Mainland- HK logistics merger
The Chinese mainland’s leading intra- city logistics platform 58 Home announced recently that one of its business units, 58 Suyun, had merged with Hong Kong logistics start- up GOGOVAN, making it a leading intra- city logistics platform in Asia.
As a result of the deal, 58 Home will hold a majority stake in the new company, which will use 58 Suyun as its Chinese brand and GOGOVAN as its English brand, the Beijing Daily reported Wednesday.
The companies will forge an intra- city logistics and freight online platform worth more than $ 1 billion, the Financial Times reported.
At present, 58 Suyun operates in about 100 mainland cities. GOGOVAN serves eight cities in the mainland, Hong Kong, Taiwan, and Southeast Asia.