Chinese online car-selling platform Autohome targets US$984 million in Hong Kong secondary listing

The company, which is backed by Ping An Group, is one of several in the technology, media and telecoms sector planning to raise funds in Hong Kong in the first half of the year

Autohome, whose American depositary receipts (ADRs) are already trading in New York, is selling 30.3 million shares at no more than HK$ 251.8 each

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Autohome claims to be the largest online car advertising and ‘leads generation service provider’ in revenue terms, with a 30 per cent market share. Photo: WEIBO

Published: 2:04pm, 4 Mar 2021Updated: 2:13pm, 4 Mar 2021

Autohome, an online platform for buying and selling cars, is seeking to raise up to HK$7.6 billion (US$984 million) through a secondary listing of its shares in Hong Kong.

The Beijing-headquartered company, whose American depositary receipts (ADR) are already trading on the New York Stock Exchange, is selling 30.3 million shares at no more than HK$ 251.8 each.

The Hong Kong public offering runs from Thursday until next Tuesday, with trading on the main board scheduled to start on March 15.

The company, which is backed by Ping An Group, is one of several technology, media and telecoms companies planning to raise funds in Hong Kong in the first half of the year.

Another car-related digital platform, Dida, is aiming to raise up to US$500 million, according to people familiar with the transaction. Dida, an online carpooling and taxi-hailing service, is backed by venture capital firm IDG, and counts Nio Capital, the investing arm of electric vehicle maker Nio, among its investors.

Autohome kicks off its Hong Kong public offering. Photo: Sina

Autohome is 49 per cent owned by Yun Chen Capital, a subsidiary of retail finance services group Ping An Group. Yun Chen Capital is selling about 10.1 million of its existing shares through the deal, about a third of the total global offering.