(Yicai Global) Nov. 16 -- China's largest internet car retail platform, Yixin Group Ltd., backed by internet giant Tencent Holdings Ltd. [HKG:0700] and e-commerce firm JD.com Inc. [NASDAQ:JD], saw its stock price rise 31.17 percent on its first day of trading on the Hong Kong Stock Exchange, reaching HKD10.01 per share, representing a market value of HKD63.39 billion.
Yixin Group was oversubscribed 559-fold prior to official listing, while frozen capital was as high as HKD382 billion (USD49 billion), the tenth biggest volume in the history of the Hong Kong Stock Exchange.
The company enjoyed a market share of 18.7 percent in China's online auto retail sector last year, handling about 300,000 automobile-related transactions totaling more than CNY29 billion, the firm's prospectus said.
Yixin Group is an internet auto trading platform, providing one-stop services covering the whole life-cycle including new car trading, second-hand car trading, car installment plans, leasing, insurance and other services.
The firm was founded three years ago, making it one of the youngest companies on the Hong Kong index.
Chief executive Zhang Xu'an expressed the gratitude for the strong support given by its shareholders like at an event to mark the listing. The prospectus states that shareholders consist of Tencent, JD, Baidu Inc. [NASDAQ:BIDU], Bitauto Holdings Ltd. [NYSE:BITA], S.F. Holding Co. [SHE:002352], China Orient Asset Management Co., one of the big four state-owned asset companies, and IDG, among others. Tencent holds nearly 30 percent of its equity both directly and indirectly.