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Tencent-backed Yixin’s IPO is Hong Kong’s 10th hottest ever as investors eye China’s online car sales growth
China’s biggest online car retailer raises US$870 million in IPO that’s 560 times oversubscribed

Laura He
PUBLISHED : Wednesday, 15 November, 2017, 2:59pm
UPDATED : Wednesday, 15 November, 2017, 2:59pm

Yixin Group, China’s largest online car retailer, has priced its highly-anticipated initial public offering at the upper end of the price range to raise a total HK$6.77 billion (US$870 million), as investors eye the rapid rise of vehicle e-commerce in the mainland.

The offering, the third largest by an internet business in Hong Kong this year, has been oversubscribed 560 times by retail bidders, with locked-in investor capital of HK$382 billion, making it the 10th hottest IPO in the city’s history.

Yixin priced the 879 million shares on offer at the top end of an indicative price range of HK$6.6 to HK$7.7.

More than 300,000 retail investors bid for the new shares, Yixin said on Wednesday. Of those, about 32,000 subscribed for just one lot each, of whom 3,200 were successful. The 10 per cent success rate is still higher than China Literature, whose recent IPO only had a 7.7 per cent success rate among retail bidders.

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