Huochebang and Yunmanman, China’s two biggest apps for Uber-like truck services, have agreed to merge, creating a company valued at more than $2 billion, people familiar with the matter said.
Wang Gang, a backer of Yunmanman’s and an angel investor in ride-hailing giant Didi Chuxing, will become the chief executive officer of the new entity, the people said, asking not to be identified because the information is private. The companies are already in the process of seeking new funding to sustain their rapid pace of expansion, the people said. They could announce the deal as early as Monday, the people added.