Diligence report Supply chain, logistics, road transportation, logistics-park network management and transportation management systems Private unicorn / growth-stage logistics technology company

56PINGTAI

56PINGTAI Startup Diligence Report

56PINGTAI may represent a China logistics technology unicorn with platform/network potential, but the public record is thin and inconsistent. Confirmatory diligence must validate revenue quality, customer durability, cap table, legal status, platform defensibility and regulatory exposure before relying on valuation.

Company profile

56PINGTAI Startup Diligence Report

Proceed with the report: public and assignment evidence supports 56PINGTAI as a private unicorn, and no credible public IPO, acquisition or shutdown evidence was found. The investability question remains highly dependent on private financial, customer, legal, technology and governance diligence.

Website: 56pingtai.net
Sector: Supply chain, logistics, road transportation, logistics-park network management and transportation management systems
Geography: China / Shanghai
Stage: Private unicorn / growth-stage logistics technology company
Known aliases: 56Pingtai, 56pingtai.net, 56PINGTAI.net
Report version: 1.0
Timezone: Asia/Shanghai

Executive summary

Strengths

Unicorn status is supported by a CB row at US$1.08B, a public CSV row with the same valuation/date and GetLatka's US$1.1B valuation signal.
Shanghai/China geography and 56pingtai.net domain are supported by CB, public datasets and GetLatka.
Product category as an online logistics-park network and road transportation platform is supported by CB and GetLatka.

Risks

Financial quality, ARR durability, margins, cash/debt and retention are not public.
Funding and valuation details conflict across public databases and require cap-table diligence.
Customer concentration, churn, supplier dependence and partner economics are not publicly verifiable.

Gaps

Audited financials, ARR/bookings, retention/churn, gross margin, cash/debt, forecast model and valuation bridge.
Cap table, financing documents, investor rights, shareholder register and legal status certificate.
Top customers, contracts, customer references, churn/NRR, supplier/park/carrier agreements and concentration data.
Product architecture, roadmap, pricing, data rights, security/privacy posture and R&D staffing.
PRC/HK legal, regulatory, IP, transport-compliance, labor, tax, insurance and material-contract diligence.

Recommended next steps

Request a data room and reconcile valuation/funding records before any investment decision.
Run independent customer, supplier and competitor calls focused on revenue durability and network effects.
Engage PRC counsel for corporate registry, exchange/listing, litigation, IP, permits, data/privacy and administrative penalty searches.
Validate the domain/company-owned materials, product demo, architecture and technology/data-rights evidence.

Risk register

high medium likelihood

R-002: Funding and valuation records conflict across public sources

CB, public datasets, Notice and GetLatka disagree on amount raised, round count and valuation timing.

Diligence request: Request cap table, financing documents, investor consents, preference stack, debt instruments and valuation bridge.

high unknown likelihood

R-001: Financial quality and ARR durability are unverified

Public evidence does not include audited statements, ARR, gross margin, cash, debt, burn, backlog, AR aging, retention or cohort economics.

Diligence request: Run full revenue-quality, audit, cash/debt, working-capital and forecast diligence before relying on public scale claims.

high unknown likelihood

R-003: Customer concentration and retention are not public

No named top customers, customer count, churn, NRR or revenue-concentration data were publicly verified.

Diligence request: Request top-customer schedule, contracts, cohorts, churn/NRR, pipeline and independent references.

high unknown likelihood

R-009: Legal, regulatory, IP and transport-compliance clearance is unavailable

No reliable public clearance was obtained for lawsuits, IP ownership, permits, data/privacy compliance, safety/environment matters or regulatory actions.

Diligence request: Counsel should run official PRC registry, court, administrative-penalty, transport, IP and data-compliance searches.

high unknown likelihood

R-010: Private-company governance and exit status require formal confirmation

Public evidence supports active private-unicorn eligibility, but negative web searches cannot prove no undisclosed acquisition, liquidation, restructuring or share-transfer event.

Diligence request: Obtain legal status certificate, shareholder register, board minutes, M&A representations, registry extracts and counsel bring-down.

medium high likelihood

R-005: Competitive pressure in logistics/TMS is meaningful

Market profile lists 20 TMS competitors including China logistics technology and global delivery-management vendors.

Diligence request: Conduct customer win/loss calls, competitor pricing benchmark and market-share analysis by China road-freight/logistics-park segment.

medium medium likelihood

R-008: Company-owned public information was inaccessible

The domain identified by public profiles could not be read during diligence, limiting primary evidence for product, customers, legal notices and hiring.

Diligence request: Confirm domain status, ICP ownership, website availability by geography, archived pages and company-authored materials.

medium unknown likelihood

R-004: Product depth and technology defensibility are opaque

Public sources only describe a broad online logistics park and road transportation platform; architecture, data rights, uptime and roadmap are not public.

Diligence request: Inspect product demo, architecture, data provenance, integrations, incident history, roadmap and R&D capacity.

