ForU Worldwide Inc. (For-U Smart Freight)

General Information

(Note: ForU Worldwide Inc. withdrew its IPO in an SEC filing dated April 19, 2022. This was an IPO of American Depositary Shares (ADS), with no pricing terms stated, according to an F-1/A filing dated June 2, 2021. The F-1 (prospectus) was filed May 13, 2021. ForU Worldwide filed confidentially for an IPO on March 10, 2021.)

We are the largest technology-driven road freight platform in China. We were ranked No. 1 in terms of revenue in 2020, according to an industry report commissioned by us and dated April 16, 2021, prepared by the China Insights Industry Consultancy Limited, or CIC, regarding our industry and market position in China. 

Our platform consists of Freight-as-a-Service, shippers, carriers and our ForU Brain, our advanced proprietary technology infrastructure. ForU Brain is comprised of machine learning algorithms, operation optimization and big data computing power. It empowers our smart pricing, smart dispatching and smart services, allowing us to continuously optimize shippers’ and carriers’ experiences on our platform. As more data and operational know-how are accumulated, our ForU Brain becomes smarter in performing pricing, dispatching and service functions.


Our mission is to make road freight transportation simpler and smarter. ForU was founded in 2015 by our founder, chairperson and CEO, Ms. Dandan Shan, and a group of accomplished logistics and technology industry veterans who aspire to transform the highly fragmented, underserved and inefficient road freight transportation industry in China. We are reshaping the future of the road freight transportation industry by fundamentally changing how freight orders are priced, dispatched and transported.

As of March 31, 2021, approximately 905,500 drivers had registered on our platform and over 580,800 drivers had completed orders on our platform. The number of loyal drivers, defined as drivers who earned over RMB50,000 in a year from providing freight services on our platform, has increased from approximately 11,000 in 2018 to approximately 15,200 in 2020. Loyal drivers transported 69.8% of our shipments by order value in 2020, as compared to 52.9% in 2018.

As of March 31, 2021, we had cumulatively delivered approximately 3.2 million loads on our platform, served 11,174 shippers, connected over 580,800 drivers who had completed orders on our platform, and covered all cities in the People’s Republic of China (PRC).

In 2020, we recorded revenues of RMB3.6 billion (US$544.3 million) and a net loss of RMB115.8 million (net loss of US$17.7 million). For the three months ended March 31, 2021, we recorded revenues of RMB1,183.4 million (US$180.6 million) and a net loss of RMB54.5 million (net loss of US$8.3 million).

To achieve our mission, we have built our technology-driven road freight transportation platform connecting shippers and carriers to digitalize the entire road freight transportation process and redefine industry standards. In addition, we differentiate ourselves by controlling each step of the process, from pricing and route planning to dispatching, transportation and fee settlement. We remain committed to serving shippers with efficiency and reliability and empowering drivers with professional dignity.

We see great potential in China’s full truckload, or FTL, market, which is expected to grow from RMB3.8 trillion in 2020 to RMB 4.5 trillion in 2025, according to CIC. China’s FTL market faces a number of challenges, including high fragmentation, inefficient transaction processes, opaque pricing mechanisms, and lack of service standards. Solving these challenges requires a new approach, one that starts with technology at its core, presenting tremendous growth potential for technology-driven road freight transportation platforms. The market of technology-driven road freight transportation platforms, as measured by gross transaction value of fully digitalized transactions, is expected to grow at a compound annual growth rate, or CAGR, of 57.9% to reach RMB666 billion in 2025, according to CIC.



Employees: 644
Founded: 2015
Contact Information
Address 10/F, Unit A, Jinyu Jiahua Mansion, No. 9 Shangdi 3rd Street Haidian District, Beijing 100085 People’s Republic of China
Phone Number +86 10 8266-5652
Web Address
View Prospectus: ForU Worldwide Inc. (For-U Smart Freight)
Financial Information
Market Cap
Revenues $544.3 mil (last 12 months)
Net Income $-17.7 mil (last 12 months)
IPO Profile
Symbol FOYO
Exchange NASDAQ
Shares (millions): 0.0
Price range $0.00 - $0.00
Est. $ Volume $100.0 mil
Manager / Joint Managers Goldman Sachs/ UBS Investment Bank/ CICC
CO-Managers -
Expected To Trade:
Status: Withdrawn
Quiet Period Expiration Date:
Lock-Up Period Expiration Date:
SCOOP Rating
Rating Change