In October of 2020, Autohome Inc., a listed company on NYSE (NYSE:ATHM) ("Autohome"), announced that it would make an investment in TTP Car Inc. ("TTP") through subscription of preferred shares of TTP for an aggregate purchase price of US$168 million.
TTP is a leading auction platform for used cars in China, with its current core business being online auction of used cars, which provides individual car owners the opportunity to sell cars at high prices efficiently and conveniently. Up to now, TTP has set up more than 60 offline trading service centers in China. Prior to this investment, in June of 2018, TTP had already received a strategic investment of US $100 million from Autohome. This is the second time that Autohome elects to invest in TTP, expecting to boost the development of both parties in used car transactions.
As the PRC legal counsel for Autohome, with in-depth knowledge and experience in equity financing, Llinks has provided satisfactory legal services for Autohome's follow-on investment in TTP.