Chapter 01

01Financial Information

Public evidence supports 56PINGTAI as an active private unicorn, but audited financials, valuation bridge, cap table and consistent financing history are not public.

EC-001 EC-002 EC-005 EC-006 EC-014

I.A Annual and quarterly financial information for the past three years

partially verified confidence: low

Only one public market profile reports revenue; audited financials, margins, cash, debt, backlog and AR aging are private.

EC-006

Evidence gaps

Audited financial statements, monthly KPI pack, cash/debt, AR aging, backlog and gross-margin schedules.

Hidden risks

R-001 remains open until company documents and third-party confirmations close this checklist item.

Follow-up questions

Provide diligence materials for I.A: Audited financial statements, monthly KPI pack, cash/debt, AR aging, backlog and gross-margin schedules.

Public revenue and financial KPI signals
metric	public signal	source	verification status	follow up request
2024 revenue	US$150M reported by GetLatka	GetLatka company profile	partially_verified	Provide audited revenue, ARR bridge, bookings, billings, gross margin and revenue-recognition policy.
Cash, debt, burn, backlog, AR aging	No public evidence located	Public-source review	not_publicly_verifiable	Provide bank statements, debt schedule, burn/runway, backlog and AR aging.
Revenue quality / NRR / churn	No customer count or retention data public	GetLatka says no customer count information	not_publicly_verifiable	Provide cohort retention, churn, NRR, top-account movements and customer references.

Public revenue estimate is low-confidence until tied to contracts and audited statements.

I.B Financial Projections

partially verified confidence: medium

Public valuation signals support unicorn eligibility, but projections, valuation bridge and round economics are not public.

EC-001 EC-005

Evidence gaps

Board-approved forecast model, valuation bridge and downside scenarios.

Hidden risks

R-001 remains open until company documents and third-party confirmations close this checklist item.
R-002 remains open until company documents and third-party confirmations close this checklist item.

Follow-up questions

Provide diligence materials for I.B: Board-approved forecast model, valuation bridge and downside scenarios.

Public funding and valuation history
date	event	amount raised	valuation or status	investors or source	verification status	diligence caveat
2018-03	Series C per Notice/GetLatka	US$79M to US$79.2M	GetLatka reports US$1.1B valuation; Notice says valuation undisclosed/2026 unknown	CICC per Notice; GetLatka profile	inconclusive	Obtain original round documents; public sources conflict.
2021-01-25	CB Insights unicorn date joined	Not disclosed in row	US$1.08B	QF Capital, QC Capital, Unicom Innovation Venture Capital	verified	Confirm original CB row and financing terms.
2026-05-20 access	CB company profile	US$187.82M total raised	Series D \| Alive	QF Capital, Unicom Innovation VC, China Merchants Bank, CITIC Securities, Yingshi Fund and 8 more	verified	Valuation hidden on public CB profile.

Latest known valuation used for eligibility is US$1.08B from the CB row supplied in the assignment; GetLatka provides an additional US$1.1B valuation signal.

Funding and eligibility timeline Timeline of public funding, unicorn and active-status events.

Public valuation and funding anchors Bar chart of valuation and funding anchors from public profiles.

I.C Capital Structure

partially verified confidence: medium

CB lists Series D and Alive; cap table, shareholder rights, debt and current legal status require private and counsel verification.

EC-002 EC-014

Evidence gaps

Cap table, shareholder register, option/warrant/debt schedules and investor-rights documents.

Hidden risks

R-002 remains open until company documents and third-party confirmations close this checklist item.
R-010 remains open until company documents and third-party confirmations close this checklist item.

Follow-up questions

Provide diligence materials for I.C: Cap table, shareholder register, option/warrant/debt schedules and investor-rights documents.

Capital structure and ownership snapshot from public sources
stakeholder	public position	evidence	verification status	diligence caveat
QF Capital / QC Capital / Unicom Innovation Venture Capital	Selected investors in CB unicorn row	Assignment row and public CSV list these selected investors.	verified	Share class, ownership percentage, preferences and pro-rata rights unknown.
China Merchants Bank / CITIC Securities / Yingshi Fund and other investors	Additional investors listed by CB profile	CB FAQ lists these investors and 8 more.	partially_verified	Investor entity names, instruments, debt vs equity and rights require source documents.
CICC	Lead investor per Notice 2018 Series C profile	Notice says CICC led the US$79M Series C.	inconclusive	Conflicts with CB total funding and investor list; reconcile during financing diligence.
Founders, option holders, lenders and warrants	Not publicly disclosed	No public cap table, debt schedule or option plan found.	not_publicly_verifiable	Request shareholder register, option pool, debt and warrants.

I.D Other financial information

inconclusive confidence: low

Funding history is visible but internally inconsistent across public databases; tax and accounting policies are not public.

EC-005

Evidence gaps

Tax positions, accounting policies and original financing history.

Hidden risks

R-002 remains open until company documents and third-party confirmations close this checklist item.

