• ITVI.USA
    15,490.080
    101.010
    0.7%
  • OTLT.USA
    2.900
    -0.016
    -0.5%
  • OTRI.USA
    20.760
    -0.160
    -0.8%
  • OTVI.USA
    15,461.680
    91.830
    0.6%
  • TSTOPVRPM.ATLPHL
    2.920
    -0.040
    -1.4%
  • TSTOPVRPM.CHIATL
    3.680
    -0.030
    -0.8%
  • TSTOPVRPM.DALLAX
    1.290
    -0.060
    -4.4%
  • TSTOPVRPM.LAXDAL
    3.620
    -0.020
    -0.5%
  • TSTOPVRPM.PHLCHI
    2.420
    0.100
    4.3%
  • TSTOPVRPM.LAXSEA
    4.170
    0.000
    0%
  • WAIT.USA
    128.000
    2.000
    1.6%
  • ITVI.USA
    15,490.080
    101.010
    0.7%
  • OTLT.USA
    2.900
    -0.016
    -0.5%
  • OTRI.USA
    20.760
    -0.160
    -0.8%
  • OTVI.USA
    15,461.680
    91.830
    0.6%
  • TSTOPVRPM.ATLPHL
    2.920
    -0.040
    -1.4%
  • TSTOPVRPM.CHIATL
    3.680
    -0.030
    -0.8%
  • TSTOPVRPM.DALLAX
    1.290
    -0.060
    -4.4%
  • TSTOPVRPM.LAXDAL
    3.620
    -0.020
    -0.5%
  • TSTOPVRPM.PHLCHI
    2.420
    0.100
    4.3%
  • TSTOPVRPM.LAXSEA
    4.170
    0.000
    0%
  • WAIT.USA
    128.000
    2.000
    1.6%
News

China-based ForU Worldwide files for $100M IPO in US

Forbes China lists company on High-Growth Enterprise List

ForU Worldwide, a digital freight transportation company based in China commonly known as Fuyou Trucks (Fuyou Kache), on Thursday filed with the Securities and Exchange Commission for an initial public offering that could raise up to $100 million. The company was founded in 2015 and booked $622 million in revenue in the 12 months prior to March, 31.

ForU plans to list on the Nasdaq under the symbol FOYO.

The company uses algorithms that have been developed with deep learning techniques that cover all functionality of a logistics company from quotation to order settlement. According to a ForU blog, the company is able to increase operational efficiency of vehicles by 24% and reduce shipping cost by 15%.

Over the past six years, the platform has created a network of more than 800,000 drivers, according to the company’s website. Throughout this time, it says, it has been able to build its intelligence to consider issues like driver fatigue, market conditions, and loading and unloading inefficiencies at certain destinations in order to create the best level of driver matching for its customers’ shipments.

At the 18th Annual Meeting of Chinese Logistics Entrepreneurs in November, Dandan Shan, the founder and CEO of ForU Worldwide, was the only female entrepreneur named among the 2020 China Logistics Top Ten People of the Year. 

Later that month, Forbes China listed the company on the High-Growth Enterprise List, a docket of companies that have the most potential to exceed a billion-dollar valuation.

ForU Worldwide was also listed on the Top 500 Kings of the New Economy list with Chinese logistics leaders including JD Logistics

JD Logistics is listed as one of ForU’s top three shippers in the IPO filing, including Deppon Logistics and SF Express that make up for 55.8% of the company’s total 2020 revenue.  ForU Worldwide expects these shippers to make up a majority of its revenue in the future.

Click here more articles by Grace Sharkey.

Related Articles:

JD Logistics approved for IPO; spinoff could raise $4B

Baidu chip unit reported at $2B valuation; China dominates AI, report finds

JD.com logistics spinoff could lead to $40B valuation — Bloomberg

Grace Sharkey

Grace is an entrepreneur and former supply chain executive who has held positions in sales, operations, and consulting. She is passionate about the future of the industry and how technology can improve the experience for all supply chain members. She believes supply chain is the one industry that affects every human directly, and is looking forward to creating content that mirrors that sentiment. If you have a story to share, please contact me at gsharkey@freightwaves.com.

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