🚗 Dongchedi's Funding Drive
ByteDance is seeking between $700M and $800M for its auto marketplace Dongchedi.com. The funds will come from HongShan, KKR, and General Atlantic. According to insiders, HongShan alone might contribute up to $500M. This funding comes ahead of Dongchedi's planned IPO.
📈 Dongchedi's Market Performance
Launched in 2017 by ByteDance’s commercialization department, Dongchedi has quickly become China’s leading auto marketplace. In April, it saw 33.6M visits, beating AutoHome.com.cn, which had 30M visits. AutoHome is listed on the New York and Hong Kong stock exchanges.
💼 HongShan’s Significant Contribution
HongShan, formerly Sequoia Capital China, is expected to be the largest investor in this round, contributing between $400M and $500M. This significant investment reflects HongShan’s confidence in Dongchedi's market position and growth potential.
🌐 Recent Market Activity
In related news, AutoStreets, another China-based auto marketplace, raised $19.6M in a Hong Kong listing last week. This highlights the growing investor interest in the auto marketplace sector in China. The investments signal strong market confidence and potential for growth in this space.
Will ByteDance's Dongchedi outperform its competitors?