Follow-up questions

Provide diligence materials for I.D: Tax positions, accounting policies and original financing history.

Chapter 02

02Products

Public sources identify a logistics-park network management and road-transportation platform; product details, pricing, unit economics and technology architecture remain private.

EC-003 EC-011 EC-016

II.A Description of each product

partially verified confidence: medium

Public profiles describe an online logistics-park and road-transportation platform, but product modules, pricing and technology depth are not public.

EC-003 EC-011 EC-016

Evidence gaps

Product modules, pricing, customer adoption, roadmap, architecture and product margins.

Hidden risks

R-004 remains open until company documents and third-party confirmations close this checklist item.
R-008 remains open until company documents and third-party confirmations close this checklist item.

Follow-up questions

Provide diligence materials for II.A: Product modules, pricing, customer adoption, roadmap, architecture and product margins.

Product and SKU matrix from public descriptions
product or capability	audience	public evidence	verification status	key gap
Online logistics-park network management	Logistics parks, operators and road-freight ecosystem participants	CB/GetLatka product description	verified	Specific modules, customers, pricing and adoption not public.
Road transportation platform / TMS	Shippers, carriers and logistics operators	CB/GetLatka description and TMS competitor category	partially_verified	Carrier network, shipment volume, routing/visibility features and integrations not public.
Company website/product documentation	Prospects and users	Domain identified, but content inaccessible during research	inconclusive	Need current company-owned product collateral and archived pages.

Pricing and product-economics comparison
item	56pingtai public signal	comparison or benchmark	verification status	diligence request
Pricing tiers	No public pricing found	TMS/logistics platforms often price by modules, shipments, seats or enterprise contract; not verified for 56PINGTAI	not_publicly_verifiable	Provide price book, discounting policy and top-contract economics.
Product gross margin	No public cost structure	Compare software/platform gross margin and any offline network costs	not_publicly_verifiable	Provide gross margin by product/channel/geography.
Competitor feature benchmark	Broad logistics/TMS positioning	G7, YQNlink, FarEye and Gett profiles for overlap	partially_verified	Run module-by-module competitor benchmark and customer win/loss.

Inferred product/dependency architecture Architecture view based only on public product-category evidence.

Chapter 03

03Customer Information

Customer diligence is the largest public-evidence gap: no top customers, concentration, churn, references or supplier contracts were verified.

EC-008 EC-009

III.A Top customers by application

not publicly verifiable confidence: low

No top-customer list, use cases, purchase timing or concentration data were publicly verified.

EC-008

Evidence gaps

Top 15 customers by revenue/application and current-year purchase timing.

Hidden risks

R-003 remains open until company documents and third-party confirmations close this checklist item.

Follow-up questions

Provide diligence materials for III.A: Top 15 customers by revenue/application and current-year purchase timing.

Publicly known customers and case studies
customer or segment	use case	public evidence	verification status	diligence request
Named top customers	Not publicly disclosed	No verified case studies; GetLatka says no customer count information	not_publicly_verifiable	Provide top 15 customers by revenue/application and reference contacts.
Logistics parks / road-transport operators	Likely target audience from product description	CB/GetLatka describe logistics-park network and road transportation platform	partially_verified	Provide customer segmentation, contract templates and usage volumes.
Revenue concentration over 5%	Not public	No revenue-by-customer data found	not_publicly_verifiable	Provide concentration, NRR/churn and lost-customer schedule.

Disclosed customer/partner concentration proxy Bar chart counts disclosed relationship types because revenue concentration is not public.

III.B Strategic relationships

partially verified confidence: medium

Investor relationships are public; customer, supplier and marketing partnership economics are not public.

EC-009

Evidence gaps

Strategic agreements, partner economics, exclusivity and revenue contribution.

Hidden risks

R-003 remains open until company documents and third-party confirmations close this checklist item.
R-010 remains open until company documents and third-party confirmations close this checklist item.

Follow-up questions

Provide diligence materials for III.B: Strategic agreements, partner economics, exclusivity and revenue contribution.

Strategic relationships and partnerships
relationship	nature	public evidence	verification status	gap
QF Capital, QC Capital, Unicom Innovation Venture Capital	Selected investors	CB row and public CSV	verified	No commercial terms or strategic business contribution disclosed.
China Merchants Bank, CITIC Securities, Yingshi Fund and others	Investors per CB profile	CB FAQ	partially_verified	Round documents and strategic benefits not public.
Commercial partners	Customer/supplier/channel arrangements	No public commercial agreements verified	not_publicly_verifiable	Request partner agreements, exclusivity, revenue share and termination rights.

III.C Revenue by customer

not publicly verifiable confidence: low

Revenue by customer and any 5%-plus customer concentration require company data.

EC-008

Evidence gaps

Revenue by customer, concentration over 5%, churn and NRR.

Hidden risks

R-003 remains open until company documents and third-party confirmations close this checklist item.

Follow-up questions

Provide diligence materials for III.C: Revenue by customer, concentration over 5%, churn and NRR.

