Japanese multinational conglomerate SoftBank Group Corp. is mulling a $1 billion investment in the Chinese truck-hailing company Manbang Group, sources familiar with the matter told the Wall Street Journal. Both Softbank and Manbang declined to comment on the matter.
Manbang developed an app platform that connects truck drivers with distributors, used by about four million truck owners and a million exporters, according to the company's website. If the firm manages to raise more than $500 million in the latest funding round, the sources claim, its value would be an estimated $5 billion. Top investors in the tech firm include Chinese internet giant Tencent Holdings Ltd. and billionaire Jack Ma's equity fund Yunfeng Capital.
In February, Softbank has partnered up with the Chinese ride-sharing platform Didi Chuxing Technology Co. to launch taxi-hailing services in Japan. Last year, the Tokyo-based holding company purchased a 15% stake in Uber Technologies Inc. through its $100 billion Vision Fund.
