What Xi Xiangfeng Group does

Xi Xiangfeng Group (喜相逢集团控股有限公司) is a Chinese automotive services platform founded in 2007 and headquartered in Fuzhou, Fujian Province. The company operates four integrated business segments: (1) automotive financial leasing under a rent-to-own model targeting young consumers in second, third-tier and below cities who lack sufficient down payment or have thin/blemished credit histories; (2) ride-hailing vehicle rental and sales through its XiDi subsidiary in deep partnership with DiDi, deploying 10,000+ vehicles across 54-69 cities at a sustained 92% annual rental rate; (3) short- and long-term operating leases via the Yueye Car Rental platform with 200+ service points across 80+ cities serving corporate and individual clients; and (4) used car exports to Central Asia, Southeast Asia, the Middle East, Africa, and Eastern Europe, a business launched after obtaining export qualification in 2023.

The company sells primarily through a pure direct-sales model, operating 112+ company-owned stores across 26 Chinese provinces, supplemented by a proprietary online mini-program and a 7,000+ after-sales service network (recently expanded via a 2024 Tuhu Car Care alliance). Core technology consists of a digital intelligence system spanning the full vehicle lifecycle from procurement through re-trade, anchored by a data cloud intelligent credit review system co-developed with Xiamen University that delivers 10-second automated underwriting and enables 29-minute car delivery, alongside nearly 20 patented vehicle monitoring systems and internally developed ERP, SCRM, SAAS, and mobile application platforms.

Xi Xiangfeng makes money primarily through recurring financial leasing payments and interest differentials on its vehicle lease book, supplemented by ride-hailing fleet rental income, operating lease fees from Yueye, and one-time sale proceeds from used car exports. The company funds its lease portfolio through a diversified stack including manufacturer finance, bank credit, commercial and financial leasing partners, factoring, trusts, and state-owned enterprise supply chains, with new financing partners typically onboarded within one week. Cumulative customers served exceed 220,000 since founding, and the company has managed more than 35,000 vehicles over its operating history. Xi Xiangfeng listed on the Hong Kong Stock Exchange Main Board on November 9, 2023 (stock code 02473.HK), becoming the first Chinese automotive financial leasing company to go public.

Name

Xi Xiangfeng Group

Legal name

喜相逢融资租赁集团有限公司

Website

https://xxfqc.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Xi Xiangfeng Group is a Chinese auto financial leasing and mobility services company that provides rent-to-own car financing, ride-hailing fleet rentals via DiDi partnership (XiDi), short-term car rentals (Yueye), and used car exports, serving over 220,000 retail customers and SMBs across 26 provinces.

Ownership category

akta.pro rank

Product category

Automotive Financial Leasing

NAICS

Passenger Car Leasing (532112), Passenger Car Rental (532111), Automotive Equipment Rental and Leasing (5321)

SIC

Services-Auto Rental & Leasing (No Drivers) (7510)

akta.pro primary industry

SME & Small Business Vehicle Leasing (TLABAAAB)

akta.pro secondary industries

Car Rental & Mobility Booking Platforms (Carshare/Rideshare/Micromobility) (THALAFAE), Corporate Mobility & Ground Transport Management (THALANAI)

Keywords

• Automotive financial leasing
• Ride-hailing vehicle leasing
• Operating lease rental
• Used car export
• Rent-to-own financing

Headquarters

HQ city

Foochow

HQ country

China

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Automotive Financial Leasing (融资租赁): Long-term leasing model for installment car purchases. Users pay low upfront fee with simple approval process. Core business segment covering second, third-tier and below cities. Revenue from interest differentials and service fees.
2. Ride-Hailing Vehicle Rental and Sales (网约车租赁): XiDi subsidiary provides operational ride-hailing vehicles through rental and sales models with flexible buyout options. Annual rental rate maintained at 92%. Partnership with Didi platform.
3. Operational Leasing (经营性租赁): Yueye Car Rental platform provides flexible and diverse car rental services for corporate events, business trips, exhibitions, and personal travel. Self-operated with over 200 service points across 80+ cities.
4. Used Car Export (二手车出口): Export of nearly new vehicles, retired lease vehicles, modified vehicles, and custom vehicles. Focus on emerging markets including Southeast Asia, Middle East, Africa, and Eastern Europe. Obtained export qualification in 2023.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels4 records

Core offering

Xi Xiangfeng Group is an automotive mobility services provider that sells rent-to-own financial leasing of passenger vehicles to individual buyers, leases vehicles to ride-hailing drivers through its XiDi brand, offers short- and long-term operating leases through its Yueye platform, and exports used vehicles overseas. It targets consumers in lower-tier Chinese cities underserved by traditional bank auto financing, and supports the offering with 112+ directly operated outlets and proprietary digital risk-control systems.