III.D Significant relationships severed within the last two years

not publicly verifiable confidence: low

No public evidence identified severed major customer, partner or supplier relationships; absence is not clearance.

EC-008 EC-009

Evidence gaps

Lost/severed customer, partner and supplier relationship schedule.

Hidden risks

R-003 remains open until company documents and third-party confirmations close this checklist item.

Follow-up questions

Provide diligence materials for III.D: Lost/severed customer, partner and supplier relationship schedule.

III.E Top suppliers

not publicly verifiable confidence: low

Top suppliers, logistics-park counterparties, technology vendors and purchase amounts are not publicly disclosed.

EC-009

Evidence gaps

Supplier list, purchase amounts, contract terms and concentration risks.

Hidden risks

R-003 remains open until company documents and third-party confirmations close this checklist item.

Follow-up questions

Provide diligence materials for III.E: Supplier list, purchase amounts, contract terms and concentration risks.

Supplier and infrastructure dependency snapshot
dependency area	public signal	concentration risk	verification status	diligence request
Logistics parks / carrier network	Implied by online logistics-park and road-transport platform description	Unknown network concentration or exclusivity	not_publicly_verifiable	Provide park, carrier and broker agreements plus concentration by volume.
Cloud, data and mapping providers	No public vendor list	Unknown critical vendor exposure	not_publicly_verifiable	Provide vendor register, SLA, uptime and data-processing agreements.
Company domain/web operations	56pingtai.net identified but inaccessible to this researcher	Primary source opacity; possible regional access issue	inconclusive	Confirm domain ownership, ICP, DNS, uptime and website status.

Chapter 04

04Competition

The company competes in transportation management/logistics technology with sizable competitors; market share and differentiation require buyer references.

EC-007

IV.A Competitive landscape by market segment

partially verified confidence: medium

GetLatka places 56PINGTAI in TMS with named logistics and delivery-management competitors; actual market share and win/loss are not public.

EC-007

Evidence gaps

Win/loss, market share, pricing benchmark and buyer references.

Hidden risks

R-005 remains open until company documents and third-party confirmations close this checklist item.

Follow-up questions

Provide diligence materials for IV.A: Win/loss, market share, pricing benchmark and buyer references.

Competitor comparison matrix
company	segment	public signal	funding or scale signal	differentiation question
56PINGTAI	China logistics-park / road-transportation platform	CB/GetLatka product description; unicorn status	CB total raised US$187.82M; CB row valuation US$1.08B	What network coverage, data rights and product outcomes drive retention?
G7 Networks	Fleet management / logistics IoT-AI in China	Listed by GetLatka as 56PINGTAI competitor	GetLatka competitor profile describes service to 800,000 vehicles	How does 56PINGTAI compete with fleet IoT visibility?
YQNlink	International logistics cloud platform	Listed by GetLatka competitor page	Included in aggregate competitor set	How much segment overlap exists in domestic road vs international freight?
FarEye / Gett	Delivery management / ground transportation management	Listed in GetLatka competitor set	Included in aggregate competitor set	Benchmark product breadth, enterprise adoption and pricing.

Basis of competition scoring
axis	56pingtai public position	top competitor position	evidence strength	diligence need
Network coverage	Logistics-park/road platform claim	G7 has public vehicle-scale description in competitor profile	low	Validate active nodes, shipments, carrier coverage and customer outcomes.
Technology/data visibility	No architecture public	Competitors market logistics visibility and TMS features	low	Inspect architecture, data rights, AI/optimization claims and uptime.
Price and economics	No public pricing or margin	Benchmark unavailable from public page	low	Request price book and perform buyer reference checks.

Transportation management market map Public competitor map by geography and logistics workflow breadth.

Chapter 05

05Marketing, Sales, and Distribution

GTM evidence is thin and company-owned web materials were inaccessible; channel mix, CAC, pipeline and sales productivity are not public.

EC-010 EC-016

V.A Strategy and implementation

inconclusive confidence: low

Public positioning is limited to database profiles and broad logistics-platform language; current company marketing materials were not accessible.

EC-010 EC-016

Evidence gaps

GTM strategy, channel mix, campaigns, budgets and regional distribution plan.

Hidden risks

R-006 remains open until company documents and third-party confirmations close this checklist item.
R-008 remains open until company documents and third-party confirmations close this checklist item.

Follow-up questions

Provide diligence materials for V.A: GTM strategy, channel mix, campaigns, budgets and regional distribution plan.

Distribution channels and GTM motions
channel or motion	public evidence	verification status	risk	diligence request
Direct platform sales to logistics ecosystem	Inferred from B2B platform description; no sales materials public	inconclusive	CAC and sales cycle unknown	Provide pipeline, sales process, quota and conversion metrics.
Investor/strategic channels	Unicom Innovation VC and financial institutions listed as investors	partially_verified	Strategic channel contribution unknown	Provide channel agreements, referrals and revenue contribution.
Owned website/content marketing	Domain identified but inaccessible	inconclusive	Weak primary-source visibility	Provide website analytics, campaigns and archived company collateral.

