Cheetah Net Supply Chain Service, which sells parallel import luxury cars in China, raised $5 million by offering 1.3 million shares at $4, the low end of the range of $4 to $6.
Cheetah Net is a supplier of parallel import vehicles, which are vehicles purchased by dealers directly from overseas markets and imported for sale through channels other than brand manufacturers' official distribution systems. The company purchases automobiles, primarily luxury brands such as Mercedes and BMW, from the US market and resells them to parallel import car dealers in both China and the US. Cheetah Net sold 463 vehicles in 2022, and as of December 31, 2022, the company's sourcing network consisted of 342 purchasing agents.
Cheetah Net Supply Chain Service plans to list on the Nasdaq under the symbol CTNT. Maxim Group LLC acted as sole bookrunner on the deal.
