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.