Core Viewpoint - Cao Cao Mobility, the second-largest ride-hailing platform in China, has officially listed on the Hong Kong Stock Exchange, becoming the largest mobility platform in the market [1] Group 1: Listing Details - Cao Cao Mobility's stock began trading on June 25, with a closing price of HKD 35.3 [1] - The company issued 44.1786 million H-shares, with 30% allocated for public offering in Hong Kong and 70% for international investors, raising approximately HKD 1.718 billion [2] - The public offering was oversubscribed by 21.14 times, while the international offering was oversubscribed by 2.78 times [2] - Six cornerstone investors, including Mercedes-Benz and other firms, committed to purchasing shares worth approximately HKD 952 million, accounting for over half of the total fundraising [2] Group 2: Market Context - The ride-hailing market is experiencing intense competition, with Didi holding a 70% market share, while Cao Cao Mobility ranks second with a 5.4% share [5] - In 2023, Cao Cao Mobility reported a revenue of nearly HKD 14.7 billion, a 37% year-on-year increase, with a gross margin of 8.1%, the highest in three years [5] - The company has expanded its operations to 146 cities, planning to enter 85 new cities in 2024, focusing on second-tier and lower-tier cities [6] Group 3: Future Prospects - The development of Robotaxi services is a key competitive focus for ride-hailing platforms, with Cao Cao Mobility planning to launch its autonomous driving platform in February 2025 [7] - The company aims to introduce a custom L4-level Robotaxi model by the end of 2026, indicating a strategic shift towards technology-driven solutions [7] - Industry experts suggest that scaling user base and operational capacity will be crucial for competitive advantage in the ride-hailing market [6]
曹操出行登陆港股，网约车平台打响Robotaxi抢滩战