(Yicai Global) Oct. 30 -- New auto retail and trading platform Yixin Automotive Technology Group Ltd. applied to go public in Hong Kong yesterday.

The firm is making waves in China's auto industry, with over 30,000 vehicles on the market and an offline team of more than 3,000 dealmakers to cover 100 stores and over 15,000 distributing partners nationwide. China's passenger vehicle market saw annual sales of 32 million cars last year, making it the world's largest car consumption market, according to a report from Frost & Sullivan.

Chinese internet and gaming giant Tencent Holdings Ltd. [HKG:0700] holds 33 percent of Yixin's stock, directly and indirectly, so is hoping to bank big from the move.

Yixin's prospectus claims the firm generated CNY1.55 billion (USD23.3 billion) in revenue in the first half of this year, more than trebling from last year's CNY455 million. Adjusted net profit for the period was CNY260 million, growing almost eight-fold on the year.

The value of trades made through Yixin had accumulated to CNY27 billion by the end of last year, skyrocketing from CNY1 billion at the end of 2015. The platform covers more than 300 cities in China and oversaw the trade of more than 300,000 vehicles in the first nine months of this year.

The company's listed assets include Car Shopping, Yixin Capital and other apps and services covering the entire industrial chain, including new car purchases, second-hand purchases, auto loans and car leasing, insurance and servicing.