By King & Wood Mallesons
2 May 2017, acting as counsel for All-Stars Investment, King & Wood Mallesons (“KWM”) facilitated the series B round of financing for Logistics QQ Truck Alliance (“Truck Alliance”), raising more than US$270 million of new capital. This is the largest round of funding thus far amongst online long-haul logistics platform start-ups in China. International Finance Corp (“IFC”) and All-Stars Investment Ltd co-led the financing, and several new heavyweight institutions and existing investors also jumped on the bandwagon to invest new cash. Truck Alliance’s valuation now exceeds US$ 1 billion and joins the ranks of “unicorn” companies in China.
Truck Alliance is the largest online platform for transportation logistics in China. For over ten years Truck Alliance has been dedicated to improving China’s road logistics, and has created the first ever China-wide supply information network providing comprehensive services to trucks on its platform. The investors in this series B round of preferred stock financing include: All-Stars Investment and IFC, as well as Tencent, Genesis Capital and DCM. All-Stars Investment has successfully completed a series of representative venture capital investments in China’s leading internet and mobile service providers, including Meilishuo, Tujia, Didi-Kuaidi and Xiaomi.
KWM acting as lead counsel was intimately involved in the transaction and managed the process for the complicated financing. The responsible partner in this project was Rocky Lee, supported by Alex Wang, James Li and Maggie Fang.
Other law firms also involved in the transaction are Gunderson, Hankun, Commerce & Finance, Travers Thorp Alberga and White & Case.