Core Viewpoint - Shengwei Times Technology Co., Ltd. (referred to as "Shengwei Times") has re-applied for a listing on the Hong Kong Stock Exchange after its initial application expired in November 2024, with CITIC Construction Investment International as the sole sponsor. The company, which has shifted focus to the ride-hailing market after Alibaba's investment of 160 million yuan, is currently not profitable and relies heavily on Alibaba's Gaode platform for 90% of its ride-hailing market [1][4][6]. Company Overview - Shengwei Times was established in 2012 and specializes in urban ride-hailing services and intercity road passenger transport information services. The company collaborates with various passenger transport enterprises to provide customized transport services, covering over 30 provinces, autonomous regions, and municipalities in China [4][10]. - As of mid-2025, Shengwei Times has obtained 204 ride-hailing operating licenses and has approximately 1.7 million registered drivers. The company has also undertaken digital projects for provincial road passenger transport in 17 provinces [4][9]. Financial Performance - Shengwei Times has reported revenues of 816 million yuan, 1.206 billion yuan, and 1.594 billion yuan for the years 2022, 2023, and the first half of 2025, respectively, with net losses of 499 million yuan, 482 million yuan, 426 million yuan, and 90 million yuan during the same periods. Adjusted net losses were 50.53 million yuan, 17.76 million yuan, 40.55 million yuan, and 9.32 million yuan [9][10]. - Over 80% of the company's revenue comes from ride-hailing services, with 90% of that revenue dependent on cooperation with Gaode. The revenue contribution from ride-hailing services was 86.2%, 85.3%, and 88.9% for the years 2022 to 2024, increasing to 90.4% in the first half of 2025 [9][10]. Investment and Shareholding Structure - Shengwei Times has completed nine rounds of financing, with a valuation of 2.216 billion yuan as of the latest financing round in November 2024. Alibaba's travel division is the largest shareholder, holding 27.01% of the company [11][12].