Public marketing-signal summary
signal	observed status	source	verification status	interpretation
CB Insights profile	Active profile with Series D \| Alive and product description	CB Insights	verified	Company remains visible in market database.
GetLatka / Notice profiles	Profiles exist but conflict on funding/valuation details	GetLatka, Notice	inconclusive	Market-database presence exists; financial details need reconciliation.
Company-owned campaigns, case studies or pricing	Not verified	Company website inaccessible	not_publicly_verifiable	Primary marketing and sales evidence gap.

Public GTM signal mix Bar chart of public GTM signals and gaps.

V.B Major Customers

not publicly verifiable confidence: low

Major-customer relationship status, expansion prospects and pipeline are not public.

EC-008

Evidence gaps

Major-customer pipeline, expansion plans and relationship health.

Hidden risks

R-003 remains open until company documents and third-party confirmations close this checklist item.

Follow-up questions

Provide diligence materials for V.B: Major-customer pipeline, expansion plans and relationship health.

V.C Principal avenues for generating new business

not publicly verifiable confidence: low

Principal avenues for new business are not verifiable beyond category inference and the company domain.

EC-010

Evidence gaps

Lead sources, conversion metrics and channel economics.

Hidden risks

R-006 remains open until company documents and third-party confirmations close this checklist item.

Follow-up questions

Provide diligence materials for V.C: Lead sources, conversion metrics and channel economics.

V.D Sales force productivity model

not publicly verifiable confidence: low

Sales compensation, quota, sales cycle and hiring plan are private.

EC-010

Evidence gaps

Sales quotas, compensation, cycle length, productivity and hiring plan.

Hidden risks

R-006 remains open until company documents and third-party confirmations close this checklist item.

Follow-up questions

Provide diligence materials for V.D: Sales quotas, compensation, cycle length, productivity and hiring plan.

V.E Ability to implement marketing plan with current and projected budgets

not publicly verifiable confidence: low

Marketing budget capacity and plan feasibility cannot be assessed from public sources.

EC-010

Evidence gaps

Budget-to-plan analysis and marketing capacity model.

Hidden risks

R-006 remains open until company documents and third-party confirmations close this checklist item.

Follow-up questions

Provide diligence materials for V.E: Budget-to-plan analysis and marketing capacity model.

Chapter 06

06Research and Development

R&D evidence is limited to broad product category; roadmap, technical defensibility, data rights, engineering quality and project costs are not public.

EC-011 EC-012

VI.A Description of R&D organization

not publicly verifiable confidence: low

R&D strategy, personnel and major activities are not public beyond the broad platform category and single-source headcount signal.

EC-011 EC-012

Evidence gaps

R&D org chart, engineering headcount, major projects and technology strategy.

Hidden risks

R-004 remains open until company documents and third-party confirmations close this checklist item.
R-007 remains open until company documents and third-party confirmations close this checklist item.

Follow-up questions

Provide diligence materials for VI.A: R&D org chart, engineering headcount, major projects and technology strategy.

R&D personnel and capability signals
area	public signal	verification status	risk	diligence request
Engineering/R&D leadership	No public R&D leaders verified	not_publicly_verifiable	Execution depth unknown	Provide R&D org chart, leadership CVs and attrition.
Platform technology	Online logistics-park and road-transportation platform	partially_verified	Architecture/data rights unknown	Provide architecture, data flows, integrations, uptime and security reviews.
Employee base	Approximately 1K employees per GetLatka	partially_verified	Function mix unknown	Provide HRIS by function/location and R&D headcount trend.

R&D portfolio map High-level product/R&D areas to validate.

VI.B New Product Pipeline

not publicly verifiable confidence: low

New product pipeline, costs, critical technology dependencies and roadmap risks require management materials.

EC-011

Evidence gaps

Product pipeline, release dates, development cost and technology dependency register.

Hidden risks

R-004 remains open until company documents and third-party confirmations close this checklist item.

Follow-up questions

Provide diligence materials for VI.B: Product pipeline, release dates, development cost and technology dependency register.

Public product and research pipeline
pipeline item	public status	expected date	verification status	follow up
Logistics-park network enhancements	No roadmap public	not_publicly_verifiable	not_publicly_verifiable	Provide roadmap, release history and customer commitments.
Road transportation/TMS modules	Broad platform description only	not_publicly_verifiable	partially_verified	Provide module-level adoption, APIs, integrations and implementation backlog.
Data/AI/optimization capabilities	No public technical claims verified	not_publicly_verifiable	not_publicly_verifiable	Validate algorithms, data rights, model governance and measurable outcomes.

Chapter 07

07Management and Personnel

A single public profile identifies Edward Xu as Founder/CEO and about 1K employees; org chart, leadership depth, compensation and turnover need confirmation.

