Chehaoduo Public-Source Startup Diligence Report
The investable question is whether Chehaoduo converted large funding, brand reach, inspection infrastructure, and marketplace liquidity into durable, compliant, positive-unit-economics used-car transactions despite intense competition and historical marketing/legal risk.
Chehaoduo Public-Source Startup Diligence Report
Chehaoduo appears eligible as a private unicorn based on CB Insights and live Guazi app listings, with strong public evidence for a large China used-car marketplace history. Diligence should remain cautious because financials, cap table, customer economics, legal status, and operating KPIs are not public.
No audited financials, current revenue, margin, cash, debt, AR aging, or projections were public.
Diligence request: Obtain audited statements, monthly management accounts, cohort/unit economics, cash/debt schedule, and board-approved plan.
Autohome and Uxin filings show a crowded auto-transaction ecosystem competing on user reach, suppliers, brand, price, and service.
Diligence request: Benchmark share, CAC, gross margin, listing depth, inventory turns, financing attach, and price realization against Uxin/Autohome/Renrenche/Souche/dealers.
Search snippets indicate historical advertising penalties and unfair-competition litigation; current dockets and regulator records were not fully retrieved.
Diligence request: Counsel should pull regulator decisions, court dockets, settlement files, IP registry data, and current litigation certificates.
Public evidence shows consumer marketplace scale claims but no customer-level revenue, retention, churn, or concentration.
Diligence request: Request customer/transaction cohorts, complaint logs, NPS, warranty reserve data, channel CAC, and take-rate bridge.
The model depends on inspections, pricing accuracy, title transfer, warranty fulfillment, logistics, and network liquidity; public claims are not operational audits.
Diligence request: Sample transactions, inspect SOPs, measure warranty claims, title-transfer SLA, reinspection defects, and logistics delays.
Official website, Crunchbase, several news pages, and registry pages were blocked, rate-limited, or not accessible during this public-source run.
Diligence request: Repeat source collection with local registry access, licensed databases, and company data room before investment reliance.
Public leadership data is sparse and partly unverified, while historical sources imply founder influence and limited public governance transparency.
Diligence request: Request org chart, board minutes, key employment agreements, retention metrics, founder roles, and succession plan.
Multiple large rounds and a US$10 billion public valuation imply complex preferences and exit expectations that are not publicly visible.
Diligence request: Review cap table, preference stack, investor rights, secondary liquidity, debt covenants, and latest 409A/fair-value marks.
Public evidence verifies Chehaoduo as a late-stage private unicorn with multiple large financings, but core financial statements, revenue quality, cash runway, debt, and ownership economics are not public.
not publicly verifiable confidence: high
No audited or management financial statements were public. The only quantitative public signals are financing history, app ratings, valuation markers, and broad market statistics.
| metric | public signal | verification | diligence request |
|---|---|---|---|
| Audited revenue, gross profit, EBITDA, cash flow | Not disclosed in reviewed public sources | not_publicly_verifiable | Audited financials and management accounts |
| GMV, take rate, gross margin by product | Not disclosed; app listings describe services only | not_publicly_verifiable | Transaction export and GMV-to-revenue bridge |
| Market growth context | Search snippets report China used-vehicle sales/transactions up in 2023 and 2024 | partially_verified | Market-share bridge and source-volume reconciliation |
| App user satisfaction proxy | Main app shows about 53,000 ratings at 4.1/5; seller app 98 ratings at 4.4/5 | partially_verified | MAU, conversion, NPS, complaint and cohort retention data |
| Current private valuation | CB Insights lists US$10B; 2021 snippet reports more than US$10B valuation | partially_verified | Latest financing marks and valuation support |
No financial statement data was publicly available.
not publicly verifiable confidence: high
No board-approved projections were public. Market-volume snippets suggest category growth, but Chehaoduo-specific growth drivers and assumptions cannot be tested publicly.
partially verified confidence: medium
Public sources identify major historical investors and founder/58 Ganji ownership history, but not shares outstanding, preferences, options, debt, or current ownership.
