CICC Qianhai Leads $92M Series A Round In Tian Tian Express

Hangzhou-based courier service firm Tian Tian Express has raised a RMB600 million (US$92 million) series A funding round led by CICC Qianhai Development Fund, according to China’s official Xinhua News Agency.

Other investors include Haier Venture Capital, Qingdao Haier’s corporate venture arm, and Zhejiang Chengxiang Investments.

The company says it will use the proceeds on expanding its service center networks, system upgrading and product improvement.

Founded in 1994, Tian Tian Express sold a 60% stake to Chinese conglomerate HNA Group for RMB80 million in 2010.

In 2012, former STO Express president bought the 60% interest from HNA Group for RMB160 million.

Two years later, Tian Tian Express and STO Express initiated a cross-shareholding plan, says an article published by Tencent.

STO Express is in the process of a back-door listing on the A-share market.

Tian Tian Express’ services currently covers over 300 cities and 2,800 rural counties in China, according to its website.