EC-004 EC-012

VII.A Organization Chart

partially verified confidence: low

A public profile identifies a founder/CEO and Shanghai headquarters, but no full org chart or board composition was verified.

EC-004 EC-012

Evidence gaps

Full org chart, board/advisor list and reporting lines.

Hidden risks

R-007 remains open until company documents and third-party confirmations close this checklist item.
R-010 remains open until company documents and third-party confirmations close this checklist item.

Follow-up questions

Provide diligence materials for VII.A: Full org chart, board/advisor list and reporting lines.

Public management org chart Minimal public organization chart.

Reporting lines are diligence placeholders, not verified actual reporting relationships.

VII.B Historical and projected headcount by function and location

partially verified confidence: low

GetLatka reports approximately 1K employees, but function, geography and historical trend are not public.

EC-012

Evidence gaps

Historical/projected headcount by function/location.

Hidden risks

R-007 remains open until company documents and third-party confirmations close this checklist item.

Follow-up questions

Provide diligence materials for VII.B: Historical/projected headcount by function/location.

Headcount and hiring signals
period	public signal	function or region	verification status	diligence request
2013	Company launched per GetLatka; employee count not disclosed	Shanghai/China inferred from profiles	partially_verified	Provide founding headcount and legal-entity history.
2025-2026	Approximately 1K employees per GetLatka	Function mix not public	partially_verified	Provide HRIS headcount by function/location and hiring plan.
Current open roles	No current careers page verified	Unknown	not_publicly_verifiable	Provide recruiting pipeline, offer acceptance and regretted-loss data.

Headcount public anchor trend Chart with public headcount anchors and missing periods.

VII.C Senior management biographies

partially verified confidence: low

Only Edward Xu as Founder/CEO was publicly identified in the researched sources; biographies and tenure need confirmation.

EC-012

Evidence gaps

Executive biographies, tenure, references and background checks.

Hidden risks

R-007 remains open until company documents and third-party confirmations close this checklist item.

Follow-up questions

Provide diligence materials for VII.C: Executive biographies, tenure, references and background checks.

Senior management roster
name	role	tenure or background	source	verification status	gap
Edward Xu	Founder / CEO	Not publicly detailed in researched sources	GetLatka	partially_verified	Confirm legal name, biography, tenure, ownership and background checks.
Board members	Board / investor representatives	Not publicly disclosed	Investor lists only	not_publicly_verifiable	Provide board composition, observer rights and minutes.
CFO/COO/CTO/General Counsel	Senior management	Not publicly verified	No accessible company team page	not_publicly_verifiable	Provide management biographies and reference checks.

No private personal contact details were collected or included.

VII.D Compensation arrangements

not publicly verifiable confidence: low

Employment agreements, benefits and compensation arrangements are private.

EC-012

Evidence gaps

Employment agreements, compensation plans and benefits.

Hidden risks

R-007 remains open until company documents and third-party confirmations close this checklist item.

Follow-up questions

Provide diligence materials for VII.D: Employment agreements, compensation plans and benefits.

Compensation, equity and employee-relations gaps
topic	public evidence	verification status	risk	request
Executive compensation and employment agreements	Not public	not_publicly_verifiable	Retention and change-of-control obligations unknown	Provide employment agreements, severance and CIC provisions.
Equity incentive plan / option pool	Not public	not_publicly_verifiable	Dilution and employee incentives unknown	Provide option plan, grants, exercise prices and vesting.
Employee relations and turnover	No public matters verified	inconclusive	Labor disputes or attrition could be hidden	Provide HR complaints, attrition, litigation and employee-relations memos.

VII.E Incentive stock plans

not publicly verifiable confidence: low

Option pool, equity incentive plans, dilution and vesting are not public.

EC-012

Evidence gaps

Equity incentive plan, option pool and vesting schedule.

Hidden risks

R-002 remains open until company documents and third-party confirmations close this checklist item.
R-007 remains open until company documents and third-party confirmations close this checklist item.

Follow-up questions

Provide diligence materials for VII.E: Equity incentive plan, option pool and vesting schedule.

VII.F Significant employee relations problems, past or present

not publicly verifiable confidence: low

No employee-relations matters were publicly verified, but official and internal HR records were unavailable.

EC-012 EC-017

Evidence gaps

Employee-relations matters, complaints and HR/legal records.

Hidden risks

R-007 remains open until company documents and third-party confirmations close this checklist item.
R-009 remains open until company documents and third-party confirmations close this checklist item.

Follow-up questions

Provide diligence materials for VII.F: Employee-relations matters, complaints and HR/legal records.

VII.G Personnel Turnover

not publicly verifiable confidence: low

Personnel turnover and retention data are not public.

EC-012

Evidence gaps

Attrition, retention, regretted-loss and hiring funnel data.

Hidden risks

R-007 remains open until company documents and third-party confirmations close this checklist item.

Follow-up questions

Provide diligence materials for VII.G: Attrition, retention, regretted-loss and hiring funnel data.

