Based in Beijng, Meili facilitates loans for used auto transitions. In its preliminary prospectus filed with the U.S. Securities and Exchange Commission on Wednesday, the company said it has 4,000 employees on its sales team, covering 75,000 dealers in 300 cities across mainland China.
For 2018, Meili reported 206,116 used car transactions, which placed it in the top three used auto financing providers in China, according to research by Frost & Sullivan, cited in the prospectus.
China's used car market sales reached 10.5 million units in 2018, growing at a compound annual growth rate of (CAGR) 24.3% from 2013, and sales are expected to double by 2023, Frost & Sullivan reported.
Meili said in the six months through June its revenue doubled year-over-year to $143.4 million. Net income was $33.8 million, at an increase of 24% from the same period a year ago.
Meili said it intends to use the proceeds from its IPO to broaden its loan facilitation services and invest in its workforce. It also said it plans to fund its research and development, information technology and risk management, along with other general corporate purposes.
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