Core Viewpoint - Cao Cao Mobility officially listed on the Hong Kong Stock Exchange but experienced a significant drop in stock price on the first day of trading, closing at HKD 36.00, which is below the IPO price of HKD 41.94 [2][3] Group 1: IPO Details - The company planned to issue 44.18 million shares globally, with 4.42 million shares for Hong Kong and 39.76 million shares for international investors, aiming to raise HKD 18.53 billion [3] - Despite the initial drop, six cornerstone investors, including Mercedes-Benz and others, committed to purchasing 22.64 million shares, accounting for 51.4% of the total fundraising [3] - The estimated valuation of Cao Cao Mobility at the IPO was approximately HKD 228.23 billion, but the market capitalization at closing was HKD 195.90 billion, about 85.8% of the pre-IPO valuation [3][4] Group 2: Financial Performance - The company has reported losses every year since its establishment, with operating losses of HKD 1.9 billion, HKD 1.6 billion, and HKD 800 million for the years 2022 to 2024, respectively [4] - Net losses for the same period were HKD 2 billion, HKD 2 billion, and HKD 1.2 billion, with expectations of continued net losses in 2025 [4] Group 3: Market Context and Future Outlook - The drop in stock price is part of a broader trend in the Hong Kong market, where over 30% of new listings have experienced price declines [4] - The company is focusing on the Robotaxi market, which has significant growth potential, and has launched its autonomous driving platform in early 2025 [6] - Competitors in the Robotaxi space include major players like Didi and Baidu, indicating a highly competitive environment [6][7]
曹操出行上市破发 吉利李书福持股超四分之三