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New intra-city logistics leader for Asia

BEIJING: August 28, 2017. 58 Home, a leading online marketplace for merchants and consumers, has merged its logistics unit 58 Suyun with Hong Kong-based intra-city delivery company Gogovan.

The new company will provide full on-demand logistics and freight services to both corporate and individual customers in China, Hong Kong, Taiwan, Singapore, South Korea and India.

gogovan 1Jeremy Choy head of M&A at investment bank China Renaissance noted: "The merger marks the largest M&A transaction between a mainland China start-up and a Hong Kong start-up. It also changes the landscape of the trillion-dollar intra-city logistics market by creating the Asian market leader."

Branded 58 Suyun in China and Gogovan outside China, Xiaohua Chen, founder and CEO of 58 Home will act as chairman of the new business and Gogovan founder and CEO Steven Lam as CEO.

58 Home launched 58 Suyun in September 2014 to focus on intra-city logistics and now covers more than 100 cities in Mainland China with over one million registered drivers.

Founded in July 2013, Gogovan expanded to Taiwan and Singapore in 2014 and Mainland China and South Korea in 2015. The company says it has 180,000 registered drivers in 14 cities across Asia.

Chen commented, "We are very impressed by Gogovan's great achievements and impacts as a start-up in the Southeast Asian market, as well as the management team's entrepreneurial spirit and their ability to innovate and execute. The combined company lays the foundation for the combined company to become the global leader in intra-city freight services."

Lam added: "We are delighted to form our strategic partnership with 58 Suyun. The combined company will leverage 58 Suyun's existing premium brand, large users base and online traffic for a quick expansion to 300 cities in mainland China."

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