submitted an application for a public listing on the Hong Kong Stock Exchange (HKEx). Its co-sponsors are CICC, UBS, BOCOM International and ABC International. The valuation of this listing is about $3 billion, and the funds raised by the move are expected to total between $400 million and $500 million.
Formerly known as GoGoVan, the company merged with fellow Chinese firm 58 Express and was officially renamed as “GOGOX” in August 2018. It is positioned as a car-hailing platform for goods logistics. It is committed to providing users with short-distance transport of goods and a trading services platform for logistics, relocation and transportation anytime and anywhere. Since its establishment, GoGoVan has received three rounds of financing.
In terms of shareholding, 58 Freight hold 50.51%, GoGoVan Cayman holds 17.58%, Taobao China holds 12.92% and Cainiao holds 2.84%.
GOGOX now operates in more than 340 cities in five Asian countries and regions. The platform has about 4.5 million registered drivers, about 24.8 million registered users and has served more than 33,000 enterprises.
