(Reuters) - Japan’s SoftBank Group Corp (9984.T) is looking to invest $1 billion in Chinese truck-hailing company Manbang Group, the Wall Street Journal reported on Monday, citing people familiar with the matter.
SoftBank’s possible investment, through its $98 billion Vision Fund, would be part of Manbang’s efforts to raise between $500 million and $1 billion to help expand in China’s growing logistics market, the Journal said.
The amount and the participating investors have not been set for the fundraising, according to the report.
Manbang, backed by China’s Tencent Holdings Ltd (0700.HK) and a private-equity firm co-founded by billionaire Jack Ma, would be valued at $5 billion if it raises $500 million, the WSJ reported.
SoftBank declined to comment and Manbang was not immediately available to comment.
SoftBank has been investing aggressively in technology companies worldwide - mostly through its London-based Vision Fund - and has stakes in companies including U.S. ride hailing firm Uber Technologies Inc [UBER.UL].
Reporting by Ismail Shakil and additonal reporting by Sangameswaran S in Bengaluru; Editing by Arun Koyyur and Anil D'Silva