Chinese online car sales firm Autohome plans $1b second listing in Hong Kong

REUTERS

Autohome Inc., a Chinese online car-sales website, is planning a second listing in Hong Kong that could raise about $1 billion, people familiar with the matter said.

New York-listed Autohome, which counts Ping An Insurance Group Co. as its largest shareholder, is working with advisers on the Hong Kong share sale, the people said. An offering could happen as soon as early next year, one of the people said, asking not to be identified as the information is private.

Deliberations are at an early stage and details including size and timeline could still change, the people said. A representative for Autohome didn’t immediately respond to requests for comment.

US-listed Chinese firms are eyeing share sales in the city to hedge against further deterioration in Sino-US relations and to expand their investor bases. The companies seek to follow in the footsteps of Yum China Holdings Inc., JD.com Inc. and NetEase Inc., whose Hong Kong second listings have raised a combined total of almost $10 billion.

Three other New York-listed companies including express delivery giant ZTO Express Cayman Inc. are planning to kick off second listings in Hong Kong as soon as this week, providing a boon to the stock exchange which is seeing a flurry of activity from both initial public offerings and such listings.

Autohome’s shares have risen 15.1% this year, giving it a market capitalisation of about $11 billion. The Beijing-based company allows car dealers and automakers to market their products through its website and also provides an online marketplace for used car sales, according to its website. It raised about $153 million in its US IPO.

Ping An Insurance bought a 47.7% stake in Autohome from Telstra Corp. for $1.6 billion in 2016. A year later, the second-largest Chinese insurer acquired another 6.5% from the Australian telecom operator, boosting its holdings to 54.2%.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

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Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.