Summary of Key Points Core Viewpoint - The company is preparing for an IPO in the online platform industry, but its financial disclosures reveal significant losses and high debt levels, raising concerns about its long-term viability and reliance on external funding sources [4][6]. Group 1: IPO Details - The company is planning to issue 44.18 million shares at a price of HKD 41.94, aiming to raise HKD 2 billion [2]. - Major shareholder is Li Shufu, holding 77.1% of the shares [2]. - The total market capitalization is estimated at HKD 22.82 billion [2]. Group 2: Financial Performance - The company reported a net loss of RMB 1,250.8 million for FY24, with cumulative net losses of RMB 5.04 billion from 2022 to 2024 [2][4]. - The asset-liability ratio stands at 87.6%, indicating a high level of debt [4]. - Revenue for 2022 was RMB 7.63 billion, with projected revenue growth to RMB 14.66 billion by 2024 [5]. Group 3: Business Model and Market Position - The company holds a 5.4% market share, heavily reliant on third-party platforms like Didi and Baidu for 73% of its orders [5][6]. - The commission fees for orders range from 20% to 30%, with self-app orders dropping to 27% [6]. - The company faces challenges in maintaining profitability due to high driver incentives and customer subsidies [6]. Group 4: Use of Proceeds - 34% of the raised funds will be used to launch customized vehicles and expand the network, while 20% will go towards improving vehicle service solutions [7]. - 20% of the funds will be allocated to repay bank loans, and 17% will be invested in autonomous driving technology [7]. - The remaining funds after debt repayment will only cover approximately 24 months of operations, given the projected monthly losses [8]. Group 5: Strategic Challenges - The reliance on third-party platforms has led to a hollowing out of brand value, with ongoing commission expenses eroding profit margins [8]. - Despite attracting strategic investors like Mercedes-Benz, the cautious capital response highlights concerns about the company's business model [8].

Core Viewpoint - Caocao Travel, backed by Geely Group, is accelerating its IPO process in Hong Kong, aiming to raise approximately HKD 18.53 billion with a valuation of around HKD 228.23 billion, despite facing significant financial challenges and operational dependencies on aggregation platforms [1][2][3]. Group 1: IPO Details - Caocao Travel plans to globally offer 44.1786 million shares at a price of HKD 41.94 per share, with the listing on June 25 [1]. - The company has engaged six cornerstone investors, including Mercedes-Benz, who have collectively subscribed to approximately HKD 9.52 billion worth of shares [1]. Group 2: Market Position and Financial Challenges - Founded in 2015, Caocao Travel has become the second-largest ride-hailing platform in China, ranking among the top three platforms by Gross Transaction Value (GTV) since 2021 [2]. - The company's reliance on aggregation platforms has increased significantly, with orders from these platforms rising from 51.4% to 85.7% over three years, leading to a dramatic increase in commission expenses from CNY 322 million in 2022 to CNY 1.046 billion in 2024, a 225% increase [2]. - Caocao Travel reported net losses of CNY 2.007 billion, CNY 1.981 billion, and CNY 1.246 billion for the years 2022 to 2024, totaling over CNY 5 billion in losses [3]. - The company's cash and cash equivalents dropped from CNY 583 million in 2023 to CNY 159 million in 2024, with a high debt ratio of 177% [3]. Group 3: Strategic Advantages and Future Plans - Caocao Travel's unique "customized vehicle model," supported by Geely's resources, has led to operational cost efficiencies, with per-kilometer costs as low as CNY 0.47, 40% lower than the industry average [4]. - The company has expanded its ride-hailing services to cover 136 cities by the end of 2024, with a market share of 5.4% [4]. - Caocao Travel is focusing on the Robotaxi sector as a key growth driver, with plans to use the HKD 18.53 billion raised from the IPO to enhance vehicle services, technology, and expand its coverage [5]. - The Robotaxi market in China is projected to grow from USD 5.4 million in 2025 to USD 47 billion by 2035, indicating a potential market expansion of 757 times [5].

