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Illustration: Aïda Amer/Axios

Full Truck Alliance, a Chinese platform that connects shippers and truckers, filed for an IPO that could raise at least $1.5 billion at a $30 billion valuation.

Why it matters: The company, also known as Manbang Group, claims to be the world's largest digital freight platform by gross transaction value, and reflects how there's still plenty of money to squeeze from the "Uber for everything" trend.

Details: Full Truck Alliance plans to list on the NYSE (YMM) and reports a $25 million profit on $396 million in revenue for 2020.

  • It raised $3.6 billion in private funding, most recently last fall at an $11.7 billion valuation, from firms like SoftBank Vision Fund (22.2% pre-IPO stake), Sequoia Capital China (7.2%), Permira, Tencent, Hillhouse Capital, GGV Capital, Lightspeed China Partners and Baillie Gifford.

The bottom line: "China's logistics market is becoming increasingly competitive. Full Truck Alliance competes with other companies such as Huolala. And giants such as Alibaba and Tencent are also putting more emphasis on growing their own logistics businesses," CNBC writes.

Go deeper

Dan Primack, author of Pro Rata
Aug 19, 2021 - Economy & Business

Illumina closes $7 billion deal for Grail, despite FTC suit

Illustration: Eniola Odetunde/Axios

Illumina completed its $7.1 billion acquisition of Grail, a Menlo Park, Calif.-based developer of liquid biopsies for early cancer detection.

Why it matters: This is Illumina shoving its thumb in the eye of U.S. antitrust regulators, who in March sued to block the deal. An administrative court trial is set to begin next week, but the FTC had dropped an earlier injunction request because it (wrongly) believed a European regulatory review would prevent the merger from closing.

Inside Biden's Taiwan flubs

Illustration: Aïda Amer/Axios

Twice this year, President Biden has blurted out commitments that the U.S. is prepared to defend Taiwan against a Chinese invasion — forcing the White House to walk back his statements and leading to confusion over a high-stakes national security policy.

Why it matters: U.S. defense officials have publicly aired their concerns that China will take Taiwan by force in the next four to six years, perhaps sooner. The president's position on this question may soon have real-world, life and death consequences.

"Atmospheric river" to whiplash Northern California from drought to flood

A map depicting 24-hour preciptation forecast (inches) ending Monday at 5a.m. local time. Photo: NOAA

A series of powerful "atmospheric river" storms are set dump historic amounts of rainfall across parts of drought-stricken California and the Pacific Northwest from this weekend, forecasters warn.

Why it matters: A strong atmospheric river, packing large amounts of moisture, is predicted to whiplash Northern California from drought to flood.