| stakeholder | public position | known or reported basis | diligence caveat |
|---|---|---|---|
| Yang Haoyong / Mark Yang | Founder/CEO; 36Kr reports he held more than 50% after 2015 spin-off | 36Kr historical profile | Current ownership, voting rights, vesting, pledges, and time allocation not public |
| 58 Ganji / 58.com | Historical remainder holder after Guazi spin-off; 58.com announced minority-owned Guazi in 2016 | 36Kr and PR Newswire | Current ownership after later rounds not public |
| Sequoia Capital China / GX Capital | CB Insights select investors | CB Insights unicorn row | No share class, amount, or current holding percentage disclosed |
| Tencent | Reported lead investor in US$818M Series C | Search snippets | No percentage, preferences, or rights disclosed |
| SoftBank Vision Fund | Reported US$1.5B 2019 investor and 2020 follow-on participant | Search snippets | No instrument terms, preference stack, or side letters disclosed |
| H Capital | Reported lead investor in 2021 US$300M round | Search snippets | No current holding percentage or liquidation preference disclosed |
Share counts, option pool, warrants, debt, preferences, and investor rights are not publicly verifiable.
partially verified confidence: medium
Financing history is the strongest public financial evidence. Tax positions, accounting policies, revenue recognition, and debt terms remain non-public.
| date | round | lead or participants | amount usd m | post money usd b | verification | source |
|---|---|---|---|---|---|---|
| 2016-03-29 | Equity financing | Globally recognized institutional investors; 58.com announced minority-owned Guazi | 204.5 | — | verified | 58.com / PR Newswire |
| 2016-09 | Series A finalization | Not fully public in accessible sources | 250 | — | partially_verified | Search snippets linking Fintek Asia and AVCJ |
| 2018-03 | Series C | Tencent reportedly led | 818 | — | partially_verified | Search snippets linking GPCA and AVCJ |
| 2019-02 | D round | SoftBank Vision Fund | 1500 | 9 | partially_verified | Search snippets from Jiemian/36Kr/58 Auto; valuation described as above US$9B |
| 2020-05 | Additional financing | SoftBank and Sequoia-related investors | 200 | — | partially_verified | Search snippets linking China Money Network, Yicai, Caixin |
| 2021-06 | New round | H Capital reportedly led | 300 | 10 | partially_verified | Search snippets linking AVCJ and Global Venturing; valuation described as above US$10B |
| 2026-06-08 | Unicorn database marker | Sequoia Capital China, GX Capital listed as select investors | — | 10 | verified_database_row | CB Insights unicorn list |
Amounts are public reports, not a reconciled capitalization schedule.
Public product evidence shows a used-car buying/selling marketplace with official inspection, direct-source supply, auctions, after-sales protection, and new-energy used-car features; product economics and quality outcomes are not public.
partially verified confidence: medium
Guazi public listings describe used-car purchase, sale, auction, inspection, warranty, title-transfer, logistics, and finance-related services. Maodou New Cars appears in historical sources, but current contribution is not public.
| product | target users | public features | verification |
|---|---|---|---|
| Guazi Used Car buy/sell app | Used-car buyers and sellers | Direct-source supply, official inspection, 200-plus item condition disclosure, after-sales protections | verified_public_listing |
| Guazi seller auction app | Car owners selling vehicles | National auction, on-site inspection, real-time auction results, 30-day title transfer commitment | verified_public_listing |
| New-energy used-car grading and warranty features | Used NEV/hybrid buyers | Double-track grading, battery degradation guarantee, hybrid warranty claims | partially_verified |
| Maodou New Cars | New-car retail customers | 36Kr states Maodou was founded in 2017 and integrated into Chehaoduo | verified_historical |
| Auto finance, logistics, delivery, after-sales services | Buyers, sellers, financing partners | Official website snippet describes one-stop services including finance, logistics, delivery, after-sales | partially_verified_snippet |
Current Maodou contribution is not publicly verified.
| feature | evidence | monetization or cost question | risk link |
|---|---|---|---|
| Official inspection | 200-plus report items in main app; 270-plus inspector assessment actions in seller app | What is inspection error rate, staffing cost, and liability for missed defects? | Operational trust and warranty risk |
| Direct-source / no markup messaging | Main app claims source direct supply and no markup | If no markup, what fees, finance margins, warranty fees, or ads drive revenue? | Unit economics and pricing transparency |
| Auction price discovery | Seller app claims nationwide auction and highest bidder wins | What share of listings clear, and are there reserve-price or subsidy mechanisms? | Liquidity and seller trust |
| After-sales and battery protection | Main app lists battery degradation guarantee, hybrid warranty, and lifetime major-accident return claims | What reserves and exclusions support these commitments? | Warranty and regulatory exposure |
Feature claims are public but performance data is private.
