Betting on China’s trucking sector

HONG KONG: In 2001, three Chinese men named Richard enrolled in the University of Pennsylvania’s Wharton School before heading to high-flying careers as bankers and deal makers. More than 15 years later they’ve teamed up to stake their future on building an Uber-like service for the country’s convoluted trucking industry.

Their company Truck Alliance Inc, known as Huochebang or truck gang in Chinese, is trying to bring the smartphone age to a trillion-dollar industry that carries 80% of the country’s cargo, yet has haulers standing empty almost half the time. Founded little more than three years ago, the company has joined the billion-dollar valuation club and raised US$270mil.