Yueting Network Technology Company Ltd. (Airparking) was founded in Guangzhou in 2015 by a pair of former managers from a large, state-owned real estate company to solve a common problem in Chinese metropolitan cities: a severe lack of parking space. Airparking's business model, based on the sharing economy concept, allowed the company not only to optimize the distribution of parking spaces but also to increase the operational efficiency of parking lots through digital technologies and solutions. As the company grew, the founders pivoted their business model by spinning off an asset-management branch focused on financializing their digital technologies and parking facility management capabilities. By 2019, Airparking was a relatively mature regional start-up, and the co-founders were looking forward to future growth and looking for ways to scale both the Airparking platform and the related asset operation platform. Their dream was a ￥10 billion valuation for each.
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