U.S.-listed Chinese online car-sales website Autohome to go public in Hong Kong

Autohome, a Chinese online car-sales platform listed on the New York Stock Exchange, has filed for a secondary public offering in Hong Kong that is set to raise about $1 billion. Beijing-headquartered Autohome is among many New York–listed Chinese companies that are seeking secondary public offerings in Hong Kong amid U.S.-China tensions.

Claiming to be China’s largest online automobile advertising platform, Autohome announced its Hong Kong public offering this week and is scheduled to start trading on the main board on March 15.

• Autohome went public on the New York Stock Exchange in 2013, raising about $133 billion. Autohome’s American Depositary Shares (ADSs) will continue to be listed and traded in New York.
• Ping An Group, China’s second-largest insurance provider by market value, owns 54.2% of Autohome. The insurer bought the stake from Australian phone company Telstra Corp in 2016.

Autohome has expanded its business from an online information hub for cars to a platform that provides a broad range of automobile-related services, including car sales, financing, and insurance.

• The company runs the website Autohome.com.cn, which publishes information about new and old car models, drawing revenue from advertisers. Autohome also operates the used-car dealership platform che168.com.
• Autohome reported a $1.3 billion revenue for 2020 with a continued increase throughout the past three years, according to the company’s stock filing. It currently has a market capitalization of $13.5 billion.
• The company plans to use the new funding to develop new products, incubate new businesses, and expand the company’s presence both domestically and overseas.

Many New York–listed Chinese companies are diversifying investor bases amid the uncertainties of U.S.-China relations, and are seeking or have already launched secondary listings in Hong Kong or mainland China.

• Autohome is the first U.S.-traded company to go public on the Hong Kong Stock Exchange this year, following in the footsteps of ecommerce giant JD.com, China’s largest restaurant company, Yum China, delivery leader ZTO Express, and many others that launched secondary listings in Hong Kong last year.
• The Hong Kong Stock Exchange may be expecting more Chinese companies’ secondary listings, including search and autonomous driving giant Baidu, online travel agency Trip.com, and video platform Bilibili.