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]
曹操出行赴港上市“定档”，超一成募资投向Robotaxi