Cheetah Net Supply Chain Service, which sells parallel import luxury cars in China, filed on Friday with the SEC to raise up to $12 million in an initial public offering.
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.
The Charlotte, NC-based company was founded in 2016 and booked $55 million in sales for the 12 months ended December 31, 2022. It plans to list on the Nasdaq under the symbol CTNT. Cheetah Net Supply Chain Service filed confidentially on December 16, 2022. Maxim Group LLC is the sole bookrunner on the deal. No pricing terms were disclosed.
