safarigoldmegawaysslot| Auto Street (02443.HK) plans to issue 15 million shares globally and is expected to be listed on May 31
Gelong Hui, May 23, Motor Street (02443)SafarigoldmegawaysslotHK) announced that the company intends to sell 15 million shares globally, 1.5 million shares in Hong Kong, China and 13.5 million shares in the international offering.SafarigoldmegawaysslotFrom May 23 to May 28, 2024, the expected pricing date is May 29; the offering price will be 10% per offer share.SafarigoldmegawaysslotCitic Securities (600030) and Haitong International are co-sponsors and the shares are expected to be listed on the main board of the Stock Exchange on 31 May 2024.
According to the burning knowledge consultationSafarigoldmegawaysslotIn terms of transaction volume in 2022, the company is the largest used car trading service provider in the country. As a medium of exchange connecting buyers and sellers of used cars, the company promotes the transaction of used cars through simultaneous auctions and online auctions through its trading platform. In 2022, about 160000 used cars were traded through the company's trading platform, with a market share of 12.6% among Chinese used car trading service providers. In 2023, about 176000 used cars were traded through the company's trading platform. The company is also the second-hand car trading service provider with the largest number of offline sales and the widest geographical coverage of offline services in the country. As of December 31, 2023, the company has strategically set up 79 locations in 74 cities in China, while providing offline services in 317 cities across the country.
As a medium of exchange connecting buyers and sellers of used cars, the company provides a wide range of services related to used cars to facilitate used car transactions. Since its establishment in 2014, the company has been committed to reshaping China's used car trading process for nearly a decade, leading China's used car industry to standardization, efficiency and transparency, and has accumulated profound industry experience. Unlike new cars with standard conditions and retail prices, second-hand cars do not have common conditions and valuation standards and are technical products, and there is usually a lack of publicly available vehicle condition records and information. this makes it a great challenge for ordinary consumers to assess the value of used cars and determine their transaction prices. At the same time, most of the participants in the used car business are geographically dispersed, making it difficult for upstream sellers to effectively match the needs of a large number of downstream buyers. As a result, used car transactions in China usually lack standards, lack transparency to both buyers and sellers, and are inefficient. The company believes that the company's trading platform can fully address these pain points.
The company mainly provides used car auction services through simultaneous auctions, allowing used car buyers from all over the country to participate offline or through the company's mobile application to participate in real-time online auctions, while giving them access to used car information and valuation. Through the company's online and offline integrated auction model, the company provides end-to-end, highly standardized and reliable used car trading solutions to help sellers (mainly 4S stores) and buyers (mainly professional buyers) optimize the used car transaction process and improve the efficiency and profitability of its used car business. As of December 31, 2023, more than 6900 4S stores have disposed of used cars through the company's platform. During the track record period, more than 16000 buyers were professional buyers (that is, three or more used cars were purchased on the company's trading platform in any given year).
The Company expects to receive net proceeds from the global offering of approximately HK $98 million, which assumes an offer price of HK $10.70 per offer share (the median of the offer price range referred to in this prospectus). The company intends to use about 40.0% of the net proceeds from the global sale to expand the geographical coverage of the auction network; about 10.0% will be used to strengthen the company's relationships with existing sellers and buyers, as well as to attract new sellers and buyers for the company's platform; about 15.0% will be used to develop and diversify the company's service portfolio and explore new growth areas. About 15.0% will be used to further invest in research and development, further strengthen the company's digital infrastructure, and continue to support the company's digital initiatives; about 10.0% will be used to establish potential strategic partnerships and alliances with business partners, and to invest in target companies in the industry; and
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