Core Viewpoint - Boche Holding Limited (博车网) is attempting a second IPO application to the Hong Kong Stock Exchange after its first attempt in February 2025 failed, highlighting its urgent need to address liquidity issues despite its market leadership and technological advantages in the B2B accident vehicle auction sector [1][4]. Company Overview - Established in 2014, Boche Holding Limited operates as a B2B accident vehicle auction platform, connecting upstream sources (insurance companies, leasing firms) with downstream buyers (repair shops, dismantling factories) through an integrated online and offline model [1]. - The company holds a leading market share of 31.4% in China's accident vehicle auction industry and ranks third in the B2B used vehicle auction market with a share of approximately 12.0% as of 2024 [1]. Financial Performance - Revenue growth has slowed, with operating income increasing from 388 million yuan in 2022 to 526 million yuan in 2024, but the year-on-year growth rate plummeted to 1.5% in 2024 from 33.5% in 2023 [2]. - Cumulative net losses reached 394 million yuan from 2022 to July 2025, with losses in the first seven months of 2025 exceeding the total losses for 2024 [2]. - The core business is experiencing a "volume increase, price decrease" trend, with auction volumes rising by 72% to 117,000 vehicles in 2024, while the average price per vehicle dropped from 42,700 yuan to 37,600 yuan [2]. Financial Risks - As of July 2025, the company has a net current liability of 1.721 billion yuan, primarily due to 1.663 billion yuan in financial liabilities from convertible preferred shares [3]. - Cash and cash equivalents decreased by 40% to 82.374 million yuan, indicating weak short-term solvency [3]. - The company heavily relies on insurance companies for vehicle sourcing, with contracts typically lasting one year, exposing it to customer attrition risks [3]. Industry Challenges - The rise of electric vehicles is impacting the accident vehicle industry, as they have higher accident rates and more complex repair costs, challenging the platform's pricing capabilities [3]. - The company has not fully paid social security and housing fund contributions, with a cumulative shortfall exceeding 10 million yuan, raising concerns about internal management and compliance [3]. - Historical acquisitions have resulted in goodwill of 295 million yuan, accounting for 36% of total assets, which may lead to significant impairment losses if future performance does not meet expectations [3].