Chapter 08

08Legal and Related Matters

No credible public exit or U.S. public filing was found, but legal, regulatory, IP, insurance and material-contract clearance requires counsel-led PRC/HK searches and company documents.

EC-013 EC-014 EC-015 EC-017

VIII.A Pending lawsuits against the Company

inconclusive confidence: low

No pending lawsuits against the company were verified publicly; official Chinese court docket searches remain required.

EC-017

Evidence gaps

Official litigation search results and counsel memo for claims against the company.

Hidden risks

R-009 remains open until company documents and third-party confirmations close this checklist item.

Follow-up questions

Provide diligence materials for VIII.A: Official litigation search results and counsel memo for claims against the company.

Litigation and regulatory matter summary
matter type	public result	verification status	source	required next step
U.S. SEC registrant/listing search	No matching companies for 56PINGTAI/Tiandihui searches	partially_verified	SEC EDGAR	Confirm non-U.S. listings and exempt offerings with counsel.
IPO/acquisition/shutdown public web screen	No credible public exit/shutdown evidence found during this run; CB marks Alive	partially_verified	CB, Notice, web searches	Run formal China/HK registry, exchange and M&A searches.
Pending lawsuits and administrative actions	No matter verified in accessible public sources	inconclusive	Public-source screen	Run PRC court, administrative penalty, transport regulator, labor and tax searches.

This table is not legal clearance.

VIII.B Pending lawsuits initiated by Company

inconclusive confidence: low

No company-initiated litigation was verified publicly; absence of evidence is not legal clearance.

EC-017

Evidence gaps

Official litigation search results for company-initiated claims.

Hidden risks

R-009 remains open until company documents and third-party confirmations close this checklist item.

Follow-up questions

Provide diligence materials for VIII.B: Official litigation search results for company-initiated claims.

VIII.C Environmental and employee safety issues and liabilities

not publicly verifiable confidence: low

Environmental, transport safety and employee-safety liabilities are not public from available sources.

EC-015 EC-017

Evidence gaps

Safety/environment compliance permits, inspections and incident logs.

Hidden risks

R-009 remains open until company documents and third-party confirmations close this checklist item.

Follow-up questions

Provide diligence materials for VIII.C: Safety/environment compliance permits, inspections and incident logs.

VIII.D Material patents, copyrights, licenses, and trademarks

not publicly verifiable confidence: low

Material IP ownership, licenses, trademarks and patents were not verified publicly.

EC-015

Evidence gaps

Patent/trademark/license schedules and ownership evidence.

Hidden risks

R-009 remains open until company documents and third-party confirmations close this checklist item.

Follow-up questions

Provide diligence materials for VIII.D: Patent/trademark/license schedules and ownership evidence.

Material IP, contracts, insurance and compliance records
artifact	public evidence	verification status	why it matters	request
Patents/trademarks/copyrights/licenses	Not verified publicly	not_publicly_verifiable	IP ownership and product defensibility unknown	Provide IP schedule, assignments, licenses and infringement analysis.
Material customer/supplier/park/carrier contracts	No public contracts found	not_publicly_verifiable	Revenue durability and obligations unknown	Provide material contracts, termination rights, SLAs and exclusivity.
Insurance and safety/transport compliance	Not public	not_publicly_verifiable	Logistics operations may carry transport, safety, data and liability exposures	Provide insurance policies, permits, incident logs and regulatory correspondence.

VIII.E Insurance coverage and material exposures

not publicly verifiable confidence: low

Insurance coverage and material exposures require policy schedules and claims history.

EC-015

Evidence gaps

Insurance policies, claims history and uncovered exposures.

Hidden risks

R-009 remains open until company documents and third-party confirmations close this checklist item.

Follow-up questions

Provide diligence materials for VIII.E: Insurance policies, claims history and uncovered exposures.

VIII.F Material contracts

not publicly verifiable confidence: low

Material contracts with customers, parks, carriers, technology providers and financing parties are not public.

EC-009 EC-015

Evidence gaps

Material customer, supplier, park, carrier, technology, financing and data contracts.

Hidden risks

R-003 remains open until company documents and third-party confirmations close this checklist item.
R-009 remains open until company documents and third-party confirmations close this checklist item.

Follow-up questions

Provide diligence materials for VIII.F: Material customer, supplier, park, carrier, technology, financing and data contracts.

VIII.G Regulatory agency problems

partially verified confidence: low

SEC searches found no U.S. registrant; China/HK listing, transport-regulatory and administrative-action clearance remains open.

EC-013 EC-014 EC-017

Evidence gaps

Transport, data/privacy, tax, labor and administrative-regulatory correspondence.

Hidden risks

R-009 remains open until company documents and third-party confirmations close this checklist item.
R-010 remains open until company documents and third-party confirmations close this checklist item.

Follow-up questions

Provide diligence materials for VIII.G: Transport, data/privacy, tax, labor and administrative-regulatory correspondence.

