Core Viewpoint - Shengwei Times has refiled for an IPO on the Hong Kong Stock Exchange after its initial application lapsed in November 2024, despite ongoing revenue growth and challenges in its ride-hailing business, which heavily relies on the Gaode platform and has consistently low profit margins [1][4][11]. Group 1: Company Overview - Shengwei Times is the parent company of the ride-hailing service "Chuxing 365" and provides intercity road passenger transport information services, ranking 14th in China's ride-hailing market by GTV as of 2024 [1][4]. - The company has established operations in over 30 provinces and municipalities, collaborating with major partners like 12306 and various travel platforms [4][10]. - Shengwei Times has been focusing on customized passenger transport services, developing a range of transport solutions including airport shuttles and intercity rides [4][10]. Group 2: Financial Performance - Revenue for Shengwei Times was reported at 816 million yuan in 2022, 1.206 billion yuan in 2023, and 1.594 billion yuan in 2024, with a compound annual growth rate of 39.8% from 2022 to 2024 [11][12]. - The company has faced continuous losses, with net losses of 499 million yuan in 2022, 482 million yuan in 2023, and 426 million yuan in 2024, totaling approximately 1.496 billion yuan over three and a half years [13][15]. - The gross profit margin has been low, with figures of 6.6% in 2022, 7.1% in 2023, and dropping to 3.5% in 2024, indicating ongoing profitability challenges [11][12]. Group 3: Market Challenges - The ride-hailing market in China is becoming increasingly competitive, with 392 licensed platforms as of July 2025, leading to rising sales costs for Shengwei Times [16][19]. - The company is heavily dependent on the Gaode platform for customer acquisition, which poses risks if partnerships weaken [19][22]. - Shengwei Times faces pressure from other ride-hailing companies that have recently gone public, indicating a potential industry turning point [19][22]. Group 4: Strategic Considerations - To improve its market position, Shengwei Times needs to reduce its reliance on the Alibaba ecosystem and enhance its independent customer acquisition capabilities [22][23]. - The company must optimize its cost structure, particularly by lowering the high service fees paid to drivers, which currently account for 82.3% of sales costs [15][23]. - Regulatory compliance is becoming more stringent in the ride-hailing industry, necessitating increased resources for compliance to avoid penalties and reputational damage [23].

Group 1 - The core point of the news is that Cao Cao Mobility has passed the listing hearing at the Hong Kong Stock Exchange, marking a significant step towards its IPO [1] - Cao Cao Mobility, established in 2015 and incubated by Geely Group, has become one of the largest ride-hailing platforms in China, ranking second in market share as of 2024 with a GTV of 5.4% [1][2] - The company has experienced substantial revenue growth, with projected revenues of 76.31 billion yuan in 2022, 106.68 billion yuan in 2023, and 146.57 billion yuan in 2024, reflecting growth rates of 28.47% and 37.39% for 2023 and 2024 respectively [2] Group 2 - The revenue sources for Cao Cao Mobility primarily include ride-hailing services, vehicle sales, and vehicle leasing, with ride-hailing services accounting for over 90% of total revenue in recent years [2] - Vehicle sales have shown significant growth, increasing from 32.18 million yuan in 2022 to 867 million yuan in 2024, with the revenue share rising from 0.4% to 5.9% [2] - The company is under the control of Li Shufu, who holds 83.9% of the shares through Ugo Investment Limited, and has significant voting power in company decisions [3]

