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Chinese truck-hailing startup raises $1.7bn

SoftBank and Tencent among investors in Full Truck Alliance

HONG KONG -- Full Truck Alliance, a Chinese startup that connects truck drivers with shippers, said it has raised $1.7 billion from a group of renowned investors including SoftBank's Vision Fund, Sequoia, Permira and Fidelity.

Known as Manbang Group in China, the startup was formed in 2017 through a merger of two rivalry truck matching platforms after years of cash-burning competition in the industry.

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