星瞰IPO | 货拉拉上市卡壳超900天，周胜馥的“赌局”胜负未定

Core Insights - The article discusses the ongoing challenges faced by Huolala, a logistics platform founded by Zhou Shengfu, as it attempts to go public on the Hong Kong Stock Exchange after multiple failed attempts [1][3]. Group 1: Company Overview - Huolala, founded in 2013, has become a leading logistics trading platform in China, with projections indicating it will be the largest global closed-loop GTV logistics platform by mid-2025 [3]. - The company has submitted its IPO application to the Hong Kong Stock Exchange six times but has not yet received the necessary approval from the China Securities Regulatory Commission [3][4]. Group 2: Regulatory Challenges - The regulatory environment has become more stringent following the scrutiny of Didi in 2021, which has impacted Huolala's ability to secure the required approvals for its IPO [3][4]. - Since 2021, Huolala has faced 18 public reprimands related to issues such as driver rights and illegal passenger transport, indicating increased regulatory focus on compliance and antitrust measures [4][11]. Group 3: Financial Performance - Huolala's revenue has grown from $1.036 billion in 2022 to an estimated $1.593 billion in 2024, with a 31.9% year-on-year increase in the first half of 2025, reaching $945 million [7][10]. - Despite revenue growth, the company's profitability has been inconsistent, with net profit fluctuating significantly due to non-recurring items, such as a $606 million gain from the fair value change of redeemable convertible preferred shares in 2023 [9][12]. Group 4: Business Model and Challenges - The company's revenue heavily relies on its freight platform services, which account for over half of its income, but the monetization rate has declined from 10.3% in 2023 to an expected 9.2% in 2025 [9][10]. - Huolala's overall gross margin has decreased from 61.2% in 2023 to 52.3% in the first half of 2025, indicating pressure on profitability [11]. Group 5: Funding and Valuation - Since 2014, Huolala has raised a total of $2.662 billion across 11 funding rounds, with notable investors including Sequoia China and Tencent [12]. - The fair value of Huolala's redeemable convertible preferred shares has increased from $4.673 billion in 2023 to $4.738 billion in the first half of 2025, contributing to high liabilities on its balance sheet [12][14]. - As of mid-2025, Huolala's current liabilities reached approximately $5.46 billion, leading to a debt ratio of about 164%, indicating a state of insolvency [14].