Chehaoduo is consumer/marketplace oriented, so public sources identify customer segments rather than named enterprise accounts. Customer-level revenue, top-customer concentration, churn, and severed relationships are not public.
partially verified confidence: medium
Public sources identify applications for buyers, sellers, 4S stores, wholesalers, and auction buyers, but not top 15 customers or transaction volume by customer.
| cohort | use case | public evidence | private metric needed |
|---|---|---|---|
| Individual used-car buyers | Buy used vehicles through app/online platform | Main app lists buyer services, inspection reports, direct-source supply | Active buyers, conversion, repeat rate, average gross profit |
| Individual sellers | Sell vehicles through auction and inspection process | Seller app and main app seller workflow | Seller acquisition CAC, listing-to-sale conversion, settlement time |
| 4S stores and source sellers | Provide vehicle supply | Main app states cooperation with 4S stores and source sellers | Supply volume, exclusivity, margin, defect rates |
| Wholesale car dealers / auction buyers | Bid on seller vehicles and support liquidity | App claims 100,000 buyers across 300 cities | Top buyer concentration and default/dispute rates |
| Finance, insurance, warranty partners | Attach financing, insurance, and guarantees | Official site snippet mentions auto finance and after-sales; app mentions warranties | Partner revenue, recourse, claims reserves |
No named enterprise customer list is public.
partially verified confidence: medium
Public sources show historical 58.com support, vehicle-source relationships, app-store distribution, and investor relationships, but no revenue contribution by partnership.
| partner | public evidence | potential value | gap |
|---|---|---|---|
| 58.com / 58 Ganji | 58.com announced Guazi as minority-owned and cited continuous traffic resources/support; 36Kr describes spin-off | Traffic, brand, launch support | Current ownership and traffic agreements not public |
| SoftBank Vision Fund, Tencent, H Capital, Sequoia, GX Capital | CB Insights and financing snippets | Capital, credibility, strategic network | Rights, preferences, and current ownership not public |
| 4S stores, individual sellers, wholesalers | App listing describes cooperation with source sellers | Inventory breadth and price discovery | Volume, terms, quality, and exclusivity unknown |
| Apple App Store and mobile distribution | Live Apple listings | Consumer acquisition and update distribution | Android/app-store mix and ranking economics unknown |
Partnership revenue contribution is not public.
not publicly verifiable confidence: high
No revenue by customer or concentration threshold data is public.
not publicly verifiable confidence: medium
No public source reviewed disclosed significant severed customer, supplier, or partner relationships in the last two years.
partially verified confidence: medium
Vehicle supply channels are public at a category level, but supplier concentration, cloud/payment/logistics/inspection vendors, and contract terms are not public.
| dependency | public evidence | concentration risk | diligence request |
|---|---|---|---|
| Vehicle source sellers | 4S stores, individual sellers, wholesalers named in app listing | Unknown supply concentration and quality variance | Supplier volume and defect-rate report |
| Inspection workforce or vendors | Official inspection and inspector assessment claims | Labor cost, error, fraud, and SLA risk | Inspector staffing, training, error-rate data |
| Auction buyer network | App claims 100,000 buyers across 300 cities | Top-buyer concentration or default risk unknown | Buyer concentration and settlement report |
| Finance/insurance/warranty providers | Official snippet and app warranties | Recourse, claims reserves, regulatory risk | Partner contracts and claims history |
| Mobile app stores and website | Live Apple listings; official website inaccessible to this agent | Ranking/access and blocked-source visibility risk | Channel mix, Android app stores, website analytics |
Purchase amounts by supplier are not public.
Independent public-company filings confirm a highly competitive China online automobile transaction market. Chehaoduo competes on brand, supply, inspection trust, user reach, pricing, and service execution.
verified confidence: high
Competitors include Uxin, Autohome/Che168/TTP, Renrenche, Souche/Yixin/dealers, and large internet platforms. Public filings emphasize user reach, supplier relationships, brand, and service as competitive axes.
