Chinese car products marketplace Car House Holding files for U.S. IPO

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Car House Holding, which operates an online marketplace of automotive products in China, filed on Friday for an initial public offering (IPO) on the U.S. stock market.

The company plans to list on the Nasdaq under the symbol "CARH," with an expectation to raise about 37 million U.S. dollars, according to its prospectus filed with the U.S. Securities and Exchange Commission.

Founded in 2004, the company began its business in developing, manufacturing, and selling auto perfume and air fresheners. Currently, it also operates an online business-to-business marketplace of automotive products focusing on serving wholesale and retail customers in China.

The company intends to use the net proceeds of this offering primarily for enhancing data analysis and operational capacity of its e-commerce platform, promoting business, and upgrading facilities, as well as general corporate purposes.

Network 1 Financial Securities is the sole bookrunner on the deal. No pricing terms were disclosed.

As of Thursday, the SP U.S. Listed China 50 index, designed to track the performance of the 50 largest Chinese companies listed on U.S. exchanges by total market cap, stood at 3,702.64, marking a 5.07-percent gain for the month-to-date returns and a 16.9-percent increase for the year-to-date returns.

Source(s): Xinhua News Agency