Chinese delivery firms working together on new venture
A group of Chinese express delivery companies have teamed up to establish a new venture that will operate a national logistics network, according to local reports. The group reportedly includes Shenzen-based SF Express, as well as STO Express, ZTO Express and Yuando Express. A tech-focused Chinese website lists these companies as the principal investors in the new venture, which is called Fengchao Kuaidigui. It also reports that the company had funding of more than US$80m as of 9 June and its founder, chairman, CEO and founder is Wei Wang (who is also the chairman of SF Express).
Chinese news agencies have reported that the new venture, which they refer to as “Fengchao Network Technology”, aims to offer express deliveries in more than 30 major Chinese cities by the end of this year.
They also report that the new venture was set up on 6 June – less than a week after Alibaba-affiliated Cainiao hosted a meeting in Hangzhou on 28 May for its logistics and delivery partners. SF Express was one of the leading couriers which worked on setting up Cainiao two years ago with Alibaba, but it was reportedly absent from the Hangzhou gathering.
