06:26 AM EDT, 03/20/2026 (MT Newswires) -- Citigroup ( C/PN ) (C) and Goldman Sachs (GS) have been selected to work on the planned Hong Kong IPO of Beijing Dongchedi Technology, backed by ByteDance, Bloomberg News reported Friday, citing unnamed sources.

The platform, also known as DCar, could raise between $1 billion and $1.5 billion, though details remain under discussion and additional banks may be added, the report said.

Spun off from ByteDance in 2023, Dongchedi raised about $600 million in 2024 at a valuation near $3 billion from investors including General Atlantic and KKR, it said.

Citigroup ( C/PN ), Goldman Sachs ( GS ) did not immediately respond to MT Newswires' request for comment.

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