Core Viewpoint - The ride-hailing platform Cao Cao Travel successfully listed on the Hong Kong Stock Exchange but faced significant market skepticism, leading to a sharp decline in share price on its debut day. Group 1: IPO Details - Cao Cao Travel issued a total of 44.18 million shares globally, with 4.42 million shares offered in Hong Kong and 39.76 million shares internationally, at an issue price of HKD 41.94 per share, aiming to raise HKD 1.853 billion [1] - The final allocation resulted in 13.25 million shares sold in Hong Kong and 30.93 million shares internationally, with the Hong Kong offering receiving 25,000 valid applications, oversubscribed by 21.14 times [1] - Despite the high demand, the stock price fell over 30% in dark trading, closing at HKD 36.00, a 14.2% drop from the initial market valuation [1] Group 2: Investor Losses - Key cornerstone investors, including Korea's Mirae Asset Securities and Hong Kong's Infinity Capital, faced losses exceeding 14% on their investments of HKD 275 million and HKD 251 million, respectively [2] - Other investors, such as Guoxuan High-Tech, lost approximately HKD 26.69 million on an investment of HKD 164 million, reflecting a significant drop in value [2] - The overall market sentiment was negative, with several institutional investors experiencing substantial unrealized losses on their holdings [2][3] Group 3: Financial Performance - The company is projected to incur cumulative operating losses of HKD 7.043 billion from 2021 to 2024, averaging a monthly burn rate of HKD 147 million [5] - As of December 31, 2024, Cao Cao Travel's current liabilities are expected to reach HKD 9.682 billion, with over 80% being interest-bearing debt, while cash reserves are only HKD 159 million [5] - The IPO proceeds of HKD 1.853 billion will only partially address the company's debt issues, indicating a significant liquidity gap [5] Group 4: Business Model Concerns - The sustainability of the business model is questioned due to high fixed costs associated with owning a fleet of vehicles, which leads to substantial depreciation and operational expenses [5] - The company's reliance on aggregation platforms like Gaode and Baidu has resulted in a dramatic increase in commission expenses, from HKD 137 million in 2021 to HKD 1.046 billion in 2024, with a compound annual growth rate exceeding 66% [5] - The low gross margin and challenges in retaining proprietary traffic further complicate the company's financial outlook [5] Group 5: Industry Sentiment - The overall market sentiment towards ride-hailing platforms in Hong Kong is pessimistic, as evidenced by the poor performance of other recent listings like Dida Chuxing and Ruqi Mobility, which also experienced significant declines on their debut days [6] - Investors appear to have lost patience with the "burn cash for scale" model prevalent in the ride-hailing industry, leading to a cautious approach towards new entrants [6]

细算下来，这家网约车平台在过去四年间已累计亏损超82亿元之巨，相当于每天一睁眼就要烧掉562万 元。值得一提的是，按照2024年其5.98亿订单量来算，该年度每接一单仍亏损2.08元。 份额占比排中国网约车第二的曹操出行有限公司（下称"曹操出行"）于近日再度递表港交所。而此前4 月18日，公司已通过中国证监会境外发行上市备案。 2024年4月29日，当曹操出行首次向港交所递交招股书时，市场曾戏称这是"吉利系"在出行领域的又一 场豪赌。几乎一年后的同一天，这份带着更新数据的招股书再度亮相，却多了几分背水一战的悲壮—— 虽中国证监会已开绿灯，但等待它的，是比政策审批更残酷的商业拷问。 这个以枭雄命名的出行平台，似乎正在演绎现代版的"望梅止渴"：用147亿元年营收（同比增长37.4%） 的故事吸引资本，却难掩连续四年亏损82亿元、累计亏损超130亿元的困局。更戏剧性的是，截至2024 年6月底，其资产负债率一度达高221.7%，这不禁让市场直呼："这不像IPO，倒像一场财务排雷行 动。" 营收增长与成本扩大共存，重资产运作拖累利润 翻开曹操出行的招股书，一组数字对比格外醒目，堪称当代商业悖论。 2022至2024年 ...