China car rental startup Shenzhou Zuche chooses Hong Kong over New York for US$400M IPO
Shenzhou Zuche, China’s top car rental site and service, chose Hong Kong over New York for its US$400M IPO.
According to China Auto Rental’s IPO filing, the startup had just a few hundred self-drive rentals in 2009, but it’s now grown to 55,400 vehicles. The company is aiming to raise US$400 million from its IPO. About 70 percent of that will be used to purchase new cars.
According to data released by Hitwise, the top 10 car rental websites in China by visits are:
1. eHI Car Service
3. AVIS China
China’s auto rental industry is facing a wide variety of newcomers that look to disrupt the traditional rental car business, such as Uber’s limo service, app-connected Yongche, or car-sharing programs such as Baojia.