The operator of a digital hub for automotive components and services is seeking a Hong Kong listing, citing plans to expand its coverage to meet rising demand
image credit: Bamboo Works
Key Takeaways:
- Casstime increased its revenue and gross profit last year, but logged a wider net loss, hit by operating costs and fair-value changes
- Its shareholders include Shanghai Capital and Germany’s Bosch
With signs of a pick-up in some automotive stocks, a car parts and servicing platform has joined the convoy of companies heading to the equity market.
Casstime Holdings Ltd., which focuses on China’s automotive aftermarket, has applied to list on the Hong Kong Stock Exchange, with China International Capital Corp (CICC) as the sole sponsor.
The proposed capital-raising follows a surge in overall IPO interest and reflects a brightening mood in parts of the auto sector, led by shares in Geely Automobile (0175.HK) and BYD (OTC:BYDDY) (OTC:BYDDF) (1211.HK) as rising fuel prices look to boost sales of electric vehicles.
Casstime operates platforms to facilitate the maintenance and repair of vehicles after they are sold, by matching businesses such as workshops and parts suppliers. It foresees rising demand from the boom in electric vehicles, whose batteries or other systems need to be periodically replaced or upgraded.
Founded in 2015, Casstime launched desktop versions of its auto parts trading platform and services system the following year and has since folded in a suite of artificial intelligence features for smart matching. Current backers include Shunwei Capital, which counts Xiaomi founder Lei Jun as one of its stakeholders, as well as Fosun International and Germany’s Bosch.
The aftermarket encompasses products and services to maintain, repair or modify a vehicle over its lifetime. From 2021 to 2025, the mainland Chinese aftermarket grew at a compound annual growth rate (CAGR) of 4.8%, outpacing …
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