Core Insights - Cao Cao Mobility officially listed on the Hong Kong Stock Exchange on June 25, 2024, with an initial market capitalization of approximately HKD 20 billion, marking the 10th IPO for Geely's founder Li Shufu [1][2] - As a leading ride-hailing platform in China, Cao Cao Mobility has expanded its services to 62 cities, with over 180 million registered users and an average daily order volume exceeding 3 million, positioning itself as the second-largest player in the market with a 5.4% market share [1][2] Financial Performance - Cao Cao Mobility's revenue has shown consistent growth, with figures of CNY 7.631 billion, CNY 10.668 billion, and CNY 14.657 billion from 2022 to 2024, reflecting a compound annual growth rate of nearly 40% [2] - The company transitioned from negative to positive gross profit starting in 2023, with gross profits of -CNY 340 million, CNY 610 million, and CNY 1.18 billion for the respective years, achieving gross margins of -4.4%, 5.8%, and 8.1% [2] - Despite the revenue growth, Cao Cao Mobility has not yet achieved profitability, with annual losses decreasing from CNY 3.007 billion in 2021 to CNY 1.246 billion in 2024, accumulating over CNY 8 billion in losses over four years [2] Market Context - The Chinese ride-hailing market is projected to reach CNY 8 trillion in 2024, with the shared mobility segment estimated at CNY 344.4 billion, indicating a penetration rate of 4.3% [7] - The shared mobility market is expected to grow to CNY 804.2 billion by 2029, with a compound annual growth rate of 17.0% from 2025, suggesting increasing market opportunities [7] - Didi, the largest player in the ride-hailing sector, held a market share of 70.4% in 2024, while Cao Cao Mobility's share was significantly lower at 5.4% [8] Strategic Positioning - Cao Cao Mobility was originally established as a premium ride service under Geely's strategic investment in the shared mobility sector, evolving from "Cao Cao Special Car" to a more diversified service platform [5][6] - The company emphasizes its commitment to being a compliant B2C platform focused on new energy vehicles, reflecting Geely's broader strategy in the automotive and mobility sectors [5][6] Regional Development - The successful IPO of Cao Cao Mobility highlights the growing strength of Suzhou as a hub for industrial innovation, with several other companies from the region also going public recently [3][19] - Suzhou has established a comprehensive industrial chain in the smart connected vehicle sector, with over 350 related enterprises and more than 600 smart connected vehicles operational [18][19]

此前招股书显示，截至2025年3月末，曹操出行覆盖城市增至146座，一季度总GTV同比增长54.9%，订单量同比增长51.8%，取得收入42亿元，毛利率升至 8.5%，各项核心指标较2024年同期均实现大幅提升。截至2024年12月31日，曹操出行在31座城市运营超过3.4万辆定制车，为中国同类最大定制车队，定制 车型订单GTV占比从2023年的20.1%提升至2024年的25.1%。 【环球网财经报道 记者 李文瑶】6月25日，科技出行平台曹操出行（股份代号：02643.HK）于港交所主板上市。据了解，曹操出行此次拟全球发售4417.86 万股，香港公开发售原占10%。发售价格为41.94港元，集资净额为17.18亿港元。六名基石投资者包括Mercedes-Benz（MBGAF.US）旗下投资公司、未来资 产证券、无极资本、国轩高科、亿纬锂能及速腾聚创，共认购9.5亿港元股份。 曹操出行计划2026年底推出专为自动驾驶设计的L4级Robotaxi定制车型，将预装自动驾驶组件及应用程序，适合长时间运行并具备相对较低的TCO，以及便 捷乘客的设计和配置。同时，公司将构建覆盖车辆保养维修、能源补充、客服、应急响应 ...

Group 1 - Cao Cao Mobility (stock code: 02643.HK) was listed on the Hong Kong Stock Exchange on June 25, becoming the tenth listed company of Li Shufu [1] - The company plans to globally issue 44.1786 million shares, with a share price of HKD 41.94, aiming to raise HKD 1.853 billion and achieving a valuation of approximately HKD 22.823 billion [1] - The chairman of the board, Yang Jian, stated that the company will focus on customized ride-hailing R&D, optimize vehicle performance, and advance the development of autonomous ride-hailing vehicles [1] Group 2 - As of December 31, 2024, Cao Cao Mobility operates over 34,000 customized vehicles across 31 cities, making it the largest customized vehicle fleet in China [1] - The proportion of customized vehicle orders in GTV is expected to increase from 20.1% in 2023 to 25.1% in 2024 [1] - By the end of March 2025, the company plans to expand its coverage to 146 cities, with a year-on-year GTV growth of 54.9% and a revenue of 4.2 billion yuan, achieving a gross margin of 8.5% [1] Group 3 - The autonomous driving platform of Cao Cao Mobility was launched on February 28, with vehicles using Geely's "Qianli Haohan" Robotaxi solution starting demonstration operations in Suzhou and Hangzhou [2] - The company plans to launch a custom L4-level Robotaxi model designed for autonomous driving by the end of 2026 [2] - The mobility platform industry is accelerating its listings, with Dida Chuxing and Ruqi Mobility also going public in 2024 [2]

Group 1 - The Hong Kong stock market opened with the Hang Seng Index rising by 0.62% and the Tech Index increasing by 0.90% [1] - On its first day of trading, Cao Cao Travel (02643.HK) experienced a decline of 19.41%, indicating a drop below its initial public offering price [1]

