China logistics provider Tian Tian Express raises $92m

Other investors in the round include Haier Venture Capital - a corporate VC arm of Qingdao Haier - Guizhou Panjiang Refined Coal company, and Zhejiang Chengxiang Investments.

Founded in 1994, Hangzhou-based Tian Tian has over 2,000 self-owned and franchised outlets in more than 15 Chinese cities. The company provides air freight and road logistics services from 100 distribution centers nationwide. It has about 300,000 clients.

The new capital will be used to build additional distribution centers and upgrade the company's information system, a statement said. Tian Tian is targeting a domestic IPO in the next few years.

CICC Qianhai Development Fund was launched by China International Capital Corporation (CICC) and Qianhai Financial Holdings - a wholly-owned unit of the Administrative Bureau of Qianhai - in 2014. The fund, which has a target of $3.3 billion, invests in high-growth companies and supports cross-border transactions, in financial services, logistics, and information technology.

Last week, China's largest delivery services provider SF Express, which is backed by several PE investors including CITIC Capital, announced plans for an A-share IPO. ZTO Express, another Chinese leading logistics firm, is also reportedly looking to list and has been slated for a $1-2 billion US offering.

In January, Shanghai YTO Express, backed by backed by Alibaba Group and Yunfeng Capital, unveiled plans to go public through a reverse merger with locally-listed garment maker Dalian Dayang Trands. This followed a reverse merger by STO Express in December.

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• Topics
• Greater China
• Expansion
• Support services
• China
• Logistics
• Growth capital
• CICC