KaiSi Times impacts Hong Kong stock IPO, with Sequoia, Sequoia Capital, and Bosch as shareholders. The number one platform empowering China's automotive aftermarket companies.

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According to an April 2 disclosure by the Hong Kong Exchanges and Clearing Limited, Kaishi Shidai Holding Limited filed a listing application with the main board of the Hong Kong Exchanges and Clearing Limited, and CICC is the sole sponsor.

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This article is for information exchange purposes only and does not constitute any investment advice

According to the prospectus, Kaishi Shidai is a leading digital-intelligent platform dedicated to empowering China’s automotive aftermarket. The company’s platform builds AI-enabled digital infrastructure for participants in the automotive aftermarket value chain, helping them provide products and services intelligently and efficiently and complete transactions.

The company’s platform has long been focused on serving enterprises. According to Frost & Sullivan, calculated by the annual GMV in 2025, the cumulative number of SKUs, and the number of registered automotive service outlets, it ranks first among China’s automotive aftermarket enterprise enablement platforms.

As of December 31, 2025, Kaishi Shidai’s platform has more than 375,000 registered automotive service outlets, distributed across 329 cities in China, covering more than 48 million automotive parts and accessories SKUs. In 2025, the company’s registered automotive service outlets achieved approximately 3.6 million monthly average store visits through the company’s platform. In 2025, the company’s platform recorded 22.5 million intended orders and 11.3 million completed orders, respectively.

China has a large but highly fragmented automotive aftermarket. With years of deep involvement in this industry, Kaishi Shidai has accumulated a large proprietary dataset containing extensive industry insights. The company is at the forefront of promoting the digital-intelligent transformation of China’s automotive aftermarket through its proprietary data and core technologies, including AI, big data analytics, and cloud-native infrastructure. By digitizing and intelligently upgrading key links such as automotive parts identification, procurement, order fulfillment, and service delivery, it promotes efficient coordination across upstream and downstream, while significantly improving transparency across the industry, operational efficiency, and the potential for scalable expansion.

Kaishi Shidai has built a multi-party interconnected ecosystem network, connecting all types of participants in the automotive aftermarket. Such participants include hundreds of thousands of OEMs and automotive parts and accessories manufacturers, automotive parts distributors, automotive service outlets, and hundreds of millions of car owners. The company develops its business and solutions to address their various pain points.

The company adopts a unique “F2B2b2C” business model by connecting all industry participants, integrating and optimizing the upstream and downstream of the automotive aftermarket value chain, thereby enabling end-to-end efficient operations.

China’s automotive aftermarket is large and continues to grow. According to Frost & Sullivan, the total size of China’s automotive aftermarket in 2025 is expected to be approximately RMB 1,577.7 billion (same below for RMB), and is expected to further increase to RMB 2,249.6 billion by 2030 at a CAGR of 7.4%, driven by the following key factors:

Continuous growth in vehicle ownership. China has the world’s largest vehicle ownership. In 2025, China’s total number of automobiles reaches approximately 335 million vehicles, but the number of vehicles per 1,000 people is only about 238, which is significantly lower than 860 in the United States and 570 in the European Union. This gap indicates China’s vehicle ownership has substantial long-term growth potential.

Continued growth in average vehicle age and mileage. China’s average vehicle age is expected to increase from about seven years in 2025 to more than eight years in 2030. In 2025, the total mileage of passenger vehicles in China reached approximately 3.8 trillion kilometers. This figure is expected to increase to 4.6 trillion kilometers by 2030. These expectations will result in more frequent repair and maintenance needs and continued demand for aftermarket products and services.

NEV penetration continues to rise. In 2025, NEVs account for about 12.0% of vehicles in China, and this proportion is expected to increase to over 30.0% by 2030. NEVs are centered on the “three-electric system” (i.e., the battery, motor, and electronic control system), which makes repairs more complex and raises technical requirements. NEVs combine the attributes of traditional internal combustion engine vehicles with the characteristics of technological iteration in electronic products. In addition, driven by the natural degradation of batteries and accelerating progress in vehicle intelligence, these factors drive the continued expansion of automotive parts and accessories SKUs and further increase their complexity.

As more vehicles’ warranty periods come to an end, independent aftermarket service outlets (“IAM”) typically become the vehicle owners’ first choice due to their broad geographic coverage and better cost-effectiveness. According to Frost & Sullivan, in 2025, China had approximately 475,000 IAM outlets, accounting for about 93.0% of all automotive service outlets nationwide. An increasing number of OEMs and their authorized dealers (i.e., 4S stores) choose to cooperate with secondary service networks formed by IAM to service their vehicles after the warranty period expires. These factors provide significant market opportunities for domestic penetration and international expansion in China’s automotive aftermarket industry.

In terms of finance, Kaishi Shidai’s revenue increased by 8.3% from RMB 685 million in 2023 to RMB 742 million in 2024, and further increased by 25.3% to RMB 930 million in 2025. For the years ended December 31, 2023, 2024, and 2025, the company recorded gross profit of RMB 185 million, RMB 220 million, and RMB 263 million, respectively. Gross profit margins for the same periods were 27.0%, 29.7%, and 28.3%, respectively.

The company’s loss for the year decreased by 22.2% from RMB 576 million in 2023 to RMB 448 million in 2024, and further decreased by 10.9% to RMB 399 million in 2025. The company’s adjusted loss (a non-IFRS measure) remained relatively stable in 2023 and 2024, at RMB 125 million and RMB 124 million, respectively, and decreased significantly by 64.0% to RMB 44.7 million in 2025.

The prospectus shows Shunwei, Fosun International, Sequoia China, Bosch Group, and others.

The proceeds from Kaishi Shidai’s Hong Kong IPO are intended to be used for the following: To expand the company’s platform business. To deepen the penetration rate of the company’s product and service offerings throughout the industry value chain. To advance the company’s globalization strategy. To further deepen the application of AI technologies and enhance platform capabilities. To strategically acquire or invest in potential targets with synergistic effects with the company’s business—for example, market participants may enrich the company’s product portfolio, enhance R&D capabilities, and accelerate global expansion. To be used for working capital and other general corporate purposes.

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