"New Shares" ByteDance's subsidiary Chuan Dong Che Di goes public in Hong Kong, raising up to HKD 11.7 billion

According to market news, ByteDance's mainland automotive information and trading platform Dongchedi has reportedly hired Citigroup and Goldman Sachs to arrange for its IPO in Hong Kong, raising between USD 1 billion to 1.5 billion (equivalent to approximately HKD 7.8 billion to 11.7 billion) to support its independent operations and business expansion. However, the listing plan is still in the preliminary stage, and the fundraising scale and timetable remain uncertain.

Information shows that Dongchedi was established in 2017 and became independent after spinning off from ByteDance at the end of 2023. It completed a financing round of USD 600 million (equivalent to approximately HKD 4.68 billion) in 2024, with a transaction valuation of nearly USD 3 billion (equivalent to approximately HKD 23.4 billion)