Beijing Dongchedi Technology Co, an automotive information and trading platform known as DCar, is considering an initial public offering in Hong Kong as soon as this year, according to people familiar with the situation.
Dongchedi is seeking to hire banks for a potential share sale, the people said, asking not to be identified discussing a private matter.
The company could raise $1 billion to $1.5 billion from the offering, two of the people said.
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Dongchedi was carved out of TikTok owner ByteDance Ltd in 2023. The company raised about $600 million in 2024 from a consortium of investors including General Atlantic, Gaorong Ventures, and HSG, formerly known as Sequoia Capital China, and KKR & Co, people familiar with the matter said at the time.
The private round valued the firm at close to $3 billion.
Deliberations are ongoing and details such as timing and size may change, the people said. Dongchedi and ByteDance didn’t respond to requests seeking comment.
Launched as a standalone company in 2017, Dongchedi competes with peers such as Autohome Inc and Bitauto Holdings Ltd.
