184亿港元！李书福又一个IPO来了

Core Viewpoint - Caocao Travel, China's second-largest ride-hailing platform incubated by Geely, officially listed on the Hong Kong Stock Exchange, raising approximately HKD 18.53 billion through the issuance of 44.18 million shares at HKD 41.94 each [3][5] Company Overview - Caocao Travel was established in May 2015 as part of Geely's strategy to enter the ride-hailing market, following the exit of Uber from China and the introduction of regulations that legitimized ride-hailing platforms [5][6] - The company is controlled by Li Shufu, who holds approximately 77.1% of the shares through Ugo Investment Limited [7] IPO Details - The IPO attracted six cornerstone investors, including Mercedes-Benz and Future Asset Securities, with a total investment of about HKD 9.52 billion [3] - The net proceeds from the IPO, estimated at HKD 17.18 billion, will be used to enhance service quality, improve vehicle solutions, invest in autonomous driving technology, and expand geographic coverage [3] Market Performance - Following the IPO, Caocao Travel's stock price fell by 19.41% on the first trading day, closing at HKD 33.80, which corresponds to a market capitalization of HKD 183.94 billion [3][4] - The company has faced significant losses, with cumulative losses of approximately RMB 82.41 billion over four years, although losses have been narrowing year by year [13] Financial Performance - In 2023, Caocao Travel reported a total revenue of approximately RMB 14.657 billion, with a gross profit margin of 8.1% [11][12] - The company's total transaction value (GTV) reached RMB 12.2 billion in 2023, reflecting a year-on-year growth of 37.5% [9] - The revenue from ride-hailing services constituted about 92.6% of total revenue in 2024, with significant reliance on aggregation platforms for order volume [10][11] Strategic Developments - Caocao Travel has been focusing on developing customized vehicles and has established a fleet of over 34,000 customized cars across 31 cities by the end of 2024 [9] - The company launched its autonomous driving platform in February 2023, with plans to introduce L4-level Robotaxi models by the end of 2026 [10]