| competitor | product overlap | public evidence | differentiator or risk |
|---|---|---|---|
| Uxin | Used-car purchase, inspection, reconditioning, online platform, offline stores | Uxin 20-F business overview | Inventory-owning model can compete on quality and selection but carries balance-sheet risk |
| Autohome / Che168 / TTP | Used-car listing services, vehicle sales facilitation, financing services | Autohome 20-F | Large user reach and dealer/automaker relationships |
| Renrenche | Direct used-car marketplace; litigation history with Guazi | Autohome competitor list and litigation snippets | Competition has included legal disputes over marketing conduct |
| Meituan, JD.com and large internet platforms | Potential auto transaction channels and services | Autohome 20-F competitor disclosure | Can pressure CAC and customer reach |
| Traditional dealers and 4S stores | Supply source and competing retail channel | App listing names 4S stores as source sellers; Autohome discusses automakers/dealers | Potential partners can also disintermediate platform |
No definitive Chehaoduo market share was found.
| axis | competitor pressure | evidence | diligence metric |
|---|---|---|---|
| Supply depth and quality | Uxin inventory-owning model; dealers retain supply | App listing; Uxin 20-F | Listings, sold units, defect rates, inventory turns |
| Trust and inspection | Uxin inspection/reconditioning; Autohome/TTP vehicle examination | App listing; SEC filings | Reinspection variance, warranty claims, NPS |
| User reach and brand | Autohome leads in mobile DAU among automotive platforms per its filing | App listing; Autohome 20-F | MAU, CAC, conversion, repeat purchase |
| Pricing / monetization | Price-sensitive consumer category with dealer and platform alternatives | App listing; Autohome competition discussion | Take rate, gross margin, subsidy, finance attach |
| Compliance and advertising | Competitors can litigate or complain over comparative claims | Legal/regulatory snippets | Compliance incidents, claim substantiation, legal spend |
Scores are qualitative because market-share data is not public.
GTM appears to combine app-store distribution, official web traffic, auctions, national buyer network claims, historical 58.com traffic support, and offline inspection/service operations. Sales productivity and budget sufficiency remain private.
partially verified confidence: medium
Public GTM claims emphasize direct-source pricing, auctions, official inspection, platform protections, national buyer reach, app distribution, and 58.com traffic resources.
| channel | public evidence | known signal | gap |
|---|---|---|---|
| Main mobile app | Apple App Store listing | About 53,000 ratings at 4.1/5 | Downloads, MAU, funnel conversion |
| Seller app / auction | Apple seller app listing | 98 ratings at 4.4/5 and auction workflow claims | Seller CAC, clearance rate, buyer concentration |
| Official website | Official website snippet; direct access blocked | Claims 200-plus cities and one-stop services | Traffic, conversion, SEO/paid mix |
| 58.com legacy traffic | 58.com PRNewswire release | 58.com cited continuous traffic resources and support | Current traffic agreement unknown |
| Offline inspection / service network | App listing product claims | Official inspection, title-transfer and warranty promises | City coverage, staffing, SLA, cost per transaction |
Channel weights are not publicly disclosed.
| signal | strength | risk or gap |
|---|---|---|
| App ratings and reviews | Visible consumer engagement proxy | Ratings do not prove transaction satisfaction or representativeness |
| No markup / source direct messaging | Clear value proposition | Monetization and fee transparency not public |
| National auction / 300 cities / 100,000 buyers | Liquidity narrative | Buyer activity and geography not independently audited |
| Advertising penalties | Not a positive signal; important disclosure | Need official decisions and current compliance controls |
| Funding PR | Investor credibility and brand visibility | Funding announcements do not prove profitability |
Compliance review of all ad claims is required.
not publicly verifiable confidence: high
No major-customer pipeline or relationship trend data is public; marketplace customer base appears consumer and dealer/wholesale-partner oriented.
partially verified confidence: medium
New business appears to come from app downloads, official website traffic, auction buyer network, 58.com traffic legacy, and partner supply channels.
not publicly verifiable confidence: high
No sales compensation, quota, sales-cycle, or new-hire productivity model is public.
not publicly verifiable confidence: high
Budget sufficiency cannot be assessed publicly because marketing spend, CAC, cash runway, and channel ROI are unavailable.
