Beijing Dongchedi Technology Co., Ltd., an auto platform startup backed by ByteDance, is planning an initial public offering (IPO) in Hong Kong as early as this year.

The company is currently seeking to hire investment banks to assist with the potential stock issuance.

Anonymous sources indicate that the company, founded in 2017 and spun off from ByteDance in 2023, could raise between $1 billion and $1.5 billion dollars through this offering. 

Insiders have revealed that by 2024, the company had raised approximately $600 million, with a valuation nearing $3 billion. Its investors include General Atlantic, Sequoia China, KKR & Co., and Gaorong Capital.