China-based phygital/hybrid auto marketplace AutoStreets is seeking to raise HK$168 million ($21.5 million U.S.) in a listing on the Hong Kong stock exchange on May 31.

AutoStreets plans to offer 15 million shares at a maximum offer price of HK$11.20 per share, according to its filing with the bourse on 23 May. 10% of these shares will be offered to the public.

Founded in 2014, AutoStreets provides both online and offline used vehicle auction services. Investors in the company include Cox Automotive subsidiary Manheim and the China Automobile Dealers Association.

AutoStreets facilitated 176,000 used vehicle transactions last year, up from 160,000 in 2022. At the end of last year, the company had 79 auction sites in 74 cities.

Revenue at AutoStreets — mainly derived from vehicle auction commissions and service fees — rose by 58.4% year on year to RMB287 million in 2023, according to its prospectus.

AutoHome — which is listed in both Hong Kong and New York — generated RMB7.1 billion in revenue last year.

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