Public evidence shows productized inspection, grading, and warranty features, plus snippets claiming AI/big-data-driven services. R&D staffing, spend, model performance, and roadmap are not public.
partially verified confidence: low
R&D organization is not directly disclosed. Public org data lists limited technology/operations roles but is unverified; product pages imply engineering behind inspection, grading, and marketplace systems.
| name or role | public role | source | verification caveat |
|---|---|---|---|
| Yang Haoyong | Chief Executive Officer | The Org and 36Kr founder history | Current R&D responsibility not specified |
| Hua Zheng | Senior Vice President of Operations | The Org | Unverified profile; could own operational technology interfaces |
| Cao Jia / Director of Technology | Technology leadership signal from public org snippets | The Org/search snippets | Unverified; not enough biography or tenure data |
| Inspection / data-science teams | Implied by official inspection, AI/big-data, grading features | App listing and official website snippet | Headcount, budget, and technical ownership not public |
Personnel sources are sparse and unverified outside founder history.
partially verified confidence: medium
Visible pipeline/public feature signals include new-energy used-car grading and battery warranties, but no public release roadmap, development cost, or critical technology plan.
| project or feature | public status | evidence | private validation needed |
|---|---|---|---|
| 200-plus item vehicle condition disclosure | Live product claim in main app | Apple App Store listing | Inspection SOP, defect escape rate, reinspection audit |
| 270-plus inspection-action examiner assessment | Live seller-app claim | Apple seller app listing | Training records and inspector certification audit |
| New-energy used-car double-track grading standard | Live feature claim | Apple App Store listing | Grading methodology, model accuracy, NEV residual-value data |
| Battery degradation and hybrid warranties | Live guarantee claim | Apple App Store listing | Claims history, reserves, exclusions, actuarial analysis |
| Big-data and AI-driven services | Official-website snippet only | Search snippet for Guazi.com | Model inventory, data governance, patents, security review |
No future roadmap dates or R&D costs were public.
Yang Haoyong is publicly associated with Chehaoduo/Guazi leadership. Public org data lists selected executives and 10,000-plus employees but is unverified; compensation, turnover, retention, and employee relations are not public.
partially verified confidence: low
A limited public org chart is available from The Org but explicitly unverified; a company-certified org chart is required.
| name | source | tenure or background signal | verification |
|---|---|---|---|
| Yang Haoyong / Mark Yang | 36Kr and The Org | Founded Ganji.com; Guazi spun off in 2015; Maodou in 2017; Mountain Capital involvement reported | partially_verified |
| Hua Zheng | The Org | No detailed bio in public source | unverified_profile |
| Lyla Li | The Org | No detailed bio in public source | unverified_profile |
| Fei Cao | The Org | No detailed bio in public source | unverified_profile |
| Finance/CFO leadership | No reliable public source found | Data-room request | not_publicly_verifiable |
Do not treat The Org roles as confirmed without company verification.
All roles except founder history require company confirmation.
partially verified confidence: low
The only public headcount signal found is The Org employee range of 10,000-plus, marked unverified. Historical and projected headcount by function/location is not public.
| signal | value | verification | gap |
|---|---|---|---|
| Employee range | 10,000-plus | low; unverified profile | Payroll headcount and contractors by function/location |
| Public positions in org chart | 17 positions visible; HQ 15 people shown | low; unverified profile | Current vacancies and reporting lines |
| Projected headcount | — | not_publicly_verifiable | Hiring plan and budget by function/location |
| Turnover | — | not_publicly_verifiable | Two-year attrition and regretted-turnover data |
The public 10,000-plus value is directional only.
partially verified confidence: medium
36Kr and The Org identify Yang Haoyong and selected team members, but detailed biographies, tenure, and current responsibilities require confirmation.
not publicly verifiable confidence: high
No executive or employee compensation arrangements were public.
| topic | verification | why it matters | request |
|---|---|---|---|
| Executive employment agreements | not_publicly_verifiable | Control, severance, non-compete, and retention obligations | Provide all key employment agreements and amendments |
| Benefit plans | not_publicly_verifiable | Labor cost and retention | Provide benefit plan summary and cost |
| Incentive stock plan and option ledger | not_publicly_verifiable | Retention and dilution | Provide equity plan, option ledger, 409A/fair-value marks |
| Employee relations and turnover | not_publicly_verifiable | Service quality and legal risk | Provide employee complaints, labor claims, attrition by role/city |
No compensation or turnover records were publicly available.
not publicly verifiable confidence: high
No incentive stock plan or option ledger was public.
not publicly verifiable confidence: medium
No public employee-relations investigations, union issues, or labor disputes were verified during this run.
not publicly verifiable confidence: high
Turnover data for the last two years and retention-related benefit plans are not public.
