两只港股新股双双破发！

Core Viewpoint - The recent IPOs of Cao Cao Mobility and Xiangjiang Electric have not maintained the strong momentum seen in the Hong Kong IPO market, with both companies experiencing significant declines in their stock prices shortly after listing [1][7]. Group 1: Company Performance - Cao Cao Mobility's shares were priced at HKD 41.94 and fell by 14.16% to close at HKD 36.00, while Xiangjiang Electric's shares were priced at HKD 2.86 and dropped by 11.89% to close at HKD 2.52 [1][3]. - The total market capitalization for Cao Cao Mobility approached HKD 20 billion, while Xiangjiang Electric's market cap was around HKD 700 million [7]. - Prior to their public offerings, both companies showed signs of weak demand, with Cao Cao Mobility's institutional subscription rate at 2.78 times and Xiangjiang Electric's at just 1.08 times [10][11]. Group 2: Company Background - Cao Cao Mobility, founded in 2015, is a strategic investment of Geely Holding Group in the "new energy vehicle sharing ecosystem" and has become a significant player in China's ride-hailing market [4]. - As of 2024, Cao Cao Mobility operates in 136 cities with a total Gross Transaction Value (GTV) of RMB 17 billion, representing a year-on-year growth of 38.8% and a market share of 5.4% [4]. - Xiangjiang Electric is known for kitchen small appliances and has a market share of 0.8% in the Chinese kitchen small appliance industry, with significant exports to North America [6]. Group 3: Future Prospects - Cao Cao Mobility is collaborating with Geely Group to develop a custom vehicle for Robotaxi services, expected to launch by the end of 2026, which will include pre-installed autonomous driving components [5][6]. - The company plans to leverage its relationship with Geely to deploy vehicles at scale without significant upfront investment, enhancing its competitive edge in the ride-hailing industry [6].