Services

Supporting the growing demand for luxury cars in China

Macquarie Capital acted as sole sponsor, joint global coordinator, joint bookrunner and joint lead manager on BetterLife Holding Limited’s (“BetterLife”) $US97 million initial public offering on the main board of HKEX.

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Sector Services
Sub-sector Luxury
Location China

Opportunity

An automobile dealership services provider in China focused on luxury and ultra-luxury brands, BetterLife operates ‘4S’ dealerships selling and servicing Porsche, Audi, Mercedes-Benz, Bentley, Volvo,and Jaguar-Land Rover vehicles. 

Its 12 stores are located across six provinces and municipalities in China: Beijing, Tianjin, Shandong, Sichuan, Zhejiang, and Guangdong. These municipalities were among the top ten provincial-level regions in China in terms of the number of high-net-worth individuals in 20201.

BetterLife is ranked sixth among all ultra-luxury brand automobile dealership service providers in China with a market share of approximately 4 percent in 20201.


Approach

In July 2021, Macquarie Capital acted as sole sponsor, joint global coordinator, joint bookrunner and joint lead manager on BetterLife’s $US97 million initial public offering on the main board of HKEX. 

As the sole sponsor, Macquarie worked closely with the Hong Kong Stock Exchange to complete the initial vetting process and successfully listed the company despite challenging market conditions. 

Macquarie facilitated extensive briefings covering institutional investors across China, Hong Kong, Singapore, and London. These briefings focused on increasing market awareness of BetterLife and its growth story.

Leveraging our strong sales platform, Macquarie secured a sizeable anchor order with a reputable global long-only investor. We also brought in anchor demands from high-profile hedge funds, private banks and family offices that created significant momentum in the bookbuild process.

Outcome

The IPO has successfully raised $US97 million.

As part of BetterLife’s latest business expansion, the funds raised will be used to further expand its automobile dealership network and brand portfolio.

1st

luxury and ultra-luxury automobile dealership company listed on Hong Kong Stock Exchange since 2014

Best 1st day

performance ever of a Chinese automobile dealership company listed on Hong Kong Stock Exchange

  1. According to the Frost & Sullivan Report

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