At 10:09 on the morning of 8 November 2016, the first online judicial auction (sale) carried out by our court was concluded. The object put up for auction was M/V “Taidesheng” berthing in Xingang Port, Haikou. It was the first online sale we had carried out following an unsuccessful traditional auction. The starting price was set at CNY 1.56 million. The auction attracted 3,808 spectators; 19 people set a reminder for it, and 3 registered to bid. After 26 rounds of intense bidding, the bidder numbered E3492 won the bid at CNY 1.91 million, up 22% compared to the starting price.

This sale is the first online sale of vessels carried out by our court after the Online Judicial Auction (Sale) Practice has come into effect. It again demonstrates that online judicial auction (sale) features broader audience and fair, transparent processes.