Core Viewpoint - Pinecone Wisdom Inc, the parent company of Songguo Travel, has filed for an IPO on the Hong Kong Stock Exchange, aiming to capitalize on the growing demand for shared electric bikes in China's underserved county markets [1][4]. Company Overview - Songguo Travel was founded in 2017 by Zhai Guanglong, who identified the opportunity in the shared electric bike sector after observing the inadequacies of public transport in smaller cities [2][3]. - The company has adopted a heavy asset development model, establishing its own factories and maintaining a high proportion of direct operations [2]. Financial Performance - As of September 2025, Songguo Travel has deployed over 450,000 electric bikes across 422 cities and counties, with 128 million registered users [7]. - Revenue projections for 2023 and 2024 are approximately 953 million and 963 million RMB, respectively, showing minimal growth [7][9]. - The company has faced significant losses, with adjusted net losses of approximately 80.08 million RMB in 2023 and 44.07 million RMB in 2024, although it is projected to achieve profitability in the first nine months of 2025 with an adjusted net profit of about 26.4 million RMB [7][9]. Market Position - Songguo Travel ranks first in China's sinking market and fourth overall in the shared electric bike market, with a market share of 6.6% as of 2024 [7][10]. - The company is competing against major players like Meituan and Didi, which have more robust ecosystems, making it challenging for Songguo to maintain a competitive edge [10]. Investment and Financing - The company has maintained a consistent financing rhythm, completing multiple funding rounds since its inception, with the latest D+ round in November 2022 valuing the company at approximately 996 million USD [4][3]. - Notable investors include Baidu, Sequoia China, and SoftBank, indicating strong interest from venture capital and private equity [2][3]. Industry Challenges - The shared electric bike industry faces significant challenges, including high operational costs and regulatory pressures, which have led to a decline in order volumes [10][12]. - The market is perceived as increasingly saturated, with daily order volumes decreasing from 1.1 million in 2023 to 1.006 million in 2025 [10]. Future Outlook - The company must navigate a competitive landscape and regulatory environment to achieve sustainable profitability, as the shared electric bike market continues to evolve [10][12].
松果出行赴港IPO：投放45万辆电单车，一年进账近10亿
3 6 Ke·2026-01-07 10:41