Core Viewpoint - Dongwu Securities maintains a "buy" rating for Cao Cao Mobility (02643), highlighting a clear commercialization path for its Robotaxi business and the establishment of a vehicle technology operation ecosystem [1] Recent Events - On January 28, 2026, the company announced a plan to place no more than 12 million shares, accounting for approximately 2.06% of the enlarged total issued shares, at a price of HKD 32.46 per share, raising a net amount of HKD 383 million, which is about 8.97% lower than the closing price of HKD 35.66 on January 27 [1] Financial Allocation - Approximately 67.7% of the raised funds will be invested in the development of domestic and international Robotaxi businesses, focusing on the procurement of customized Robotaxi vehicles, building matching operational systems, and ongoing core technology research and development [2] - About 22.3% will be used to expand enterprise services through operational investments, platform upgrades, and recent or ongoing acquisitions, such as Weixing Technology and Zhejiang Geely Business Services [2] - The remaining approximately 10% will be allocated for working capital and general corporate purposes [2] Strategic Importance - The company has positioned Robotaxi as a core strategic focus for long-term development, aiming to deploy a total of 100,000 fully customized Robotaxis by 2030, which is a key performance indicator in the new share incentive plan [3] - The company has developed a unique "smart customized vehicle + smart driving technology + smart operation" model, leveraging data, algorithms, and a nationwide service network accumulated over ten years of shared mobility [3] - The second-generation Robotaxi has entered the pilot operation phase, transitioning from human-monitored to unmanned operations, with fully customized models set to debut this year [3] - Internationally, the company has partnered with Abu Dhabi to promote the export of autonomous driving technology and battery swap systems [3]