HONG KONG (BLOOMBERG) – G7, a fleet administration firm backed by Singapore’s Temasek Holdings, is weighing an preliminary public providing in Hong Kong that might elevate about US$500 million ($682 million) as quickly as this yr, folks with data of the matter mentioned.
The Chinese agency is working with China International Capital (CIC), Citigroup and Morgan Stanley on the proposed share sale, mentioned the folks, who requested to not be recognized as the data is non-public. Deliberations are ongoing and particulars of the fund-raising comparable to dimension and timing might change, the folks mentioned.
Representatives for CIC, Citigroup and G7 declined to remark, whereas a consultant for Morgan Stanley didn’t instantly reply to requests for remark.
G7 makes use of synthetic intelligence and Internet of Things know-how to handle street freight and logistics providers. It employs anti-fatigue cameras to name out unhealthy driving, built-in superior driver-assistance techniques to ship warnings about inadequate area between autos on highways, and real-time cargo weighing to stop stealing.
The firm was based in 2010 and takes its identify from the G7 Beijing-Urumqi Expressway, the world’s longest desert freeway. It raised US$200 million in a funding spherical led by Trustbridge Partners and CS Capital in February, in line with a press launch.
G7 fashioned a three way partnership in 2018 with Singapore-based investor GLP and Nio Capital, a unit of electrical automobile maker Nio, to deal with areas comparable to creating sensible heavy-duty vehicles powered by autonomous driving and logistics massive information, a separate press launch confirmed.
The start-up counts GLP, Bank of China and Tencent Holdings amongst its backers.