Product overview

Xixiangfeng Group operates a comprehensive automotive services platform organized into four core business segments: (1) Automotive Financing Leasing — the flagship rent-to-own financing product delivering low-down-payment vehicle ownership with 29-minute approval; (2) XiDi Ride-Hailing Leasing — a DiDi-partnered platform providing ride-hailing drivers with flexible rental and purchase options for commercial ride-hailing vehicles; (3) Yueye Operating Lease — a self-developed corporate and personal car rental platform covering 80+ cities; and (4) Used Car Export — an international export service for nearly new, retired lease, and customized vehicles. The four segments address distinct customer segments from first-time car buyers to ride-hailing professionals to overseas buyers, unified by the Group's nationwide direct-store network, digital risk management systems, and proprietary technology platforms.

Differentiator

Problem solved

Functional benefit

Brands

• 喜滴 (XiDi): Ride-hailing vehicle rental and sales services, providing operational ride-hailing vehicles through rental and sales models with partnership with DiDi platform
• 悦也租车 (Yueye Rental)
• 喜相逢汽车服务

Products and services

• Xi Xiangfeng Automotive Financial Leasing (喜相逢汽车融资租赁) Rent-to-own auto financing product that lets individual buyers acquire a passenger vehicle with a low down payment and installment payments, eventually transferring ownership to the customer at the end of the lease term. Targeted at consumers in China's second-, third- and fourth-tier cities who are underserved by traditional bank auto loans, and supported by 112+ directly operated outlets and a proprietary credit-review system.
• XiDi Ride-Hailing Vehicle Leasing (喜滴网约车租赁)

Quantifiable outcome

• 220,000+ customers served since establishment in 2007
• +5 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered core.

• Tuhu Car Care (途虎养车)coreStrategic or Co-development Partner · 1 January 2024Strategic alliance formed in 2024 significantly expanded after-sales service network to over 6,700 locations nationwide. Enables one-stop high-quality automotive after-sales services from vehicle selection through post-sale support.
• DiDi (滴滴出行)coreStrategic or Co-development Partner · 1 January 2018Deep strategic partnership established in 2018. XiDi Automobile Service was founded to provide operational ride-hailing vehicles through rental and sales models. XiDi operates in 54-69 cities with over 10,000 vehicles deployed. Didi provides platform access and ride-hailing driver ecosystem.
• Over 20 automotive manufacturers (20多个汽车主机厂)coreTechnology or Integration · 1 January 2007Long-term relationships with more than 20 domestic automobile manufacturers established over 19 years. Provides direct access to popular vehicle models and stable, cost-effective vehicle sourcing.

Scale indicators16 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• eHi Car Services: Major Chinese car rental company with both short-term rental and long-term leasing operations. Comparable to Xi Xiangfeng's Yueye platform and longer-term lease products, especially in the corporate customer segment.
• CAR Inc. Hong Kong-listed Chinese short-term car rental company operating the largest fleet in China. Closely comparable to Xi Xiangfeng's Yueye operating lease segment and shares the same direct-store plus digital distribution model.
• Yixin Group: Hong Kong-listed (2858.HK) Chinese online automotive financing platform serving individual car buyers and dealers. Directly comparable to Xi Xiangfeng's financial leasing core business with similar customer target (underserved Chinese auto buyers) and business model.

Others

• DiDi Global: China's largest ride-hailing platform and Xi Xiangfeng's core partner for the XiDi fleet business. DiDi also operates its own driver financing and small loan products, making it both a strategic partner and partial competitor in fleet financing.
• Tuhu Car Care: Hong Kong-listed (9690.HK) Chinese automotive after-sales service platform with nationwide service network. Strategic partner of Xi Xiangfeng (2024 alliance expanded service network to 6,700+ points); operates in adjacent automotive services space.

Broad incumbents

• SAIC Motor Finance: Captive automotive finance arm of SAIC Motor, one of China's largest automakers. Operates broader auto financing across all customer tiers with lower cost of capital, representing competitive pressure on Xi Xiangfeng's leasing economics.
• Geely Auto Group Auto Finance: Captive financing arm of Geely, one of China's largest private automakers, offering consumer auto loans and dealer financing. Competes with Xi Xiangfeng for both vehicle supply relationships and end-buyer financing share.

Emerging players

• Ucar Inc. Chinese automotive service platform evolving from media (Bitauto) into dealership and financing services. Adjacent to Xi Xiangfeng in serving China's digital auto consumer with overlapping exposure to OEM partnerships and dealer network.
• Banma Network Technology: Chinese automotive financing and trading platform serving SME fleet operators and individual buyers. Comparable emerging player in adjacent financing categories with overlapping underserved customer focus.

Regional players

• Wuhan Huazhong Numerical Control (HNC) Used Vehicle Export: Chinese used vehicle exporter operating in similar emerging markets (Central Asia, Africa, Southeast Asia). Comparable to Xi Xiangfeng's emerging used car export segment with similar sourcing and cross-border trade model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries2 records

Funding overview

Funding rounds2 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Xi Xiangfeng Group