Legal and regulatory timeline Timeline of legal/regulatory public-screen events.

Counsel-led PRC/HK searches are still required.

Risk heatmap Full report risk register plotted by severity and likelihood.

Evidence

Evidence claims
ID	Claim	Status	Sources
EC-001	56PINGTAI appears on unicorn datasets with a US$1.08B valuation and 2021-01-25 unicorn date, and another market profile reports a US$1.1B valuation.	verified high	SRC-002 SRC-003 SRC-005
EC-002	CB Insights identifies 56PINGTAI as Series D and Alive with US$187.82M total raised.	verified high	SRC-001
EC-003	56PINGTAI is described as an internet company operating an online logistics-park network management and road-transportation platform.	verified medium	SRC-001 SRC-005
EC-004	Public profiles place 56PINGTAI in Shanghai, China and point to 56pingtai.net as the company website.	verified high	SRC-001 SRC-003 SRC-004 SRC-005 SRC-009
EC-005	Public funding totals conflict: CB reports US$187.82M raised, public unicorn data shows US$188M funding, while Notice/GetLatka show roughly US$79M tied to a 2018 Series C.	inconclusive medium	SRC-001 SRC-004 SRC-005 SRC-007
EC-006	GetLatka reports 2024 revenue of US$150M, but audited financials, ARR quality, margins, cash, burn and debt are not public.	partially verified low	SRC-005
EC-007	GetLatka classifies 56PINGTAI among Transportation Management Systems competitors including G7 Networks, YQNlink, FarEye and Gett.	verified medium	SRC-006
EC-008	Named customers, customer count, churn, NRR and revenue concentration were not publicly verified.	not publicly verifiable medium	SRC-005 SRC-009
EC-009	Publicly verified strategic relationships consist mainly of investors; revenue-bearing partnerships, suppliers and logistics-park contracts were not disclosed.	partially verified medium	SRC-001 SRC-002 SRC-007
EC-010	Public GTM and marketing evidence is thin: 56PINGTAI has market-database profiles but no accessible current company website content, campaigns, pricing or sales productivity data.	inconclusive low	SRC-001 SRC-005 SRC-007 SRC-009
EC-011	Public R&D and product roadmap evidence is limited to broad logistics-platform descriptions and TMS category placement.	not publicly verifiable low	SRC-001 SRC-006 SRC-009
EC-012	GetLatka lists Edward Xu as Founder/CEO and roughly 1K employees, but management biographies, org chart and turnover are otherwise not public.	partially verified low	SRC-005
EC-013	SEC EDGAR searches for 56PINGTAI and Tiandihui returned no matching companies, but this does not rule out non-U.S. public filings.	partially verified medium	SRC-008
EC-014	No credible public evidence was found that 56PINGTAI has IPO'd, been acquired, or shut down; CB still marks it Alive and Notice states its stock is not currently traded in private markets.	partially verified medium	SRC-001 SRC-007 SRC-008 SRC-010
EC-015	Material IP, contracts, insurance, regulatory permits and logistics compliance records are not publicly verifiable from the available sources.	not publicly verifiable low	SRC-001 SRC-009 SRC-010
EC-016	Company-owned website evidence was unavailable because the identified 56pingtai.net domain could not be fetched successfully during research.	inconclusive medium	SRC-001 SRC-007 SRC-009
EC-017	No pending litigation, regulatory enforcement, environmental or employee-safety matter was verified publicly, but the search was not exhaustive.	inconclusive low	SRC-010

Sources
ID	Publisher	Title	Accessed
SRC-001	CB Insights	56PINGTAI company profile	2026-05-20
SRC-002	CB Insights	CB Insights unicorn source row supplied in workflow assignment	2026-05-20
SRC-003	GitHub repository prasertcbs/basic-dataset	Startups in 2021 end.csv public unicorn dataset row	2026-05-20
SRC-004	GitHub repository decorouz/-google-advanced-data-analytics	modified_unicorn_companies.csv public unicorn dataset row	2026-05-20
SRC-005	GetLatka	56PINGTAI Revenue 2024: $150M ARR, $1.1B Valuation	2026-05-20
SRC-006	GetLatka	Top 56PINGTAI Alternatives, Competitors & Similar Software	2026-05-20
SRC-007	Notice.co	56PINGTAI Stock \| Valuation, Funding, Investors	2026-05-20
SRC-008	U.S. Securities and Exchange Commission	SEC EDGAR company-name search for 56PINGTAI and aliases	2026-05-20
SRC-009	56PINGTAI	56PINGTAI company website domain identified by CB Insights and Notice	2026-05-20
SRC-010	DuckDuckGo HTML search	Public web searches for 56PINGTAI IPO, acquisition, shutdown, bankruptcy and alias terms	2026-05-20

Disclaimer

This report is a public-evidence diligence snapshot, not investment advice. Important financial, legal, technical, and contractual facts remain non-public and should be verified directly with management and primary documents before any investment decision.