SAIC MOTOR(SH:600104) Sou Hu Cai Jing·2025-10-30 08:21Core Viewpoint - The company, Xiangdao Mobility, has officially submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for autonomous driving research, Robotaxi operations, and expanding its user and driver base [2][3]. Group 1: Company Overview - Xiangdao Mobility, originally established as Shanghai Saike Mobility Technology Service Co., Ltd. in April 2018, was restructured into a joint-stock company in September 2023 [3]. - The company has achieved significant growth, with over 20 million registered users and a 97% user satisfaction rate within two years of operation [4]. - As of June 2023, Xiangdao Mobility has expanded its services to 85 cities in China, with approximately 1.062 million registered drivers [8]. Group 2: Financial Performance - In the first half of 2023, the company reported revenues exceeding 3 billion RMB, with a net loss narrowing to 115 million RMB [11]. - The revenue breakdown for 2022-2024 shows that income from ride-hailing services was approximately 33.61 billion RMB in 2022, 42.09 billion RMB in 2023, and projected at 49.91 billion RMB in 2024 [9][10]. - The company has raised a total of 2.63 billion RMB through three rounds of financing, with the latest C round raising 1.3 billion RMB [6][8]. Group 3: Market Position and Strategy - Xiangdao Mobility ranks fifth among domestic ride-hailing platforms by Gross Transaction Value (GTV) and second in Shanghai by completed orders [8]. - The company has established a comprehensive service model that includes ride-hailing, vehicle rental, and Robotaxi services, aiming to provide a one-stop travel solution [8][9]. - The company is also focusing on the development of its Robotaxi service, having received the first demonstration operation license for unmanned driving in Shanghai [10].