Benzinga | May 28, 2021 01:29PM EDT

China's 'Uber For Trucks' Seeks To Raise $1B+ from NYSE IPO: WSJ

* SoftBank Group Corp (OTC:SFTBY) (OTC:SFTBF) and Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL)- backed Chinese Uber Technologies Inc (NYSE:UBER)-like truck service provider Full Truck Alliance Co has filed for an NYSE initial public offering (IPO) at a valuation range between $20 billion - $30 billion, the Wall Street Journal reports.

* Full Truck Alliance, also called Manbang Group, plans to get listed under the ticker symbol "YMM" and raise up to $2 billion.

* Yunmanman and Huochebang merged in 2017 to form Manbang.

* Manbang runsa mobile app that connects truck drivers to goods transporting businesses within China.

* The company collects transactional membership fees from truck drivers and commissions. It also offers drivers financing and insurance services, including fuel cards and second-hand truck sales.

* It reported a net loss of $531.9 million, on revenue of $395.5 million in 2020, and enabled $26.6 billion orders.

* Manbang's other sponsors include Sequoia Capital China, Tencent Holdings Ltd (OTC:TCEHY), Hillhouse Capital Group, and GGV Capital.

* Earlier this month, eight Chinese ministries and agencies summoned Manbang and nine other transport technology groups for meetings amid a heightened regulatory crackdown on the tech sector.

* Price action: SFTBY shares traded higher by 2.28% at $38.20 on the last check Friday.