China-based auto marketplace Dongchedi.com is expected to raise funding of between $700 million and $800 million U.S. from HongShan (formerly Sequoia Capital China), KKR and General Atlantic ahead of its IPO, reports The Information, citing three people familiar with the matter.

Dongchedi parent company ByteDance is in talks with a small number to raise funding for the auto marketplace, with HongShan expected to contribute between $400 million and $500 million.

ByteDance’s commercialization department incubated Dongchedi and launched the app in 2017.

According to Similarweb data, Dongchedi.com saw 33.6 million visits in April, making it the leading auto marketplace in China, ahead of AutoHome.com.cn (30.0 million). The latter is listed on both the New York and Hong Kong stock exchanges.

China-based phygital/hybrid auto marketplace AutoStreets raised $19.6 million in a Hong Kong listing last week.

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