New Hope Group, a Chinese agriculture conglomerate, is mulling over raising around $100 million for a cold-chain logistics business, reports Bloomberg. According to people familiar with the matter, Chengdu-based Fresh Life Cold Chain Logistics is approaching potential industry and private equity investors and is looking for a valuation of over $1 billion.
Deliberations on the fundraising are preliminary and the size and timeline could change, the people said. Representatives for New Hope and Fresh Life didn’t immediately respond to requests for comment.
Founded in 2016, Fresh Life has over 40 subsidiary companies and a fleet serving more than 120,000 stores across China, its website shows. It completed a RMB 600 million ($94 million) series A fundraising round, Fresh Life said in January.