New Stock News | It is reported that Bytedance's subsidiary, Doudi, has selected an investment bank for its Hong Kong IPO, aiming to raise $1-1.5 billion.

According to media reports citing informed sources, ByteDance's car information and trading platform Dongchedi has chosen Citigroup and Goldman Sachs to prepare for its Hong Kong initial public offering (IPO) plan. Previously, it was reported by the media that Dongchedi may raise between $1 billion and $1.5 billion (approximately HK$7.8 billion to HK$11.7 billion) through this issuance. Sources say that Dongchedi may consider hiring other banks in the future. Discussions are still ongoing, and details such as the size of the IPO may change. Public information shows that Dongchedi was established in 2017, spun off from ByteDance in 2023, and was rumored to have raised about $600 million in financing in 2024, with a valuation close to $3 billion. Investors include General Atlantic, Sequoia China, KKR & Co., and GGV Capital.