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].
曹操出行能否借上市“解渴”