两只港股新股双双破发！

Core Viewpoint - Both Cao Cao Mobility and Xiangjiang Electric experienced a decline in their stock prices after their IPOs, indicating a lack of investor confidence in these companies [1][12][13]. Group 1: Cao Cao Mobility - Cao Cao Mobility, founded in 2015, is a strategic investment by Geely Holding Group in the "new energy vehicle sharing ecosystem" and has become a significant player in China's ride-hailing market [4]. - As of 2024, Cao Cao Mobility operates in 136 cities with a total Gross Transaction Value (GTV) of 17 billion CNY, reflecting a year-on-year growth of 38.8% and a market share of 5.4%, ranking second in the industry [6]. - The company has a fleet of over 34,000 customized vehicles, with orders from customized vehicles accounting for approximately 25.1% of the total GTV [6]. - The IPO attracted six cornerstone investors, including companies affiliated with Mercedes-Benz and other notable investment firms [6]. - The company is collaborating with Geely Group to develop a new customized vehicle for Robotaxi services, expected to launch by the end of 2026 [9]. - Following the IPO, Cao Cao Mobility's market capitalization approached 20 billion HKD, with a significant drop in share price post-listing [12][13]. Group 2: Xiangjiang Electric - Xiangjiang Electric is a well-known kitchen small appliance manufacturer that previously attempted to list on the Shenzhen main board but later opted for a Hong Kong listing [10]. - In 2024, Xiangjiang Electric held the tenth position in China's kitchen small appliance industry, with a market share of 0.8%, and its electric kettles have a significant export share to North America [10]. - The company operates primarily on an ODM/OEM model, serving clients like Walmart and Philips, with most of its revenue coming from kitchen small appliances [10]. - After its IPO, Xiangjiang Electric's market capitalization was approximately 700 million HKD, also experiencing a decline in share price [12].