Core Viewpoint - Cao Cao Travel is attempting to adapt to the competitive landscape of the ride-hailing market, facing challenges in profitability and market positioning while preparing for its IPO to raise funds for expansion and debt repayment [3][4][48]. Financial Performance - Cao Cao Travel's revenue has shown improvement over the past three years, with projected revenues of 7.631 billion RMB, 10.668 billion RMB, and 14.657 billion RMB for 2022, 2023, and 2024 respectively [8][9]. - The gross profit has turned positive in 2023, reaching 5.8%, and is expected to increase to 8.1% in 2024, although it still lags behind competitors like Didi [16][10]. - The company has accumulated a total net loss of 5.234 billion RMB over the past three years, with expectations of continued losses in 2025 [21][25]. Market Positioning - Cao Cao Travel holds a market share of only 5.4%, significantly trailing behind Didi, which commands 70.4% of the market [10][35]. - The company has shifted its strategy to focus on cost control and profitability, aiming for nationwide profitability by August 2023 [29][30]. Business Model - The company operates on a heavy asset B2C model, which incurs higher costs compared to the platform model used by competitors [12][11]. - Cao Cao Travel has increasingly relied on aggregation platforms for orders, with the proportion of GTV from these platforms rising from 49.9% in 2022 to 85.4% in 2024 [18][45]. Debt and Financing - As of the end of 2024, Cao Cao Travel's debt reached 11.283 billion RMB, with a significant portion being short-term liabilities, raising concerns about liquidity [23][24]. - The company last raised funds in 2021, and the current IPO aims to address urgent financial needs, including debt repayment [25][48]. Strategic Adaptation - The company is focusing on expanding into lower-tier cities, with plans to enter 178 new markets, which could enhance its growth potential [42][43]. - The shift towards a "parasitic" model, relying on aggregation platforms, has both advantages in terms of rapid expansion and disadvantages in terms of brand autonomy and pricing power [40][45]. Future Outlook - The upcoming IPO is seen as a critical opportunity for Cao Cao Travel to secure necessary funding and clarify its competitive advantages in the market [49][50].

Investment Rating - The report assigns a "Subscribe" rating to the company with a score of 70 out of 100 [4][14]. Core Insights - The overall transportation market in China is expected to grow from CNY 6.9 trillion in 2022 to CNY 8.0 trillion in 2024, with a further increase to CNY 10.6 trillion by 2029, reflecting a CAGR of 5.4% [3][7]. - The company operates in 136 cities with a total Gross Transaction Value (GTV) of CNY 170 billion in 2024, representing a year-on-year growth of 38.8% and a market share of 5.4% [6][8]. - The company has reduced its reliance on driver subsidies, with the adjusted percentage of driver income and subsidies in total ride service revenue decreasing from 84.2% in 2022 to 79.0% in 2024 [6][9]. Company Overview - The company is a ride-hailing platform incubated by Geely Group, offering two main service lines: Huixuan and Special Car services, utilizing customized vehicles [6][8]. - In 2024, the company's total revenue is projected to reach CNY 146.6 billion, a 37.4% increase year-on-year, with customized vehicle GTV growing by 73.1% to CNY 42.5 billion [8][9]. - The company has a fleet of over 34,000 customized vehicles in 31 cities, with customized vehicle orders accounting for approximately 25.1% of total GTV [6][8]. Financial Performance - The company achieved a gross margin of 8.1% in 2024, recovering from a gross loss margin of 4.4% in 2022, primarily due to optimized vehicle total cost of ownership (TCO) strategies [9]. - The net loss for 2024 is projected at CNY 12.5 billion, with the net loss margin significantly narrowing from 25.8% in 2022 to 8.5% [9]. - Operating cash flow for 2024 is expected to be CNY 2.4 billion, an increase of approximately CNY 1 billion compared to 2023 [9]. Valuation Level - The company's IPO price corresponds to a price-to-sales ratio of 1.4 times for 2024, which is comparable to its peers in the ride-hailing sector [10]. - The report suggests that the company's valuation is reasonable given its large market capitalization and leading industry position [10]. Market Environment - The investment atmosphere in the Hong Kong stock market has improved significantly, with a 27.6% first-day drop rate for new IPOs and an average first-day increase of 11.7% [13]. - The company has secured subscriptions from six cornerstone investors, including major firms, amounting to approximately HKD 950 million, representing about 51.3% of the total share issuance [14].

Group 1 - Jianghuai Automobile Group and Huawei Technologies signed a strategic cooperation agreement to enhance their partnership in smart automotive solutions, digital transformation, and green low-carbon transition [1] - Ideal Auto responded to Meituan CEO Wang Xing's stock reduction, stating it was a personal action and did not affect Meituan's holdings [1] - Skyworth Automotive has been listed as an executor with a total enforcement amount exceeding 250 million yuan [1] Group 2 - Skyworth Automotive Technology Group was established in June 2015 with a registered capital of approximately 880 million yuan, and it has multiple enforcement records totaling 280 million yuan [2] - Wuhu Jietu Automotive Sales Company, a subsidiary of Chery, increased its registered capital from 500 million yuan to 2 billion yuan, marking a 300% increase [2] - Caocao Mobility announced the launch of its IPO, with six cornerstone investors committing to subscribe for 950 million HKD [2][3] Group 3 - Caocao Mobility plans to globally issue 44.1786 million shares at a price of 41.94 HKD per share, aiming to raise approximately 1.853 billion HKD [3] - Nissan launched the new third-generation LEAF, set to be available in the U.S. this fall, with assembly taking place in Japan [3] - Faraday Future announced that several executives signed a 10b5-1 stock purchase plan, allowing for automatic stock purchases after a cooling-off period [4] - Volvo is recalling a total of 11,469 vehicles in the U.S. due to potential brake failure in certain driving scenarios [4]

