新华财经上海6月17日电（记者王鹤）曹操出行17日发布公告启动招股，计划于6月25日在港交所主板挂 牌上市，股份代号为02643。华泰国际、农银国际及广发证券（香港）为此次发行上市的联席保荐人。 公告显示，曹操出行计划全球发售4417.86万股股份，其中香港发售股份为441.79万股，国际发售股份为 3976.07万股，每股发售价为41.94港元，预计募资18.53亿港元。按照每股发售价计算，曹操出行估值约 228.23亿港元。 曹操出行表示，此次募资将主要用于改进车服解决方案和改善服务质量、提升并推出定制车、提升技术 及投资自动驾驶、扩大地理覆盖范围等。 曹操出行已于本次IPO发行中引入6名基石投资者，包括梅赛德斯-奔驰、未来资产证券（香港）、无极 资本、国轩高科（香港）、亿纬亚洲和速腾聚创，这6位基石投资者将合计认购2264.24万股，约9.52亿 港元。 据悉，曹操出行创立于2015年，是吉利控股集团布局"新能源汽车共享生态"的战略性投资业务。据咨询 公司弗若斯特沙利文报告，按GTV（总交易额）计算，曹操出行自2021年起连续位列国内网约车平台 规模前三，并于2024年跃居行业第二。 招股书显示，截至2 ...

Core Viewpoint - Cao Cao Mobility is launching an IPO in Hong Kong, aiming to raise funds for investments in autonomous driving and to repay part of its bank loans [6] Group 1: IPO Details - The company plans to issue a total of 44.18 million shares globally, with 4.42 million shares available for public sale in Hong Kong, accounting for 10% of the total [1] - The offering price is set at HKD 41.94 per share, with an entry fee of approximately HKD 4,236.3 for a board lot of 100 shares [1] - The IPO period runs from today (17th) until this Friday (20th), with the expected listing date on June 25 [1] - Six cornerstone investors have committed to purchasing shares worth nearly USD 952 million, including notable companies such as Mercedes-Benz and others [1] Group 2: Business Performance - Established in 2015, Cao Cao Mobility is a strategic investment of Geely Holding Group in the "new energy vehicle sharing ecosystem" [3] - The business has expanded to cover 136 cities by the end of 2024, with plans to enter 85 new cities [3] - The total Gross Transaction Value (GTV) for 2023 and 2024 is projected to be CNY 12.2 billion and CNY 17 billion, reflecting growth rates of 37.5% and 38.8% respectively compared to previous years [3] - In Q1 of this year, the total GTV reached CNY 4.8 billion, marking a 54.9% increase year-on-year [3] - The number of active vehicles and drivers has increased significantly, with 59,200 active vehicles and 59,100 active drivers expected by October 2024 [3] Group 3: Financial Performance - Despite a reduction in net losses, the company has not yet achieved profitability, with net losses of CNY 2.007 billion, CNY 1.981 billion, and CNY 1.246 billion from 2022 to 2024 [4] - The cumulative loss over the past three years amounts to CNY 5.2 billion, indicating a loss of approximately CNY 2.08 per order for 2024 [4][5]

曹操出行在国内网约车市场排名前列。若正式在港股上市，曹操出行将是"吉利系"旗下第10家上市公司。 "吉利系"已掌控9家上市公司，分别为吉利汽车、沃尔沃汽车、极星汽车、亿咖通科技、钱江摩托、汉马科技、路特斯科技、千里科技（原 力帆科技）、极氪。 曹操出行盈利能力提升 网约车市场竞争激烈 公告显示，曹操出行计划全球发售4417.86万股股份，发售价为41.94港元/股，预计募资18.53亿港元，引入的6名基石投资者分别是梅赛 德斯-奔驰、未来资产证券（香港）、无极资本、国轩高科（香港）、亿纬亚洲和速腾聚创。 【 导读 】 曹操出行今日港股招股， "吉利系"将迎第10家上市公司 中国基金报记者 邱德坤 6月17日， 曹操出行 发布招股 公告 ，计划6月25日在港交所主板上市，发售价为41.94港元 /股。 按照发售价计算，曹操出行 估值约 为 228.23亿港元。 | 全球發售的發售股份數目 : 44,178,600股發售股份(視乎超額配 | | | --- | --- | | | 股權行使與否而定） | | 香港發售股份數目 .. | 4.417.900股發售股份(可予車新分配) | | 國際發售股份數目 | : ...

