Tencent-backed IoT logistics startup G7 eyes $500 million Hong Kong IPO
(Image soource: G7)

Asian Tech Press (Apr. 8) -- Tencent-backed IoT logistics startup G7 is considering a Hong Kong IPO to raise $300 million as soon as this year.

G7 is working with China International Capital Corp. (CICC), Citigroup Inc. and Morgan Stanley on the proposed IPO, according to people familiar with the matter.

However, deliberations are ongoing and details of the proposed share sale such as size and timing could change, the people said.

Founded in 2010 and headquartered in Beijing, G7 is China's largest integrated logistics fleet service platform with over 1,500 employees and is an IoT technology firm for the road logistics industry.

In February this year, G7 has secured a new round of financing of $200 million, led by Trustbridge Partners and CS Capital, bringing its valuation to $2.2 billion.

Before the latest one, G7 has completed nine rounds of funderaising, with a total disclosed funding amount of more than $510 million from investors including Tencent, Matrix Partners and GGV Capital.

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