Core Viewpoint - Caocao Travel has officially launched its IPO, planning to list on the Hong Kong Stock Exchange on June 25, 2023, with a global offering of approximately 44.18 million shares at a price of HKD 41.94 per share [2] Company Overview - Caocao Travel was established in 2015 by Geely Holding Group, focusing on ride-hailing and carpooling services, with revenue primarily derived from transportation services [2] - According to a report by Frost & Sullivan, Caocao Travel has consistently ranked among the top three ride-hailing platforms in China by Gross Transaction Value (GTV) since 2021, achieving the second position in the industry last year [2] Financial Performance - Revenue projections for Caocao Travel from 2022 to 2024 are estimated at CNY 7.631 billion, CNY 10.7 billion, and CNY 14.7 billion, respectively, with ride-hailing services accounting for 97.9%, 96.6%, and 92.5% of total revenue [2] - The number of orders is expected to increase from 383 million in 2022 to 598 million in 2024 [2] - The company reported losses of CNY 2.007 billion, CNY 1.981 billion, and CNY 1.246 billion for the years 2022 to 2024, although it noted improvements in profitability due to various factors [3] IPO Details - The IPO will involve six cornerstone investors, including Mercedes-Benz and others, who will collectively subscribe to approximately 22.64 million shares [3] - The net proceeds from the IPO are estimated to be around HKD 1.718 billion, potentially increasing to HKD 1.989 billion if the over-allotment option is fully exercised [3] Use of Proceeds - Approximately 18% of the net proceeds will be allocated to enhancing and launching a series of customized vehicles, with plans to purchase about 8,000 customized vehicles annually from 2025 to 2027 [4] - Around 17% of the net proceeds will be invested in technology and autonomous driving, with specific allocations for software and hardware costs related to vehicle modifications in collaboration with Geely Group [4] Industry Trends - The Robotaxi market in China is projected to grow from USD 54 million in 2023 to USD 47 billion by 2035, representing a significant increase [5] - The commercialization of Robotaxi is seen as a key factor for companies like Caocao Travel to enhance profitability and market competitiveness [6] - The acceleration of Robotaxi commercialization is attributed to the maturity of L4-level autonomous driving technology, which is expected to improve vehicle utilization and reduce costs [6]

建议谨慎申购 2025-6-17 星期二 IPO 申购指南 曹操出行（2643.HK） 【招股详情】 | 保荐人 | 华泰金控（香港）、农银国际融资有限公司、广发融资（香港） | | --- | --- | | 上市日期 | 2025 年 6 月 25 日(周三) | | 招股价格 | 41.94 港元/股 | | 集资额 | 18.53 亿港元 | | 每手股数 | 股 100 | | 入场费 | 4236.3 港元 | | 招股日期 | 年 月 日-2025 年 月 日 2025 6 17 6 20 | | 国元证券认购截止日期 | 2025 年 6 月 19 日 | | 招股总数 | 4417.86 万股(可予调整及视乎超额配售权的行使情况而定) | | 国际配售 | 3976.07 万股(可予调整及视乎超额配售权的行使情况而定)，约占 90% | | 公开发售 | 441.79 万股(可予调整及视乎超额配售权的行使情况而定)，约占 10% | 【申购建议】 公司是吉利集团孵化的中国网约车平台。公司在 31 个城市拥有一支超过 34,000 辆定制车的车队供公司的附属司机使用，根据弗若斯特沙利文的数 据 ...

