Full Truck Alliance’s $1.7 Billion Series A-16 Preferred Shares Issuance

Carey Olsen, working alongside CM Law Firm, advised the Chinese startup and Uber-like service for the trucking industry on the Cayman Islands regulatory and legal aspects in connection with its US$1.7 billion issue of Series A-16 Preferred Shares to investors prior to a potential offshore initial public offering.

The Vision Fund, Sequoia, Fidelity International, and Permira led the round of funding.

Other investors in the round include Jack Ma’s Yunfeng Capital, Hillhouse, GGV, Lightspeed, All-Stars Investment, and Baillie Gifford.

Full Truck Alliance, known as Manbang in China, said it plans to use the new capital to expand into same-city deliveries, deepening its product offerings.

The company was formed by a merger between Huochebang and Yunmanman, two of China’s largest truck-sharing platforms. Sometimes called the Uber for trucks, the company recently claimed it broke even in 2020, handling transactions for around 10 million truckers and 5 million shippers.

The Carey Olsen Singapore corporate team comprised partner Anthony McKenzie (Picture), senior associates Susan McKinstray and Alastair King and associate Maggie Yan.

Involved fees earner: Alastair King – Carey Olsen; Anthony McKenzie – Carey Olsen; Susan McKinstray – Carey Olsen; Maggie Yan – Carey Olsen;

Law Firms: Carey Olsen;

Clients: Manbang Group;


Author: Michael Patrini