Core Viewpoint - Cao Cao Mobility, China's second-largest ride-hailing platform, is set to go public on the Hong Kong Stock Exchange, aiming to raise approximately HKD 18.53 billion to optimize services, develop custom vehicles, and repay debts [1][3][4]. Financial Situation - As of the end of 2024, Cao Cao Mobility has a high debt-to-asset ratio of 276.71%, with total debts amounting to CNY 72.19 billion and cash reserves of only CNY 1.59 billion [5][7]. - The company has reported cumulative losses exceeding CNY 82 billion from 2021 to 2024, despite increasing revenues during the same period [10][11]. Market Position - In 2024, Cao Cao Mobility holds a market share of only 5.4%, significantly trailing behind Didi's 70.4% [9][10]. - The company has been reliant on aggregation platforms, with orders from these platforms accounting for 85.4% of its total gross transaction value (GTV) in 2024 [12]. IPO Details - The IPO will involve the issuance of 44.18 million shares at a price of HKD 41.94 per share, leading to a post-IPO valuation of approximately HKD 22.82 billion [3][4]. - Six cornerstone investors, including Mercedes-Benz and other financial entities, have committed to purchasing shares worth around HKD 9.52 billion [3]. Use of Proceeds - The planned allocation of the raised funds includes 19% for service optimization, 18% for developing custom vehicles, 7% for autonomous driving technology, 6% for expanding operational coverage, 20% for debt repayment, and 10% for daily operations [4][5]. Future Prospects - The company is focusing on developing a new custom vehicle for Robotaxi services, expected to launch by the end of 2026, in collaboration with Geely Holding Group [14].
曹操出行负债率277%赴港上市减压 市占率仅5.4%依赖平台四年亏82亿