事故车拍卖龙头博车网二度递表港交所，流动性承压下的关键一跃

Core Viewpoint - Boche Holding Limited (博车网) has refiled its IPO application with the Hong Kong Stock Exchange, aiming to strengthen its market position and improve cash flow after a previous application lapsed earlier this year [1][3] Company Overview - Founded in 2014, Boche Holding Limited is the largest accident vehicle auction platform in China, holding a market share of approximately 31.4% in the accident vehicle auction industry as of 2024 [1] - The company operates a comprehensive B2B auction ecosystem that covers the entire process of accident vehicle auctions, including vehicle assessment, inspection, storage, preservation, and logistics services [1] - Boche is also the third-largest B2B used car auction platform in China, with a market share of about 12.0% [1] Client Base - As of July 31, 2025, the company has served over 190 accident vehicle sources, including 63 out of 66 insurance companies operating in China and all of the top 50 insurance companies by revenue [2] - The company has provided services to over 50,000 accident vehicle buyers, primarily consisting of around 49,000 certified repair shops and over 1,000 licensed dismantling factories [2] Financial Performance - Revenue for the years 2022 to 2024 and the first seven months of 2025 was reported as follows: 388 million, 518 million, 526 million, and 290 million CNY respectively [2] - The company has experienced a decline in revenue growth and continued losses, with losses for the first seven months of 2025 exceeding the total losses for the entire previous year [2] - Current assets for the same periods were 252 million, 330 million, 453 million, and 437 million CNY, while current liabilities were 1.898 billion, 2.038 billion, 2.164 billion, and 2.158 billion CNY [2] - As of the end of July 2025, the company had cash and cash equivalents of only 82.374 million CNY, indicating significant short-term liquidity pressure [2] IPO Fund Utilization - The funds raised from the IPO are intended for enhancing and expanding offline outlets, further investment in research and development, exploring potential investment and acquisition opportunities, as well as for working capital and general corporate purposes [3] - The IPO is viewed as a strategic move for the company to not only supplement cash flow but also to solidify its position in the industry [3]