China's TuanChe.Com Files for NASDAQ IPO
Zhang Yushuo
DATE:  Oct 25 2018
/ SOURCE:  Yicai
China's TuanChe.Com Files for NASDAQ IPO China's TuanChe.Com Files for NASDAQ IPO

(Yicai Global) Oct. 24 -- Chinese car retail platform TuanChe.Com submitted an application for an initial public offering to the US Securities and Exchange Commission yesterday and plans to list on the New York–based NASDAQ Stock Market, seeking funding of USD150 million, online news portal auto.sina reported today.

This is lower than the previous USD200 million Bloomberg News reported last month.

The auto e-commerce platform started its business with car group buying in 2010 then embarked on offline car sales in 2016. Beijing–based TuanChe Internet Technology, which runs TuanChe, was set up in 2012 and is registered in the Cayman Islands, public information shows.

The platform netted USD30 billion selling cars offline and had over 10,000 clients in the sector in 121 cities and 1,300 monthly visits to its website.

Its net income in the first half of last year and this year was CNY91.3 million (USD13.4 million) and CNY269 million, respectively, in almost threefold annual growth. 

Its net losses for the years were CNY58 million and CNY21 million, however. TuanChe.Com's gross merchandise values for all last year, the first half of last year and this year reached CNY30 billion (USD4.4 billion), CNY8 billion and CNY21.4 billion, respectively.

Offline sales at automobile outlets are its core business.

China, the largest market car market since 2009, is entering a phase of slowing growth, according to China's industry and information technology ministry, Yicai Global reported today. 

TuanChe.Com will seemingly thus have to continue to weather the pressure from and risk of losses, at least short term.

Editor: Ben Armour

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Keywords:   IPO,Nasdaq,Sales,Funding