(Reuters) – Japan’s SoftBank Group Corp (9984.T) is looking to invest $1 billion in Chinese delivery firm 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 a fundraising effort by Manbang, which is looking to raise between $500 million and $1 billion in fresh funds to help it expand in China’s growing logistics market, the Journal said.
The amount and the participating investors have not been set for the fundraising, the report said.
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, WSJ said.
SoftBank and Manbang were not immediately available for comment.
SoftBank has been aggressively investing in technology companies worldwide – notably through its London-based Vision Fund – including U.S. ride hailing firm Uber Technologies Inc [UBER.UL].