IPO News | Rumor has it that the second-hand trading platform transfer has secretly submitted a statement, and the Hong Kong Stock Exchange plans to raise up to 500 million US dollars

The Zhitong Finance App learned that a report quoted people familiar with the matter as saying that the second-hand trading platform Transfer's parent company, Beijing Zhuanzuan Mental Technology, has secretly applied for listing in Hong Kong. The listing may be completed in 2027 as soon as possible. The scale of capital raised may reach 500 million US dollars (about HK$3.9 billion).

However, people familiar with the matter pointed out that the transfer to the Hong Kong listing still faces some regulatory uncertainty. Since the company uses a red chip structure, that is, the place of registration is located outside of China, but the main assets and business are located in China, the transfer may require re-registration in mainland China first to comply with relevant regulatory guidelines. Currently, the company has not made a final decision on this matter and is communicating with the relevant listing supervisory authorities.

In March of this year, it was reported that the Chinese regulatory authorities are encouraging companies planning to go public in Hong Kong to adjust their red chip structure, but the relevant guidelines have not yet been finalized. Previously, the market had anticipated that some companies that had established an offshore structure before the relevant rules were revised in 2023 might have an opportunity to be exempted. If the transfer eventually requires a return to domestic registration, it may mean that the scope of relevant exemptions may be quite limited, and it will also form a reference for other companies that have adopted a similar structure and are planning to go public in Hong Kong.

According to data, it was founded in 2015, initially incubated by 58 within the same city, officially operated independently in 2017, and received an investment of 200 million US dollars from Tencent. After years of development, the company has formed a business layout covering second-hand 3C digital, luxury goods, and comprehensive idle commodity trading. It owns various brands such as Zotan, Find a Beautiful Machine, and Red Bollin. Its business model is also gradually shifting from traditional C2C transactions to C2B2C models. By introducing platform quality inspection, verification, and after-sales guarantee services, the trust level of second-hand goods transactions has been enhanced.

It is worth noting that only a few months have passed since the company's management publicly released the listing signal after the transfer of this listing plan to go public in Hong Kong. In April of this year, Huang Wei, founder and CEO of Transfer, said in an interview with the media that the company hopes to promote listing in Hong Kong within the next three years and plans to establish an international business headquarters in Hong Kong as an important hub for expanding overseas markets. At the same time, Transfer is also actively exploring the European, American and Southeast Asian markets in an attempt to replicate the mainland's second-hand commodity trading model overseas.