Public snippets show historical advertising/regulatory and unfair-competition issues. Current litigation status, IP registry coverage, material contracts, insurance, and regulatory certificates are not public.
partially verified confidence: medium
No current pending lawsuit docket was verified. Search snippets identify historical unfair-competition litigation by Renrenche with reported CNY3 million damages.
| matter | date or status | public evidence | diligence caveat |
|---|---|---|---|
| Renrenche unfair-competition case | Historical judgment reported in snippets; current status unknown | Search snippets linking Sohu/Toutiao/Zhihu | Pull official judgment, appeal, settlement, and reserve records |
| Consumer vehicle-condition/title disputes | Not comprehensively verified | Search snippets only | Need full docket and complaint-platform review |
| Current pending lawsuits | Unknown | No reliable docket retrieved | Company counsel certificate required |
Historical matters are not necessarily pending.
not publicly verifiable confidence: medium
No pending lawsuits initiated by Chehaoduo were verified from public sources during this run.
| matter type | verification | diligence request |
|---|---|---|
| IP enforcement | not_publicly_verifiable | Provide IP enforcement docket and demand letters |
| Supplier/customer collections or contract disputes | not_publicly_verifiable | Provide litigation/arbitration schedule and reserves |
| Unfair-competition claims initiated by Guazi | not_publicly_verifiable | Provide all initiated unfair-competition and advertising claims |
Absence of public evidence is not evidence of absence.
not publicly verifiable confidence: medium
No environmental or employee safety records were publicly verified. Used-car inspection, logistics, and offline operations may create safety and regulatory obligations.
| area | verification | material risk | request |
|---|---|---|---|
| Insurance coverage | not_publicly_verifiable | Warranty, title transfer, cyber, consumer, employee, logistics claims | Insurance schedule, policies, exclusions, claims runs |
| Material supplier/partner contracts | not_publicly_verifiable | Termination, exclusivity, recourse, minimum guarantees | Material contract schedule and copies |
| Environmental and safety records | not_publicly_verifiable | Inspection sites, logistics, battery handling, employee safety | EHS policies, incidents, permits, battery disposal/handling SOPs |
| Data privacy and cybersecurity contracts | not_publicly_verifiable | Consumer data, vehicle/finance records, app security | Data maps, DPIAs, security assessments, vendor DPAs |
These items require company and counsel disclosure.
partially verified confidence: low
App Store listings confirm public use of Guazi app brands by a Che Hao Duo entity, but no full trademark/patent/copyright registry extraction was completed.
| asset | public status | evidence | gap |
|---|---|---|---|
| Guazi Used Car app brand | Live app listing | Developer Che Hao Duo Used Automobile Agency (Beijing) Co., Ltd. | Trademark ownership and software copyright registry extract |
| Guazi seller app brand | Live app listing | Developer Che Hao Duo Used Automobile Agency (Beijing) Co., Ltd. | Trademark ownership and app code assignment chain |
| Maodou New Cars brand | Historically integrated into Chehaoduo | 36Kr history and financing snippets | Current active/dormant status and trademark ownership |
| Inspection, grading, AI/data models | Product features publicly claimed | App and official-site snippets | Patents, software copyrights, trade-secret controls, open-source compliance |
Full CNIPA/WIPO/software copyright search was not completed.
not publicly verifiable confidence: high
Insurance coverage is not public, despite apparent exposure to vehicle condition, title transfer, warranty, logistics, cyber, and consumer claims.
not publicly verifiable confidence: high
Material contracts with investors, vehicle suppliers, finance/insurance partners, logistics providers, app stores, and technology vendors are not public.
partially verified confidence: medium
Search snippets identify historical advertising/regulatory penalties; current agency status requires official regulator pulls.
| agency or source | date | amount or outcome | status and caveat |
|---|---|---|---|
| Beijing market regulator per Jiemian/Sina snippets | 2018-11 reported | CNY12.5M fine reported | Historical; obtain official decision and appeal/rectification records |
| Beijing Chaoyang market regulator per snippets | Reported in snippets | CNY380,000 fine reported | Needs official administrative penalty record |
| Consumer protection / data privacy / auto finance regulators | — | — | Not publicly verifiable from reviewed sources; counsel/regulator pulls needed |
Regulatory table is based on snippets, not official certificates.