中国第二大网约车平台。 另根据 2023年第四季度至2024年第四季度独立第三方相继进行的五次涵盖全国数千名共享出行用 户的季度调查，在中国领先共享出行平台中，曹操出行获评为"服务口碑最佳"，用户认可度排名第 一。 值得注意的是， 截至 2024年12月31日，曹操出行在31个城市拥有一支超过34,000辆定制车的车 队供其附属司机使用。根据弗若斯特沙利文的资料，曹操出行的车队为中国同类车队最大 。 目前，曹操出行运营枫叶 80V、曹操60两款针对出行场景的定制车辆。根据弗若斯特沙利文的资 料，枫叶80V和曹操60的预计TCO分别为每公里0.53元和0.47元。这意味着与典型纯电动汽车相 比，曹操出行的定制车辆TCO（全周期成本）分别降低33%和40%。2024年，定制车履行的订单 占曹操出行GTV的25.1%，较2023年的20.1%再提升5个百分点。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， CaoCao Inc. （ 曹操出行有限公司 ，以下简称 " 曹操出行 "）今日招股、至 6月20日结束，并计划于2025年6月25日正式以"2 ...

Core Viewpoint - The article discusses the potential shift in the regulatory landscape for large technology companies in the U.S., highlighting recent antitrust actions that may disrupt their dominance and foster competition in the tech industry [1][2][3]. Group 1: Antitrust Actions - A federal court in Virginia ruled that Google illegally monopolized two online advertising technology markets, violating antitrust laws [2]. - A district court broke the "Apple Tax" monopoly, prohibiting Apple from charging fees on purchases made outside its app store and restricting developers from directing users to external purchasing options [2]. - The FTC's antitrust lawsuit against Meta (Facebook's parent company) is ongoing, with potential implications for the separation of its services like Instagram and WhatsApp [2][5]. Group 2: Impact on Competition - The antitrust measures could revitalize competition in the tech sector, providing opportunities for smaller companies and improving service quality [3][5]. - If Facebook is forced to separate its services, it could lead to the emergence of multiple social media platforms with different algorithms, enhancing user experience [5]. - A successful lawsuit against Amazon could create a more competitive marketplace, allowing consumers to find better-priced products [5]. Group 3: Historical Context and Lessons - The article references the historical context of AT&T's breakup in 1984, which initially fostered innovation but eventually led to a new form of duopoly in the telecommunications industry [6][7]. - The current situation emphasizes the need for ongoing regulatory oversight to prevent technology companies from abusing their market power [7].

Core Viewpoint - The company, Cao Cao Travel, is set to launch an IPO with plans to issue 44.1786 million shares at a price of HKD 41.94 per share, aiming to raise approximately HKD 17.18 billion to HKD 19.89 billion depending on the exercise of the over-allotment option [1][3]. Group 1: Company Overview - Cao Cao Travel is a ride-hailing platform incubated by Geely Group, operating in 136 cities as of December 31, 2024 [1]. - The company's Gross Transaction Value (GTV) reached RMB 12.2 billion in 2023, a 37.5% increase from 2022, and is projected to grow to RMB 17 billion in 2024, reflecting a 38.8% increase [1]. - The company holds a market share of 5.4% in the ride-hailing sector according to Frost & Sullivan [1]. Group 2: Fleet and Custom Vehicles - The strategic partnership with Geely Group enables the company to develop and deploy custom vehicles on a large scale, with over 34,000 custom vehicles in operation across 31 cities as of December 31, 2024 [2]. - Custom vehicles accounted for 25.1% of the company's GTV in 2024, with expectations for this percentage to increase as the company plans to provide custom vehicles to all affiliated drivers [2]. Group 3: Use of Proceeds from IPO - The estimated net proceeds from the global offering are approximately HKD 17.18 billion, or HKD 19.89 billion if the over-allotment option is fully exercised [3]. - Approximately 19.0% of the net proceeds will be allocated to improving vehicle service solutions and service quality over the next three years [3]. - About 18.0% will be used to enhance and launch a series of custom vehicles, while 17.0% will focus on technology improvements and investments in autonomous driving [3]. - The company plans to use 16.0% of the proceeds to expand its geographical coverage and 20.0% to repay part of its bank loans [3].

