Briefing: Chinese short-distance delivery platform eyes 2020 IPO

1 min read

消息称闪送预计2020年IPO 目前估值约7亿美元 – Tencent

What happened: Shanghai-based short-distance delivery platform Shansong Express (闪送) is reportedly planning an IPO by 2020. The company is currently valued at $700 million. They plan to ramp up its penetration in the local market and expand its operations abroad after completing the latest funding round, according to founder and CEO Peng Xue.

Why it’s important: Founded in 2014, Shansong provides short-distance and same-city logistics services capable of a one-hour delivery for distances within 5 km. The company claims to have over 120 million users on its platform with 520,000 daily active couriers covering more than 220 cities across the country. The company completed its series D round in August, raising $60 million. Currently, the short-distance delivery market is occupied by a number of local players including Renren Kuaidi, New Dada, and Cainiao.