| ID | Claim | Status | Sources |
|---|---|---|---|
| EC-001 | CB Insights lists Chehaoduo as a China-based Consumer & Retail unicorn in Beijing with a US$10 billion valuation and a 2016-03-12 date joined. | verified high | SRC-001 |
| EC-002 | 58.com announced Guazi closed a US$204.5 million equity financing in March 2016 and described Guazi as a C2C used-car trading platform directly linking individual sellers and buyers. | verified high | SRC-002 |
| EC-003 | Public snippets indicate Guazi finalized a US$250 million Series A in 2016, including the earlier US$204.5 million financing. | partially verified low | SRC-003 |
| EC-004 | Public snippets indicate Chehaoduo raised a US$818 million Series C round led by Tencent in 2018. | partially verified medium | SRC-004 |
| EC-005 | Public snippets indicate Chehaoduo completed a US$1.5 billion D round from SoftBank Vision Fund in 2019 at a post-money valuation above US$9 billion. | partially verified medium | SRC-005 |
| EC-006 | Public snippets indicate Chehaoduo raised an additional US$200 million in 2020 from SoftBank and Sequoia-related investors. | partially verified medium | SRC-006 |
| EC-007 | Public snippets indicate Chehaoduo raised US$300 million in 2021 led by H Capital at a valuation above US$10 billion. | partially verified medium | SRC-007 |
| EC-008 | The Guazi buy-sell app listing presents Guazi as a used-car trading platform with direct-source supply, official inspection reports, and after-sales protections. | verified high | SRC-008 |
| EC-009 | The Guazi seller app listing describes a national auction workflow, official on-site inspection, 270-plus inspection-action examiner assessment, and 30-day title-transfer commitment. | verified high | SRC-009 |
| EC-010 | The App Store shows public rating and scale signals for Guazi apps, including about 53,000 ratings at 4.1/5 for the main app and company claims of 300-city and 100,000-buyer seller reach. | partially verified medium | SRC-008SRC-009 |
| EC-011 | The Org describes Chehaoduo as an online car-trading platform headquartered in Beijing with 10,000-plus employees, but marks the profile unverified. | partially verified low | SRC-010 |
| EC-012 | Public org-profile sources list Yang Haoyong as CEO and identify selected operations, legal, and strategy leaders, but those profiles are unverified. | partially verified low | SRC-010SRC-011 |
| EC-013 | 36Kr reports that 58 Ganji spun off Guazi in 2015, Yang Haoyong held more than 50%, Maodou New Cars was founded in 2017, and Guazi and Maodou were later integrated into Chehaoduo Group. | verified medium | SRC-012 |
| EC-014 | Uxin describes itself in a 2026 SEC filing as a leading China used-car retailer with an inventory-owning model, online platform, and offline used-car superstores. | verified high | SRC-013 |
| EC-015 | Autohome names Guazi, Renrenche, and Uxin as competitors in online automobile transaction services and describes its own used-car listing and transaction facilitation services. | verified high | SRC-014 |
| EC-016 | Public snippets indicate China second-hand vehicle transactions rose in 2023 and 2024, providing market tailwind context. | partially verified medium | SRC-018 |
| EC-017 | Public snippets for Guazi.com state the platform was founded in September 2015, uses big-data and AI-driven capabilities, and provides inspection, pricing, transaction, finance, logistics, delivery, and after-sales services across more than 200 major cities. | partially verified low | SRC-015SRC-020 |
| EC-018 | Search snippets indicate Guazi-related entities faced advertising/regulatory penalties, including a 2018 CNY12.5 million fine and a reported CNY380,000 penalty for false advertising and disparaging competitors. | partially verified medium | SRC-016 |
| EC-019 | Search snippets indicate Renrenche sued Guazi/Chehaoduo for unfair competition and a court awarded CNY3 million in damages in a historical case. | partially verified medium | SRC-017 |
| EC-020 | Audited financial statements, revenue by product, AR aging, cash, debt, and projected financials were not publicly available in the reviewed sources. | not publicly verifiable high | SRC-001SRC-002SRC-019SRC-020 |
| EC-021 | Public sources did not disclose Chehaoduo current share counts, option pools, liquidation preferences, warrants, debt instruments, or investor ownership percentages. | not publicly verifiable high | SRC-001SRC-002SRC-003SRC-004SRC-005SRC-006SRC-007 |
