Core Viewpoint - Shengwei Times Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities International as the sole sponsor, after a previous application in November 2024 [1][4]. Industry Overview - Shengwei Times operates as a provider of urban ride-hailing services and intercity road passenger information services in China, ranking 14th in the ride-hailing market based on 2024 GTV [4]. - The total passenger volume in China for 2024 is projected to be 10.2 billion, with road passenger transport accounting for 48% [4]. - The rural road mileage in China has increased from 42 million kilometers in 2019 to 46 million kilometers in 2024, reflecting a compound annual growth rate of 1.8% [4]. - There is a significant market opportunity in the road passenger transport industry, particularly in lower-tier cities and rural areas [4]. Company Overview - Shengwei Times provides urban ride-hailing and intercity road passenger services, collaborating with various passenger transport companies to offer customized services [4]. - The company has established operations in over 30 provinces, autonomous regions, and municipalities by June 30, 2025 [4]. - Shengwei Times has developed integrated digital solutions to enhance operational efficiency for passenger transport companies, addressing the shortcomings of traditional services [5]. Financial Performance - The revenue figures for Shengwei Times are as follows: approximately RMB 816 million for 2022, RMB 1.206 billion for 2023, RMB 1.594 billion for 2024, and RMB 903 million for the six months ending June 30, 2025 [5][7]. - Gross profit for the same periods was approximately RMB 54 million, RMB 86 million, RMB 56 million, and RMB 37 million respectively [5][7]. - The company has experienced operating losses, with figures of RMB 55 million for 2022, RMB 20 million for 2023, and RMB 60 million for 2024 [7].