Sou Hu Cai Jing·2026-01-04 09:04Core Viewpoint - Songguo Travel has submitted its application for an IPO on the Hong Kong Stock Exchange, with Huatai International as its sole sponsor, after previously attempting to list in the US but deciding against it due to unfavorable market conditions [1] Company Overview - Songguo Travel is a shared electric bike service provider and is the largest operator in China's peripheral development areas, ranking fourth overall in the Chinese market as of 2024 [1] - The company was founded in 2017 and has expanded its services to over 422 cities and counties by September 2025, with a total of 454,627 electric bikes deployed [2][3] User and Order Metrics - The total registered users increased from 113 million at the end of 2024 to 128.3 million by September 2025 [3] - Daily order volume has declined from 1.1 million orders at the end of 2023 to 1.006 million by September 2025 [2][3] - The average price per trip for shared electric bikes rose from 2.73 RMB in 2023 to 2.94 RMB in the first three quarters of 2025 [2][3] Financial Performance - Revenue for Songguo Travel was reported at 953 million RMB in 2023 and 963 million RMB in 2024, with losses of 192 million RMB and 151 million RMB respectively [3] - For the first nine months of 2025, the company generated revenue of 746 million RMB with a loss of 59.99 million RMB [3] - Adjusted net losses were 80.08 million RMB in 2023 and 44.07 million RMB in 2024, while an adjusted net profit of 26.4 million RMB was recorded for the first nine months of 2025 [4] Investment and Shareholding - Songguo Travel has completed multiple rounds of financing, with the latest D+ round in November 2025 valuing the company at 996 million USD, down from 1.382 billion USD three years prior [4] - Major institutional investors include Innovation Works, Qiming Venture Partners, and Sequoia China, holding 23.23%, 14.12%, and 11.85% of shares respectively [4] Management Background - The executive director and chairman, Zhai Guanglong, has a background in companies like Meituan and has co-founded several tech firms [5] - Co-founder Zhu Lantian previously worked as a research engineer at Tencent and has experience in various tech-related companies [5] IPO Purpose - The funds raised from the IPO will be used to expand regional coverage, enhance market penetration, invest in AI and big data research, and explore overseas opportunities [5] - The company plans to strengthen sales of its high-end urban commuting smart electric bike brand "Tansuo" with part of the IPO proceeds [5]