Paul Hastings Advised Joint Sponsors, Overall Coordinators, and Other Underwriters, in Autostreets Development Limited’s Hong Kong IPO and Global Offering

June 04, 2024

Paul Hastings LLP advised CITIC Securities (Hong Kong) Limited and Haitong International Capital Limited, as the joint sponsors, CLSA Limited and Haitong International Securities Company Limited, as the overall coordinators, and other underwriters, on the global offering and listing of Autostreets Development Limited (“Autostreets”) on the Main Board of the Hong Kong Stock Exchange (stock code: 2443.HK).

Autostreets is China’s largest used vehicle transaction service provider in terms of transaction volume in 2022. As an intermediary that connects used vehicle buyers and sellers, Autostreets facilitates used vehicle transactions through its transaction platform in two auction formats, namely online-offline integrated auction and online auction.

Founding partner and chair of Greater China Raymond Li, and partners Peter Cheng and Steven Hsu led the Paul Hastings team, which also included associates Berton Wang and You Wei, legal managers Flora Huang, Zhenfang Ma and Dong Yuan, and China associate Jingyi Cao.

Paul Hastings has advised on a number of significant Hong Kong lPOs in the technology and platform economy related industries in recent years, including LX Technology (a device lifecycle management solution provider in China), OneWo (a leading property management service provider in China), Dingdang Health Technology (a service provider in providing express digital healthcare services in China), TI Cloud (a provider of customer contact solutions deployed in public clouds in China), and GOGOX (an online intra-city logistics platform in Asia).

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