Used car trading platform Taocheche has submitted a listing application to the Hong Kong Stock Exchange, with Citigroup serving as the sole sponsor and CITIC Securities as the overall coordinator.

According to the prospectus, Taocheche was established in 2018. Data from Frost & Sullivan shows that based on total transaction value in 2025, Taocheche ranked first among used car trading platforms in China, capturing a market share of 3.8%. The platform's cumulative transaction volume exceeded 190,000 vehicles in 2025.

As of December 31, 2025, Taocheche operated 62 offline sales centers in China with a total of 9,294 designated display spaces, ranking first nationally in both scale. The company has also built an online platform through its new media channel matrix, achieving over 13 million monthly active users across all channels annually by the end of 2025. Additionally, Taocheche maintains overseas sales centers in Dubai and Nigeria.

The company's revenue streams primarily include used car retail operations, vehicle wholesale business, and platform services. For 2023, 2024, and 2025, Taocheche reported total revenues of 4.429 billion yuan, 5.471 billion yuan, and 6.662 billion yuan respectively. However, the company recorded losses of 696 million yuan, 574 million yuan, and 917 million yuan during the same periods, accumulating total losses of 2.187 billion yuan over three years. On a non-IFRS basis, adjusted net losses were 243 million yuan, 194 million yuan, and 205 million yuan respectively.

The ownership structure reveals that pre-IPO, Yixin Group, as Taocheche's parent company, holds approximately 44.23% stake. Chairman and CEO Jiang Dong collectively holds about 11.53%, while Tencent holds approximately 17.49% and JD.com holds 2.74%.

The prospectus also disclosed several risk factors. In March 2025, Alibaba filed a lawsuit against Taocheche for trademark infringement and unfair competition, citing the platform's historical use of identifiers containing "淘车," "taoche.com," and "TAOCHE." Alibaba's claims included demands for Taocheche to cease using its former business name "淘车," stop using the contested identifiers, pay 10 million yuan in compensation for alleged economic losses and related expenses, and issue a clarification statement.

On March 31 this year, the court issued a first-instance judgment requiring Taocheche to: (i) stop using any business name containing "淘车"; (ii) cease using the contested identifiers; and (iii) pay 4.5 million yuan in damages and reasonable enforcement costs, while rejecting Alibaba's request for a clarification statement. Taocheche filed an appeal with the relevant appellate court on April 8 this year.

Additionally, the prospectus disclosed that Taocheche has not strictly complied with relevant laws and regulations regarding full social security and housing fund contributions for some employees. The shortfalls in social security and housing fund payments amounted to 19.4 million yuan, 12.7 million yuan, and 1.2 million yuan for 2023, 2024, and 2025 respectively.