GoGoVan merges with China-based 58 Suyun with IPO plan

GoGoVan has merged with 58 Suyun, a business unit under 58 Home, an intra-city logistics platform in China.Established four years ago in Hong Kong, GoGoVan currently operates in eight cities in China under the name “Kuaigou”. The merger will expand its service area in mainland China, making it the largest intra-city logistics platform in Asia, covering over 110 cities, with more than 1.2 million registered drivers in its network.Steven Lam, a co-founder and the CEO of GoGoVan, will be the CEO of the new company. He will be responsible for the management as well as strategic development of the new company's operations.Moving forward, GoGoVan will integrate the B2B business of Kuaigou and B2C business of 58 Suyun, and will engage new large and medium-sized enterprises, wholesale clients and individual users, offering both comprehensive and high-quality logistics experience to a broader market.GoGoVan will continue to provide services in Hong Kong, grow its existing markets in mainland China, Taiwan, Singapore, Korea and India, and develop new markets in the Asia Pacific region, with an eye to becoming a publicly listed company."We always appreciate the high-quality services that 58 Suyun has been providing in the China market," said Steven Lam."After the merger, GoGoVan will continue to call Hong Kong our home, bringing even more quality, effective and reliable logistics services to more customers."Xiaohua Chen, CEO of 58 Home said, “We admire GoGoVan as a startup, it shows excellent performance and strong ability to expand business in Southeast Asia. We also appreciate the management team for playing a steady execution and their entrepreneurial spirit in pursuit of ultimate innovation. The merger has equipped the new company with expansion potential and customer service ability in the mainland China and Southeast Asia market, laying the foundation of 58 Suyun becoming the largest short-haul freight platform in the world.”