Group 1 - Three public REITs announced suspension and resumption of trading due to significant price increases, with the Guotai Junan Jinan Energy Heating REIT suspended for one day starting June 17 [1] - The demand for humanoid robots surged by 409%, with job postings in the humanoid robot sector increasing by 409% and job seekers by 396% in the first five months of 2025 [1] - CFM reported that DDR4 memory prices are continuously rising, but market transactions are showing signs of weakness, with some brands increasing prices by over 50% [1] Group 2 - The antiviral drug market is facing changes as Oseltamivir may be suspended from the market due to price adjustments, with a reported price drop of up to 92% after being included in national procurement [2] - China's magnetic levitation technology achieved a breakthrough, successfully accelerating a test vehicle weighing 1.1 tons to 650 km/h over a distance of 1000 meters [2] Group 3 - Meta Platforms is expected to launch its next-generation AI ASIC chip, MTIA T-V1, designed by Broadcom, in the fourth quarter of 2025, surpassing Nvidia's Rubin AI GPU specifications [3] - Ant Group has invested in the humanoid robotics company Lingxin Qiaoshou, increasing its registered capital from 6.615 million to 7.208 million RMB [3] Group 4 - Wang Xing reduced his stake in Li Auto, cashing out over 600 million HKD, bringing his holding down to 20.61% [5] - Caocao Chuxing announced its IPO plans, aiming to raise approximately 1.853 billion HKD with a valuation of about 22.823 billion HKD [5] Group 5 - Huatai Automotive Group and Zhang Xiugen are facing enforcement actions for over 1.3 billion RMB, with multiple legal issues reported [6] - Jiangsu Boruisi Kang Biotechnology was banned from military procurement activities for life due to collusion and false bidding [7] Group 6 - Shanghai Zhaoxin Integrated Circuit Co., a leading CPU manufacturer, has had its IPO application accepted by the Sci-Tech Innovation Board [8] - China Shenhua reported a 10.7% year-on-year decrease in coal sales volume for May, with total power generation down by 9.1% [8][9] Group 7 - Design Institute received approval from the CSRC to issue up to 1 billion RMB in technology innovation bonds [10] - Zhongtai Automobile plans to raise up to 1 billion RMB through a private placement to invest in humanoid robots and core components for intelligent driving [11] Group 8 - The Shanghai Composite Index experienced slight declines, with significant movements in sectors such as brain-computer interfaces and oil and gas stocks [12]

Core Viewpoint - Caocao Travel plans to launch an IPO on June 25, 2023, on the Hong Kong Stock Exchange, aiming to raise approximately HKD 18.53 billion with a share price of HKD 41.94, valuing the company at HKD 228.23 billion [1] Group 1: Business Overview - Caocao Travel's business includes ride-hailing services, vehicle leasing, vehicle sales, and others, with ride-hailing services projected to generate RMB 135.67 billion in 2024, accounting for 92.6% of total revenue [2] - The company has deployed over 34,000 customized vehicles across 31 cities in China, with a significant portion of its orders coming from its customized vehicle fleet [4] Group 2: Financial Performance - Revenue for Caocao Travel has shown growth from RMB 7.63 billion in 2022 to an expected RMB 14.66 billion in 2024, with operating losses decreasing from RMB 18.66 billion in 2022 to RMB 8 billion in 2024 [7][8] - The company has a total debt of RMB 112.83 billion as of 2024, with net current liabilities of RMB 81.46 billion [5] Group 3: Market Position and Strategy - Caocao Travel's order volume has increased significantly, with 5.98 billion orders expected in 2024, but a large portion of these orders is still reliant on aggregation platforms [6] - The company aims to enhance its profitability through scale effects from customized vehicles and service solutions, focusing on lifecycle management from vehicle design to operation [9] Group 4: Future Plans and Innovations - The funds raised from the IPO will be used for R&D, service quality improvement, and the expansion of customized vehicles and geographic coverage [10] - Caocao Travel plans to launch a dedicated L4 Robotaxi model by the end of 2026, aiming to create a comprehensive automated operation system [12]

新华财经上海6月17日电（记者王鹤）曹操出行17日发布公告启动招股，计划于6月25日在港交所主板挂 牌上市，股份代号为02643。华泰国际、农银国际及广发证券（香港）为此次发行上市的联席保荐人。 公告显示，曹操出行计划全球发售4417.86万股股份，其中香港发售股份为441.79万股，国际发售股份为 3976.07万股，每股发售价为41.94港元，预计募资18.53亿港元。按照每股发售价计算，曹操出行估值约 228.23亿港元。 曹操出行表示，此次募资将主要用于改进车服解决方案和改善服务质量、提升并推出定制车、提升技术 及投资自动驾驶、扩大地理覆盖范围等。 曹操出行已于本次IPO发行中引入6名基石投资者，包括梅赛德斯-奔驰、未来资产证券（香港）、无极 资本、国轩高科（香港）、亿纬亚洲和速腾聚创，这6位基石投资者将合计认购2264.24万股，约9.52亿 港元。 据悉，曹操出行创立于2015年，是吉利控股集团布局"新能源汽车共享生态"的战略性投资业务。据咨询 公司弗若斯特沙利文报告，按GTV（总交易额）计算，曹操出行自2021年起连续位列国内网约车平台 规模前三，并于2024年跃居行业第二。 招股书显示，截至2 ...