The Zhitong Finance App learned that Changjiu Shares (06959) rose more than 22% to a new listing high, surging 62% in 3 trading days. As of press release, it had risen 22.99% to HK$13.48, with a turnover of HK$1.88 million.
According to reports, Changjiu Co., Ltd. mainly provides pledged vehicle monitoring services and car dealer operation management services in China. In terms of revenue in 2022 (market share of 47.9%) and number of car dealer users as of December 31, 2022, Changjiu Co., Ltd. is the largest pledged vehicle monitoring service provider in China's automobile distribution sector.
From an industry perspective, with the development of the Chinese passenger car market, the penetration rate of pledged vehicle monitoring services by Chinese car dealers will continue to increase. According to Insight Consulting, in terms of revenue, the market size of pledged vehicle monitoring services by Chinese car dealers increased from RMB 873.1 million in 2018 to RMB 1,054.0 million in 2022, with a compound annual growth rate of about 4.8%, and is expected to reach RMB 1,451.9 million in 2027.