Core Viewpoint - Caocao Travel Co., Ltd. has filed for an IPO and plans to list on the Hong Kong Stock Exchange, which would mark another public listing for Geely Holding Group's founder, Li Shufu [2] Financial Performance - Caocao Travel reported revenues of RMB 7.15 billion, RMB 7.63 billion, and RMB 10.67 billion for the years 2021, 2022, and 2023, respectively [5] - The company experienced gross losses of RMB 1.75 billion, RMB 339 million, and a gross profit of RMB 615 million for the same years, with gross margins of -24.4%, -4.4%, and 5.8% [5] - Operating losses were RMB 2.8 billion, RMB 1.87 billion, and RMB 1.58 billion for 2021, 2022, and 2023, with operating loss rates of 39.2%, 24.5%, and 14.8% [6][8] - The adjusted losses were RMB 2.96 billion, RMB 1.65 billion, and RMB 966 million for the same years, with adjusted loss rates of 41.4%, 21.6%, and 9.1% [7] Recent Developments - In the first half of 2024, Caocao Travel achieved revenues of RMB 6.16 billion, a 24.7% increase from RMB 4.94 billion in the same period of the previous year [8] - The gross profit for the first half of 2024 was RMB 428 million, compared to RMB 164 million in the same period of 2023, resulting in a gross margin of 7% [8] - The company has incurred nearly RMB 8 billion in losses over the past three and a half years [8] Shareholding Structure - Prior to the IPO, Geely Holding's Ugo Investment Limited holds an 83.9% stake in Caocao Travel, with other investors holding smaller percentages [15][16] Valuation - The pre-IPO valuation of Caocao Travel is estimated at RMB 17 billion [10]

Core Viewpoint - The approval from the China Securities Regulatory Commission marks a significant step for Cao Cao Mobility's long-awaited IPO in Hong Kong, following a year of application processes and regulatory hurdles [1][2]. Group 1: Company Overview - Cao Cao Mobility, backed by Geely, has seen a revenue growth of 25% in the first half of last year, expanding its business into 32 new cities and increasing its operational footprint by over 60% [1]. - The company differentiates itself by utilizing custom vehicles developed by Geely, which are sold or leased to drivers, contrasting with competitors that typically require drivers to provide their own vehicles [4][5]. Group 2: Business Strategy - Cao Cao Mobility leverages Geely's extensive network of battery swap stations and auto repair shops to provide cost advantages to drivers, enhancing their net income [5]. - The company has increasingly adopted aggregation applications, which integrate various ride-hailing services, leading to a significant rise in orders processed through these platforms, from 3.5% in 2018 to 30% in 2023 [6]. Group 3: Financial Performance - In the first half of last year, Cao Cao Mobility's revenue rose from 4.94 billion to 6.16 billion (approximately 844 million USD), while its marketing expenses as a percentage of revenue increased from 7.1% in 2021 to 8.4% [7]. - The company achieved its first-ever gross profit in 2023, with gross profit rising from 165 million to 429 million, and gross margin improving from 5.8% to 7.0% [7]. Group 4: Market Position and Valuation - Despite rapid growth, Cao Cao Mobility holds only 4.8% of the market share, while the leading player, Didi, controls about 75% [7]. - The expected valuation for Cao Cao Mobility is around 40 billion, with a projected price-to-sales ratio of approximately 3, aligning it closer to leading companies like Uber and Grab [8].

Key takeaways: ▶ 获得中国证券监管机构的批准后，曹操出行耗时一年的港股上市计划或即将完成 ▶ 该公司去年上半年收入增长25%，超越竞争对手，在此期间它进军32个新城市，业务版图扩大 逾60% 上周，在首次向港交所提交上市申请一年后，这家由吉利投资的网约车应用程序终于获得中国证监 会的境外上市许可 汽车巨头吉利一向在最新的驾驶科技与服务领域起步稍晚，但往往能凭借更雄厚的资源与执行力迅速迎头 赶上。这点在吉利对标 Uber （UBER.US）打造的出行平台 曹操出行有限公司 身上或许会再次应验。如 今，其一度停滞的IPO计划终于接近终点线。 曹操出行一年前首次向香港交易所提交上市申请但未能成功，后于去年10月重新提交申请。上周五，中国 证监会终于批准了此次上市，清除了主要的监管障碍之一。现在，曹操出行须通过港交所的上市聆讯，此 事可能在未来一两个月内完成，这将为其最终上市铺平道路。 届时，曹操出行将加入一个日渐拥挤的赛道，与中国的上市同行一较高下，其中包括规模较小的 嘀嗒出行 （2559.HK）和 如祺出行 （9680.HK）。许多人认为，行业巨头滴滴也可能会在不久的未来在香港上市， 在2021年 ...