'H' car plate makes history at $20m–fourth highest on record

A single-letter license plate took the spotlight at the Transport Department's annual Lunar New Year auction, with "H" selling for HK$20 million—the fourth highest price in history.

The auction was held on Sunday afternoon, featuring 49 license plates for public bidding, including several auspicious combinations with the lucky number "8"—such as "GG 8888," "HK 8886," and "JZ 8888."

Among the lots, the transfer-restricted numeric plate "30" and the single-letter plate "H"—caught buyers' attention.

"H" plate starts with HK$5 million opening bid

The auction for the "H" license plate began at around 3:25 p.m., with a reserve price of just HK$5,000. However, competition quickly escalated with an opening bid of HK$5 million, and the bid increment was raised to HK$100,000 within three minutes.

Fierce competition narrowed the battle to bidders 105, 135, and 36, with the increment rising to HK$200,000. 

After 90 bids, bidder 135 secured the plate for HK$20 million, drawing applause from the hall, yet, he left promptly after the auction, avoiding any interaction with the media.

 "30" plate sells for HK$4.55 million

The second-highest price of the day went to the "30" plate, where the auction started with a reserve price of HK$1.88 million and a HK$10,000 bidding increment. 

The price quickly climbed to HK$3 million within just two minutes during a contest between bidders 16 and 37, with the latter ultimately winning the plate for HK$4.55 million.

"H" holds value despite high price: expert

Ngan, an owner of registration number supplier Lucky Number Center, believed the "H" license plate likely to hold its value despite its HK$20 million price tag.

He explained that the letter "H" stands firmly on both feet, carrying a good connotation for many.

Compared to last year's "S" plate, which sold for HK$14.2 million, he attributed the lower attention to its shape and its proximity to the passing of Taiwanese actress Barbie Hsu—widely known as Big S.

Ngan noted that the HK$20 million result was within his expectations, adding with a laugh that "there are still a lot of wealthy people in the city."

He described license plates as a sound investment, holding value better than vehicles due to their uniqueness. Citing the "H" plate as an example, he believes it will continue to have a good store of value despite limited room for appreciation.

According to reports, single-letter plates have long been auction highlights, where the city's most expensive plate remains "W," which sold for a staggering HK$26 million at the 2021 New Year auction. 

It is followed by "R," which fetched HK$25.5 million in 2023, whereas last year's "S" plate rounded out the top tier with its HK$14.2 million sale.