A consortium of Centurium Capital, Temasek, and True Light Capital has completed the privatisation of China’s ANE, with the company delisting from the Hong Kong Stock Exchange on Monday.
The successful delisting came after the trio offered to privatise the transport and delivery service company at a valuation of about $1.84 billion in October 2025, in a rare publicly announced deal by Temasek’s private investment team in China in recent years.
Post-transaction, Centurium holds 51.78%, while Temasek and True Light each hold 17.35% indirectly in ANE. The remaining shares are held by ANE’s equity plan trustee and rollover shareholders.
Michael Chen, Managing Director at Centurium, said the move gives ANE “agility and efficiency to navigate market changes and focus on long-term value creation.” He added that the consortium will support ANE’s growth alongside its employees and partner network.
Shen Ye, Temasek deputy CEO for China, called the privatisation “an important milestone” for ANE, highlighting its scalable franchise network and operational capabilities. She said Temasek will help drive efficiencies and sustainable logistics solutions.
ANE, which listed in Hong Kong in 2021, is one of China’s major less-than-truckload logistics networks. The company pioneered the freight partner platform model in the sector, delivering reliable freight services through a network of over 38,000 partners and agents nationwide.
Luckin Coffee’s backer Centurium invested over $300 million in the company in a deal that was completed in March 2020. That year, ANE received approximately $300 million financing in a round led by CPE and participated by Great Bay Area Fund, Hong Kong-listed NWS Holdings, Liumai Capital, and Huagai Capital.
