According to the new overseas listing and filing regulations for domestic companies that came into effect on March 31, 2023, companies chose to list H-shares in Hong Kong. The original path of big and small is a thing of the past. Companies listed overseas can directly submit a prospectus, and the roadmap will be replaced by a “filing notice”.
On January 19, the International Cooperation Department of the China Securities Regulatory Commission issued a filing notice on the overseas issuance and listing of Autostreets Development Limited (Auto Street Development Co., Ltd.) (Auto Street Development Co., Ltd.) (China Cooperation Letter (2024) No. 131). According to the overseas listing filing status table issued by the China Securities Regulatory Commission, Auto Street's filing type is indirect overseas listing. The filing subject is Shanghai Xinbao Broadcom E-Commerce Co., Ltd., and the filing acceptance date is September 20, 2023. CITIC Securities and Haitong International are co-sponsors, and Zhong Lun is the domestic lawyer.
The details of the filing notice are as follows:
Autostreets Development Limited (Auto Street Development Co., Ltd.):
Your company has received the overseas initial public offering filing materials submitted by Shanghai Xinbao Broadcom E-Commerce Co., Ltd., a domestic operating entity. According to the “Securities Law of the People's Republic of China”, “Trial Measures on the Administration of Overseas Issuance and Listing of Domestic Enterprises”, etc., I will notify the filing matters as follows:
1. Your company intends to issue no more than 165,945,000 overseas listed common shares and list them on the Hong Kong Stock Exchange.
2. From the date the filing notice is issued until the end of this overseas offering and listing, if an important matter occurs in your company, it shall pass the China Securities Regulatory Commission's filing management information system report in accordance with the relevant regulations on overseas issuance and listing of domestic enterprises.
3. Within 15 working days after your company has completed overseas issuance and listing, you should report the issuance and listing status through the China Securities Regulatory Commission's Filing Management Information System. Your company should strictly abide by relevant domestic and foreign laws, regulations and rules during the overseas issuance and listing process.
4. If your company has not completed overseas distribution and listing within 12 months from the date of issuance of this filing notice and plans to proceed further, the filing materials should be updated.
This filing notice only confirms the company's overseas issuance and listing registration information. It does not indicate that the China Securities Regulatory Commission has made a substantive judgment or guarantee on the investment value of the enterprise's securities or investors' returns, nor does it indicate that the China Securities Regulatory Commission guarantees or determines the authenticity, accuracy, or completeness of the enterprise's filing materials.
China Securities Regulatory Commission International Cooperation Department
January 17, 2024
According to the Hong Kong Stock Exchange listing rules, companies are required to submit a “Notice of Filing” at least 4 business days before the date of approval of the hearing, which means Auto Street has obtained the preliminary requirements to conduct a Hong Kong listing hearing, or will soon hold a listing hearing on the Hong Kong Stock Exchange.
Auto Street submitted a prospectus on the Hong Kong Stock Exchange on June 30, 2023. Its main intermediary teams include: CITIC Securities and Haitong International as co-sponsors; Ernst & Young as its auditors; Zhong Lun and Jiali are the company's Chinese lawyers and the company's Hong Kong and US lawyers respectively; Jingtian Gongcheng and Pu Heng are the Chinese lawyers of the brokerage firm and the Hong Kong and US lawyers respectively; and Insight Consulting is its independent industry adviser.
Auto Street, as a used car trading platform, mainly provides end-to-end highly standardized and highly reliable used car trading solutions for sellers (mainly 4S stores) and buyers (mainly professional buyers). According to Insight Consulting's data, Auto Street is the largest used car trading platform in the country in terms of trading volume in 2022. In 2022, about 160,000 used cars were traded through the Auto Street trading platform, accounting for 12.6% of the Chinese used car trading platform market. According to Insight Consulting data, the company is also the used car trading platform with the largest number of offline auctions and the widest geographical coverage of offline services in the country. As of December 31, 2022, Auto Street has set up 78 shooting stations in 73 cities in China, providing offline services covering 238 cities across the country. According to Insight Consulting, as of December 31, 2022, more than 4,900 4S stores have disposed of used cars on the company's platform, ranking first in the Chinese used car trading platform market. According to Insight Consulting, during the track record period, about 14,000 buyers purchased three or more used cars on the Auto Street trading platform in any given year, ranking first in the Chinese used car trading platform market.
Auto Street prospectus link:
