Jing Ji Guan Cha Wang·2025-06-17 10:41Group 1 - The core viewpoint of the article is that Cao Cao Mobility is accelerating its IPO process, planning to list on the Hong Kong Stock Exchange on June 25, with a target to raise approximately HKD 18.53 billion (around RMB 1.7 billion) [2] - The company plans to issue a total of 44.18 million shares globally, with 4.42 million shares available for Hong Kong and 39.76 million shares for international investors, at a price of HKD 41.94 per share, leading to a valuation of approximately HKD 22.82 billion (around RMB 20.8 billion) [2] - Cao Cao Mobility has secured six cornerstone investors, including Mercedes-Benz and others, who will collectively subscribe to 22.64 million shares, amounting to about HKD 9.52 billion [2] Group 2 - As of the end of 2024, Cao Cao Mobility's ride-hailing business will expand to 136 cities, with a revenue of RMB 14.7 billion, reflecting a year-on-year growth of 37.4%, and an increase in gross margin from 5.8% in 2023 to 8.1% [3] - The company has a differentiated advantage with its customized vehicle model, operating a fleet of over 34,000 vehicles in 31 cities, and has reduced the total cost of ownership (TCO) of its vehicles by 33% compared to ordinary electric vehicles [3] - Cao Cao Mobility faces challenges such as over-reliance on aggregation platforms, with the proportion of orders from these platforms increasing from 51.4% in 2022 to 85.7% in 2024, which poses risks if these platforms change their traffic distribution strategies or increase commission rates [3] Group 3 - The company is focusing on the Robotaxi sector, having launched the Cao Cao Intelligent Driving platform in February, which utilizes Geely's Robotaxi solution for demonstration operations in Suzhou and Hangzhou [4] - According to Goldman Sachs, the Chinese Robotaxi market is expected to grow from USD 54 million in 2025 to USD 47 billion by 2035, representing a staggering increase of 757 times over ten years [5] - The funds raised from the IPO will primarily be used to improve vehicle service solutions, enhance service quality, develop customized vehicles, invest in autonomous driving technology, and expand geographical coverage [5]