Core Insights - The B2B used car auction industry in China is experiencing significant growth, driven by increasing vehicle ownership and consumer acceptance of used cars, particularly among younger generations [1][7]. Industry Overview - As of June 2025, China's total vehicle ownership reached 460 million, with 359 million being cars and 37 million being new energy vehicles [1][7]. - The B2B used car auction model involves transactions between businesses, such as dealers and financial institutions, focusing on bulk transactions and efficiency [2][3]. Market Dynamics - The B2B used car auction industry is projected to see a transaction volume of 12.92 million units in 2024, representing a year-on-year growth of 24.23% [1][7]. - The market is characterized by a high concentration of participants, with the top five companies holding a market share of 68.4% in 2024 [8]. Competitive Landscape - Uxin Auction is a leading player in the B2B used car auction market, with over 230,000 partner dealers and a presence in more than 40 cities across China [8][10]. - Beijing Hengtai Boche Auction Co., Ltd. reported a revenue of 290 million yuan in the first seven months of 2025, with 19.42% coming from used car auction services [12]. Development Trends - The future of the B2B used car auction industry is expected to be shaped by advancements in internet technology, leading to the continued rise of online auction platforms [13]. - Companies will focus on specialized services for different vehicle types, enhancing the overall service quality in areas such as assessment, logistics, and after-sales support [13].

Group 1 - The core point of the article is that BoChe Network has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities and Fosun International Capital acting as joint sponsors [1] Group 2 - According to ZhiShi Consulting data, by 2024, BoChe Network ranks first in China's accident vehicle auction market with a market share of approximately 31.4% [2] - The company utilizes a combination of online and offline auction models to connect accident vehicle sources (mainly insurance companies) with buyers (primarily certified repair shops and licensed dismantling factories) [2] - BoChe Network is also the third-largest B2B used car auction platform in China, with a market share of about 12.0% in auction volume for 2024 [2] Group 3 - The volume of accident vehicle auctions in China has increased from approximately 205,000 units in 2020 to 373,000 units in 2024 [2] - In comparison, the auction volume of accident vehicles in the United States is nearly 7 million units in 2024, about 20 times that of China, despite similar vehicle ownership levels [2] - This indicates significant growth potential for China's accident vehicle auction industry, driven by factors such as increasing vehicle ownership, rising repair costs, the prevalence of new energy vehicles leading to higher claims frequency, direct consumer engagement by insurance companies, rising labor costs, and increased insurance awareness [2]