蚂蚁助推，A股将迎来第一家共享单车？

Core Viewpoint - The transfer of shares from the original controlling shareholder of Yong'anxing to Ha Luo Group is seen as a potential move for Ha Luo to seek a backdoor listing in the A-share market after its unsuccessful attempt to go public in the U.S. in 2021 [4][6]. Group 1: Transaction Details - Yong'anxing announced that its original controlling shareholder, Sun Jisheng, and major shareholder Shanghai Yunxin Venture Capital Co., Ltd. plan to transfer shares to Ha Luo Group's controlling person, Yang Lei, and Ha Luo's wholly-owned subsidiary, Shanghai Hamao Business Consulting Co., Ltd. [2][3]. - Yang Lei is expected to control 38.21% of Yong'anxing's shares after the transaction, with a total transaction price of 1.5 billion yuan [3]. - To consolidate control, Yong'anxing will issue up to 72 million shares to Shanghai Hamao, raising 840 million yuan [16][17]. Group 2: Future Listing Strategies - After gaining control of Yong'anxing, Ha Luo may pursue two paths for listing: injecting assets into Yong'anxing three years after the transaction or gradually injecting assets without triggering major asset restructuring rules [9][10]. - The market anticipates that the acquisition could lead to a "backdoor listing" for Ha Luo, as it is significantly larger than Yong'anxing [8][18]. Group 3: Competitive Landscape - Ha Luo's revenue in 2020 was 6.044 billion yuan, nearly seven times that of Yong'anxing, which indicates a significant disparity in scale [24]. - The shared bicycle market is currently dominated by three players: Ha Luo, Qingju, and Meituan, which collectively held 93.3% of the market share by volume in 2020 [49]. - Yong'anxing's revenue has been declining since its IPO, with a notable drop to 845 million yuan in 2018, and it has faced losses since 2022 [51]. Group 4: Historical Context - The relationship between Yong'anxing and Ha Luo has historical ties, primarily through Ant Group, which has been a significant shareholder in both companies [38][69]. - Yong'anxing's original controlling shareholder misjudged the market potential of shared bicycles compared to government-funded public bicycle systems, leading to its current struggles [42][50]. Group 5: Operational Insights - Ha Luo's core operational entity is Ha Luo Puhui, which controls 130 companies across the country, and as of September 2024, it had over 750 million registered users, a 40% increase since 2021 [62]. - The competitive dynamics in the shared bicycle market are evolving, with companies like Ha Luo reducing reliance on payment services from Ant Group while still benefiting from significant traffic [64][66].