Core Viewpoint - Caocao Travel announced its upcoming listing on the Hong Kong Stock Exchange, with significant oversubscription rates for both public and international offerings, indicating strong investor interest [1][2][3]. Group 1: Listing Details - The final issue price for Caocao Travel's shares is set at HKD 41.94, approximately CNY 38.4 [1]. - The company expects to raise a net amount of approximately HKD 17.18 billion, equivalent to about CNY 15.72 billion through this listing [1]. - The Hong Kong public offering was oversubscribed by 21.14 times, while the international offering saw a subscription rate of 2.78 times [2][3]. Group 2: Share Distribution - A total of 44.18 million shares are planned for issuance, with 4.42 million shares allocated for the Hong Kong offering and 39.76 million shares for the international offering [3]. - After redistribution, the final number of shares for the Hong Kong public offering is 13.25 million, accounting for 30% of the total global offering [2]. - The international offering's final share count, after redistribution, is 30.93 million, representing 70% of the total global offering [3]. Group 3: Financial Performance - By the end of 2024, Caocao Travel's ride-hailing services will expand to 136 cities, adding 85 new cities compared to the previous year [4]. - The total gross transaction value (GTV) for 2024 is projected to reach CNY 17 billion, with annual revenue expected to be CNY 14.7 billion, reflecting a year-on-year growth of 37.4% [4]. - The company's gross margin improved from 5.8% in 2023 to 8.1% in 2024 [4]. Group 4: Technological Advancements - Caocao Travel launched its autonomous driving platform, Caocao Zhixing, on February 28, with Robotaxi services initiated in Suzhou and Hangzhou [4]. - The company is collaborating with Geely Group to develop a new vehicle specifically for Robotaxi services, expected to be launched by the end of 2026, featuring advanced L4 autonomous driving technology [4].

Core Viewpoint - Caocao Travel is set to be listed on the Hong Kong Stock Exchange, with significant oversubscription in both public and international offerings, indicating strong investor interest [1][2]. Group 1: Listing Details - The final offer price for Caocao Travel's shares is HKD 41.94, approximately CNY 38.4 based on current exchange rates [1]. - The company expects to raise a net amount of HKD 1.71835 billion, equivalent to about CNY 1.572 billion from this listing [1]. - The Hong Kong public offering was oversubscribed by 21.14 times, while the international offering was oversubscribed by 2.78 times [2][3]. Group 2: Share Distribution - A total of 44.1786 million shares are planned for global offering, with 4.4179 million shares for Hong Kong and 39.7607 million shares for international distribution [3]. - The final number of shares allocated for the Hong Kong public offering after redistribution is 13.2536 million, accounting for 30% of the total global offering [2]. - The international offering's final share count after redistribution is 30.925 million, representing 70% of the total global offering [3]. Group 3: Financial Performance - As of December 31, 2024, Caocao Travel's ride-hailing services have expanded to 136 cities, adding 85 new cities compared to 2023 [4]. - The company's total gross transaction value (GTV) for 2024 is projected to reach CNY 17 billion, with annual revenue expected to be CNY 14.7 billion, reflecting a year-on-year growth of 37.4% [4]. - The gross margin has improved from 5.8% in 2023 to 8.1% in 2024 [4]. Group 4: Technological Advancements - Caocao Travel has made significant progress in the autonomous driving sector, launching the Caocao Intelligent Driving platform and piloting Robotaxi services in Suzhou and Hangzhou [4]. - The company is collaborating with Geely Group to develop a custom vehicle for Robotaxi services, expected to launch by the end of 2026, featuring Level 4 autonomous driving technology [4].

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司 （「香港結算」）對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表 示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 除本公告另有界定者外，本公告所用詞彙與曹操出行有限公司（「本公司」）刊發日期為2025年6 月17日的招股章程（「招股章程」）所界定者具有相同涵義。 本公告僅作說明用途，並不構成收購、購買或認購證券的邀請或要約。有意投資者於決定是否 投資於發售股份前應閱覽招股章程，以獲得有關本公司及下文所述全球發售的詳細資料。 本公告不會直接或間接於或向美國（包括美國的領土及屬地、美國任何州以及哥倫比亞特區） 發佈、刊發或派發。本公告並不構成亦不屬於在美國境內或於任何其他司法權區購買或認購證 券的任何要約或招攬的一部分。發售股份不曾亦不會根據《1933年美國證券法》（經不時修訂） （「美國證券法」）或美國任何州或其他司法權區的證券法登記，且不得在美國境內提呈發售、出 售、質押或轉讓，惟獲豁免或毋須遵守美國證券法登記規定的交易除外。發售股份不會在美國 公開發售。發售股份 ...

Group 1 - The company, Cao Cao Travel (02643.HK), experienced a significant decline in its dark market trading, dropping over 17% [1]

曹操出行港股暗盘跌超13%，报36.3港元。招股书显示，截至2024年12月31日，曹操出行网约车业务版 图已扩展至136个城市，较2023年新增85城。公司全年实现营收147亿元，同比增幅达37.4%。曹操出行 6月17日在港交所公告称启动招股，计划全球发售4417.86万股股份，每股发售价为41.94港元，预计募资 18.53亿港元。 ...

智通财经6月24日电，利弗莫尔证券显示，曹操出行港股暗盘跌超18%。曹操出行6月17日在港交所公告 称启动招股，计划全球发售4417.86万股股份，每股发售价为41.94港元，预计募资18.53亿港元。 ...