(Yicai Global) Oct. 25 -- Huolala has no plans to go public at present but will continue to keep a close eye on the capital markets, The Paper reported today, citing the Chinese on-demand trucking services provider’s response to a media report that it is preparing to file for an initial public offering in Hong Kong as soon as the end of the month.

Huolala has hired China Construction Bank International and BoFA Securities to prep its upcoming Hong Kong listing and could apply before month-end, Tencent News reported today.

If Huolala does plan to go public, it will need to comply with new cyber security rules brought in in July that require online operators with more than one million users to first obtain cybersecurity clearance before they are allowed to go public on overseas bourses.

Shanghai-based Huolala has raised almost USD2.5 billion in eight rounds of financing over the past six years. In January, the truck-hailer secured USD1.5 billion in F-series fundraising led by Hillhouse Capital Group, boosting its valuation to USD10 billion.

Founded in 2013, Huolala mainly handles intra-city and cross-city freight, corporate logistics and moving services, less-than-truck-load deliveries as well as car rentals and sales. As of March, it was operating in 363 cities on the Chinese mainland, connecting 580,000 drivers and serving 7.6 million monthly active users.

Rival Kuaigou Dache, backed by e-commerce titan Alibaba Group Holding, filed to list in Hong Kong in August.

Editor: Kim Taylor