On June 5th, Gelunhui reported that the largest used car trading service provider in the country, Autos Street (2443.HK), soared more than 26% to HKD 13.32, with a market cap of about HKD 11.1 billion. According to data from Zhoushi Consulting, based on the transaction volume in 2022, Autos Street is the largest used car trading platform in the country. The prospectus of Autos Street mentioned that compared with developed countries such as the United States, the penetration rate of used cars in China is relatively low, indicating that there is still huge development potential in the market. In 2023, the total transaction volume of used passenger vehicles in China reached 14.417 million units, with a penetration rate of only 5%. With the support of policies and regulations, the increase of cross-regional transactions, the development of social media channels, and the advancement of technology, China's used car market is expected to develop rapidly. It is expected that the total transaction volume of used passenger vehicles in China will reach 27.338 million units in 2028, and the compound growth rate from 2023 to 2028 will be 13.7%. The penetration rate of used cars is also expected to increase to 7.8%.