On 31 May 2024, Autostreets Development Limited ("Autostreets"), a portfolio company of Huaxing Growth Capital, successfully listed on the Main Board of the Stock Exchange of Hong Kong, China, with the stock code 2443.HK. A total of 15 million shares were issued in this transaction, with an issue price of HKD10.2 per share.

In a strategic push towards sustainable growth, Autostreets plans to broaden its auction house network and increase its buyer and seller base. The company will also enhance service diversity to open new revenue streams, bolster digital transformation efforts, and explore potential partnerships and acquisitions.

Huaxing Growth Capital invested in Autostreets' Series B financing in 2022. Since then, it has actively leveraged China Renaissance's resources to support the company's ongoing development of a new ecosystem for circulating used vehicles in China.

Autostreets serves as a transaction intermediary. It connects buyers and sellers of used vehicles, facilitating transactions through its trading platform with two forms of auctions: synchronized and online. Since its establishment in 2014, the company has strived to reshape how vehicle transactions are carried out in China, resulting in better standardization, efficiency and transparency in the industry. The company has gained profound industry experience on this journey. Today, Autostreets provides comprehensive and high-quality services throughout the entire used vehicle transaction cycle for both buyers and sellers, including pre-purchase assessment and inspection for sellers, acquisition support, provision of the ADMS system and licensing and transfer services, and more to enhance its synchronous auction services.

In terms of business model, Autostreets leverages its integrated online and offline auction model to provide end-to-end, highly standardized and reliable solutions for used vehicle transactions. These solutions help sellers (mainly 4S stores) and buyers (mainly professional buyers) to optimize vehicle transaction processes, as well as improve the efficiency and profitability of the used vehicle business. As of 31 December 2023, over 6,900 4S stores have disposed of used vehicles through Autostreets' platform.

Kate Zhu, a Partner of the Huaxing Growth Capital, commented, “The used vehicle market is a multibillion-dollar industry with significant growth potential and high profitability. Inspired by mature markets overseas, we believe the circulation is the core segment of the used vehicle industry with great potential for scaling and strong platform pricing power, making it the most likely to help Autostreets succeed as a platform company. Autostreets' leadership team has considerable expertise the domestic automotive circulation sector, and they recognize that the used car market depends more on vehicle supply than buyer demand. This has enabled them to gradually build a strong competitive advantage when it comes to car sourcing. At the same time, they have established a highly standardized, transparent and high-quality service system through key elements such as offline service commitment, digital capabilities, and evaluation and testing systems. With this in mind, we are confident that Autostreets will become a long-term leader in the used vehicle circulation industry, and that this IPO is an affirmation of Autostreets' leadership in the national used vehicle trading market. We also expect the company to leverage this opportunity to build a new and improved ecosystem for used vehicle distribution in China, resulting in better value to end users.”