New stock news | Taocarche Delivery filed for listing on the Hong Kong Stock Exchange Main Board

According to the disclosure on May 6th by the Hong Kong Stock Exchange, Yusheng Holdings Limited (referred to as "TaochChe") has submitted its listing application to the main board of the Hong Kong Stock Exchange, with Citigroup as its sole sponsor. Company Profile The prospectus shows that TaochChe is a leading Chinese platform for the trade of used cars, and has developed the TaoCheChe Cooperative Operations System (TCN) - a proprietary, data-driven intelligent operational framework that integrates online and offline experiences. According to Frost & Sullivan, by 2025, the company ranks first in China's used car trading platform with a market share of 3.8% based on total transaction value. Since its establishment in 2018, the company has rapidly grown in China's used car industry, with cumulative transaction volume on the platform exceeding 190,000 vehicles by 2025. The company has built a comprehensive network, integrating 62 domestic offline sales centers with a total of 9,294 designated display spaces - ranking first in scale nationwide; leveraging a matrix of new media channels to build an online platform, driving monthly active users (MAU) on all channels to exceed 13 million by the end of 2025. Additionally, the company also has overseas sales centers in Dubai and Nigeria. Through a strong layout at Wuxi Online Offline Communication Information Technology Co., Ltd., the company has laid a solid foundation for continued expansion in China and overseas. From 2024 to 2025, the company achieved revenue growth of over 20%. With an integrated online-to-offline self-operating system, the company has gathered a wide range of vehicle sources from individual and institutional sellers. During the historical period, the company's revenue mainly came from used car retail business, vehicle wholesale business, and platform services. In 2023, 2024, and 2025, the revenue from used car retail business accounted for 64.5%, 69.2%, and 65.4% of total revenue respectively, with the growth mainly driven by retail sales volume growth. The revenue from vehicle wholesale business accounted for 20.4%, 12.2%, and 17.9% of total revenue in 2023, 2024, and 2025 respectively. Wholesale revenue fluctuated mainly due to changes in wholesale sales volume. Financial Data Revenue The company recorded revenues of approximately RMB 4.429 billion, RMB 5.471 billion, and RMB 6.662 billion in 2023, 2024, and 2025 respectively. Loss The company recorded annual losses of approximately RMB 696 million, RMB 574 million, and RMB 917 million in 2023, 2024, and 2025 respectively. Gross Margin The company achieved gross margins of 9.4%, 10.8%, and 10.2% in 2023, 2024, and 2025 respectively. Industry Overview Since 2009, China has been the world's largest car market by new vehicle sales volumes, providing a foundation for the used car trade. According to Frost & Sullivan, by 2025, the used car market has reached approximately RMB 1.3 trillion, and is estimated to grow to RMB 2.0 trillion by 2030. With regard to total transactions and volumes in the used car market in 2025, China ranks as the second largest used car market globally, following only the United States, and is also one of the fastest-growing major markets worldwide. Used car trading platforms provide a platform for various types of transactions such as B2C, C2C, and B2B, through unified rules, standardized tools, and end-to-end services. With the support of favorable policies and market dividends, the penetration rate of used car trading platforms in the Chinese used car market continues to rise. According to Frost & Sullivan, the market size of Chinese used car trading platforms is expected to grow from approximately RMB 461.9 billion in 2026 to RMB 739.9 billion in 2030, with a compound annual growth rate of 12.5%. Based on the total transaction value in 2025, the Chinese used car trading platform market is still highly fragmented, with the top five participants holding a total market share of only 14.5%. In 2025, the company ranked first in China's used car trading platform with a total transaction value of RMB 15.5 billion (or 3.8% market share). Board of Directors and Management The board of directors of the company consists of 9 members, including 2 executive directors, 4 non-executive directors, and 3 independent non-executive directors. Equity Structure As of April 26, 2026, Mr. Jiang, East Success Ventures Limited, and VehiclePro LP are a single largest group of shareholders of the company. Mr. Jiang owns approximately 23.61% of the voting rights of the company. The wholly-owned entity of Mr. Jiang, East Success Ventures Limited, holds 3,257,246 common shares (approximately 18.24% voting rights of the company); VehiclePro LP (whose general partner is East Success Ventures Limited) holds 957,427 common shares (approximately 5.36% voting rights of the company). Under the voting rights proxy arrangement, subject to compliance with applicable listing rules (including any company approval required by Yixin if applicable), Yixin expects to entrust Mr. Jiang with 60.00% of its voting rights after completing the conversion of its preferred shares into common shares before [compilation]. Intermediary Team Sole Sponsor: Citigroup Global Markets Asia Limited Company Legal Advisor: in relation to Hong Kong and US laws: Kirkland & Ellis LLP; in relation to Chinese laws and Chinese data compliance laws: Haiwen & Partners; in relation to the laws of the Cayman Islands: Harney Westwood & Riegels Legal Advisor to the Sole Sponsor: in relation to Hong Kong and US laws: Clifford Chance; in relation to Chinese laws: Fangda Partners Independent Auditor and Reporting Accountant: PricewaterhouseCoopers Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch Compliance Advisor: Cowen Capital Limited.