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A smartphone app for Chinese auto information website Yiche.com, formerly called Bitauto.com, whose parent company is a big shareholder in Yixin. Photo by AP.
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Tencent-backed Chinese Car-Financing Firm Plans $5 Billion IPO

Photo: A smartphone app for Chinese auto information website Yiche.com, formerly called Bitauto.com, whose parent company is a big shareholder in Yixin. Photo by AP.

A Chinese online auto-financing marketplace backed by local tech giants Tencent, Baidu and JD.com, is planning a Hong Kong IPO that could value the company at nearly $5 billion, people familiar with the matter said.

Yixin Capital, a closely-held arm of U.S.-listed Chinese online car information portal Bitauto, could go public as early as the end of this year, and Citigroup is currently working on the deal, the people said. Yixin didn’t immediately respond to an emailed request for comment. It's not known how much Yixin hopes to raise. 

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