Changjiu Co., Ltd. (06959) rose more than 5%, continuing its listing high and rising 147%. As of press release, it had risen 5.75% to HK$15.08, with a turnover of HK$2.13 million.
The Zhitong Finance App learned that Changjiu Shares (06959) rose by more than 5%, continuing to hit a new high in listing, rising 147%. As of press release, it had risen 5.75% to HK$15.08, with a turnover of HK$2.13 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.
As of June 30, 2023, the company provided pledged vehicle monitoring services to about 200 branches of 18 commercial banks (including all of China's “big six” state-owned commercial banks and 12 joint-stock commercial banks), 27 auto finance companies, and 11,152 car dealers. Ninety-two car dealer group companies in China's top 100 auto dealer group companies use the company's pledged vehicle monitoring services. In addition, the company provided free access to its mobile app Jiuchetong to approximately 50,000 integrated car traders in China to track pledged vehicles, thereby expanding the scope of services downstream of the industry.
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.