Autostreets Development Ltd. (China)

The Company was incorporated in the Cayman Islands under the Companies Law as an exempted company with limited liability on September 3, 2014. The Company’s shares were listed on the Main Board of the Stock Exchange of Hong Kong Limited on Fridaym, May 31, 2024.
The principal activity of the Company is a China-based holding company that is primarily engaged in providing used car trading services. The company are China's largest used vehicle transaction service provider. Used car auction business facilitates used car transactions through its trading platform in two auction formats: simultaneous auction and online auction. Used car value-added services mainly focus on facilitating used car replacement transactions for upstream sellers. Used car acquisition and sales arrangement business is mainly aimed at assisting dealer groups in conducting used car business while supplementing the supply of used cars on the trading platform. Exhibition business mainly includes hosting auto shows and exhibitions for dealer groups and main engine plants, as well as occasionally providing advertising services. Other businesses include providing new car registration and transfer services and global positioning system (GPS) installation services.
HISTORY
The key milestones in development to date are set out below:
2014 The Company was founded, and held the first vehicle auction in Shanghai and launched the mobile application.
2016 The company began national expansion, and established auction centers and auction hubs in 9 provinces and 3 municipalities, which enabled the company to hold online-offline integrated auctions for used vehicles in these regions.
2017 The company launched ADMS system which provides tools for dealership groups to facilitate the management of used vehicles business.
2019 Completed Series A Financing and raised a total of US 15,000,000 from Image Frame Investment (HK) Limited (‘‘Image Frame'' or ‘‘Tencent'') (a wholly-owned subsidiary of Tencent Holdings Limited) and Dazzling Calcite Limited (‘‘Dazzling'' or ‘‘JD'') (a wholly-owned subsidiary of JD.com, Inc.).
2020 The company have conducted business with over 50 of the top 100 dealership groups (in terms of revenue in 2020), and provided services related to the disposal and management of used vehicles.
2021 The company had established a total of 73 offline auction sites by the end of 2021, providing online and offline used vehicle trading service in 28 provinces and municipalities in China, and transaction volume of the company s platform reached 260,000 units.
2022 Completed Series B Financing and raised a total of US 15,000,000 from CR Matrix Limited (‘‘CR Matrix'').
2023 The company have formed strategic collaboration with eight NEV OEMs as of December 31, 2023.