Chinese Auto Vertical Portal Autohome to Launch IPO on the NYSE

Chinese auto vertical portal Autohome filed with SEC to raise $120 million on the NYSE.

Autohome operates two sites, autohome.com.cn and che168.com, with the former providing automobile-related content & listings and the latter a second-hand car marketplace.

The news and other content on autohome.com.cn are contributed by an editorial team. The site also has a forum with over 7.7 million registered users and 2.7 million daily unique visitors as of September 2013.

The company makes revenues through online advertising and dealer subscription services. The majority of its ad clients are automakers. Autohome claims approximately 80% of over 80 automakers operating in China are its ad clients.

The company made $119.7 million in revenue in 2012, a 69% increase year-over-year. The total in the first nine months in 2013 is $54.5 million, a 96.7% increase year-over-year.

Online advertising spending on automotive websites accounted for 37.1% of total online advertising expenditures in China in 2012, up from 30.0% in 2009, Autohome said so citing an iResearch report (iResearch is a Chinese independent research company).