CDH leads $363m round for Chinese parcel service operator

China Development Bank Capital, Eastern Bell Venture Capital and Yiyao Capital also participated, alongside some existing investors.

Hive Box was founded in June 2015 by a group of Chinese logistics companies, including SF Express, STO Express, ZTO Express and Yunda Express, as well as Singapore's Global Logistic Properties, with an initial investment of RMB500 million. The company operates about 40,000 self-service units with three million lockers in 74 cities in China, allowing customers to deposit and collect packages at their convenience.

More than 400,000 couriers from various delivery companies and e-commerce platforms use Hive Box's facilities, and the company receives service fees from both customers and delivery providers. For the first nine months of last year, it generated RMB4.83 million in revenue but it posted a net loss of RMB157 million. In 2015, it posted a net loss of RMB37 million on RMB17,000 revenue.

SF Express remains the largest shareholder in Hive Box with a 30% stake, having committed RMB550 million to the most recent round of funding, according to a filing. CDH holds approximately 10% of the company. 

Hive Box plans to use the new capital to increase its service points across China, particulalry in the first- and second-tier cities.

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• Topics
• Greater China
• Support services
• Expansion
• China
• CDH Investments Management
• Logistics
• China Development Bank
• Growth capital