Oct 31, 2019 (China Knowledge) - China’s auto car financing platform Meili Auto Holdings Limited is set to file for initial public offering (IPO) on the New York Stock Exchange (NYSE).
Founded in 2014, Meili Auto facilitates automobile financing, specifically in the used vehicles segment. The Beijing-based company mainly assists the lending of automobile loans from banks and other financial institutions for buyers. In H1 this year, the company assisted in a total of 112,682 used vehicles financing transactions, with total value reaching USD 1.12 bln (RMB 7.89 bln), up 43.1% YoY. The company also achieved profits of USD 46.4 mln (RMB 318.5 mln) last year, and is currently among the top three used vehicles financing providers in China.
Meili Auto hopes to raise up to USD 100 mln based on the finalized terms of its IPO. The company will likely be floating its shares on the NYSE.
The financing for used vehicles has grew rapidly in the past few years in China. The sectors grew from RMB 7.7 bln in 2013 to RMB 150.2 bln last year, with a CAGR of 81.3%. According to a spokesperson from Meili Auto, the market fills with “massive untapped potential”, especially given the rise in demand for used vehicles by China’s fast-growing middle class.
Meili Auto will be listed on NYSE under the ticker ML.
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