| EC-022 | Public sources did not disclose customer-level revenue, cohort retention, concentration, churn, take rate, or gross margin. | not publicly verifiable high | SRC-008SRC-009SRC-010 |
| EC-023 | Public sources identify vehicle-supply channels but not supplier concentration, contractual commitments, or infrastructure dependencies. | partially verified medium | SRC-008SRC-009 |
| EC-024 | Guazi public product claims include new-energy used-car grading and battery-related warranty features, but public sources do not disclose R&D cost, roadmap, model performance, or release timing. | partially verified medium | SRC-008SRC-015 |
| EC-025 | Reviewed public sources did not show an IPO, acquisition, or shutdown for Chehaoduo; CB Insights continues to list the company as a unicorn and current app listings remain live. | partially verified medium | SRC-001SRC-008SRC-009 |
| EC-026 | Chehaoduo/Guazi pricing and fee schedule is not fully public in reviewed sources. | not publicly verifiable medium | SRC-008SRC-009 |
| EC-027 | Public sources do not provide current patents, trademarks, software ownership records, insurance policies, or material contracts for Chehaoduo. | not publicly verifiable high | SRC-008SRC-009SRC-020 |
| EC-028 | Official website and some database/news sources were inaccessible or rate-limited, constraining source completeness. | verified high | SRC-019SRC-020 |
| ID | Publisher | Title | Accessed |
|---|---|---|---|
| SRC-001 | CB Insights | The Complete List Of Unicorn Companies | 2026-06-08 |
| SRC-002 | PR Newswire / 58.com | Guazi Closes New US$204.5 million Round of Financing | 2026-06-08 |
| SRC-003 | DuckDuckGo result snippets linking Fintek Asia, AVCJ, and PR Newswire | Search result evidence for Guazi US$250 million Series A completion | 2026-06-08 |
| SRC-004 | DuckDuckGo result snippets linking GPCA, AVCJ, and Trusted Insight | Search result evidence for Chehaoduo US$818 million Series C led by Tencent | 2026-06-08 |
| SRC-005 | DuckDuckGo result snippets linking Jiemian, 36Kr, Baidu Zhidao, and 58 Auto | Search result evidence for SoftBank Vision Fund US$1.5 billion D round | 2026-06-08 |
| SRC-006 | DuckDuckGo result snippets linking China Money Network, Yicai Global, and Caixin | Search result evidence for 2020 US$200 million financing from SoftBank and Sequoia | 2026-06-08 |
| SRC-007 | DuckDuckGo result snippets linking AVCJ, EqualOcean, Global Venturing, and GPCA | Search result evidence for 2021 US$300 million H Capital round | 2026-06-08 |
| SRC-008 | Apple App Store / Che Hao Duo Used Automobile Agency (Beijing) Co., Ltd. | Guazi Used Car buy-sell app listing | 2026-06-08 |
| SRC-009 | Apple App Store / Che Hao Duo Used Automobile Agency (Beijing) Co., Ltd. | Guazi car-selling app listing | 2026-06-08 |
| SRC-010 | The Org | Chehaoduo profile | 2026-06-08 |
| SRC-011 | The Org | Yang Haoyong - Chief Executive Officer at Chehaoduo | 2026-06-08 |
| SRC-012 | 36Kr Global | Internet old guy nets 200 million yuan in single investment deal | 2026-06-08 |
| SRC-013 | U.S. SEC / Uxin Ltd | Uxin Ltd 2026 Form 20-F | 2026-06-08 |
| SRC-014 | U.S. SEC / Autohome Inc | Autohome Inc 2026 Form 20-F | 2026-06-08 |
| SRC-015 | DuckDuckGo result snippets linking Guazi.com and App Store | Search result evidence for Guazi official website description | 2026-06-08 |
| SRC-016 | DuckDuckGo result snippets linking Jiemian, Sina Finance, Zhihu, and Baidu Baike | Search result evidence for Guazi advertising administrative penalties | 2026-06-08 |
| SRC-017 | DuckDuckGo result snippets linking Sohu, Toutiao, Zhihu, and Autohome | Search result evidence for Renrenche unfair-competition litigation involving Guazi | 2026-06-08 |
| SRC-018 | DuckDuckGo result snippets linking State Council, Xinhua, and China Daily | Search result evidence for China used-vehicle transaction statistics | 2026-06-08 |
| SRC-019 | Crunchbase | Crunchbase Chehaoduo and Mark Yang pages blocked by anti-bot controls | 2026-06-08 |
| SRC-020 | Guazi.com | Guazi official website access attempt | 2026-06-08 |
This report is a public-evidence diligence snapshot, not investment advice. Important financial, legal, technical, and contractual facts remain non-public and should be verified directly with management and primary documents before any investment decision.