ByteDance-Backed Dongchedi Is Said to Pick Citi, Goldman Sachs for Hong Kong IPO

Beijing Dongchedi Technology Co. has picked Citigroup Inc. and Goldman Sachs Group Inc. to work on its planned initial public offering in Hong Kong, according to people familiar with the matter.

DCar, as the automotive platform is known, might add more banks later, the people said, asking not to be identified because the process is private.