| 全球發售的發售股份數目 ： 44,178,600股發售股份(視乎超額配股權行使 | | | | --- | --- | --- | | | | 與否而定) | | 香港發售股份數目 | | : 4.417.900股發售股份(可予重新分配) | | 國際發售股份數目 | .. | 39,760,700股發售股份(可予重新分配及視乎 | | | | 超額配股權行使與否而定) | | | | 發售價 : 每股發售股份41.94港元,另加1.0%經紀佣 | | | | 金、0.0027％證監會交易徵費、0.00565% | | | | 聯交所交易費及0.00015%會財局交易徵費 | | | | (須於申請時以港元繳足,多繳股款可予 | | | | 狠禮) | | 商值 | : | 每股股份0.00001美元 | | 10 10 11 10 1 | | 04/10 | 曹操出行申请通过香港IPO发行4418万股股票。 发行价为每股41.94港元。 预计股票将从6月25日开始交易。 ...

Group 1 - Uber is launching JourneyTV, an in-car advertising platform, in New York starting June 2025, featuring video ads ranging from 15 to 90 seconds [2] - The collaboration with T-Mobile, which acquired Octopus Interactive, enables Uber to deploy in-car media across approximately 75,000 vehicles in the U.S. [2] - The advertising strategy focuses on high-engagement content from major cultural events to attract attention and drive interaction [2] Group 2 - New York's strict regulations on in-car advertising were lifted in 2024 due to the growing demand for advertising opportunities as the economy recovers [5] - The new advertising approach allows users to mute or close ads, with content tailored to their location and context, enhancing user experience [5][6] - JourneyTV boasts a 98% completion rate for ads, with 74% of surveyed individuals expressing interest in offers seen during rides [6] Group 3 - New advertising revenue will benefit drivers, as New York law mandates that at least 25% of ad revenue must be returned to them [7] - The in-car advertising environment presents challenges, balancing effective ad delivery with user comfort and privacy [8] - Other companies like Cargo and Vugo are exploring different business models, such as mobile retail and AI-driven contextual advertising [9][11] Group 4 - Lyft is developing a multi-channel advertising network that includes in-app ads and vehicle wraps, providing a non-intrusive advertising experience [11] - Innovative approaches like Steereo's "sound marketing" integrate advertising into background music, minimizing visual distraction [14] - In China, the car advertising market faces challenges due to negative user experiences, highlighting the need for improved content delivery and user engagement [16][17] Group 5 - Effective car advertising in China requires a shift from passive to active engagement, leveraging local payment systems and app ecosystems for better user interaction [23][24] - The future of car advertising in China lies in redefining the value exchange, making ads a bridge between user needs and contextual value [24]

Core Viewpoint - The report highlights the complaint rates of various ride-hailing platforms in Dongguan for the second half of 2024, indicating significant issues with service quality and management among certain platforms [1][8]. Complaint Rates by Order Volume - Among platforms with daily order volumes exceeding 10,000, "如祺出行" has the highest complaint rate at 0.40 complaints per 10,000 orders [2][4]. - For platforms with daily order volumes between 500 and 10,000, "哈啰出行" leads with a complaint rate of 2.13 [2][6]. - In the category of platforms with daily order volumes below 500, "小拉出行" has the highest complaint rate at 3.47 [3][6]. Types of Complaints - Passenger complaints primarily involve issues such as overcharging, refusal to pick up, and poor service attitude [3][8]. - Driver complaints are mainly related to platform responsibility disputes, payment issues, and unreasonable dispatch mechanisms [5][9]. Recommendations for Improvement - The Dongguan Road Transport Affairs Center emphasizes the need for ride-hailing companies to enhance driver management and complaint handling mechanisms to improve service quality [8][10]. - Companies are advised to conduct thorough training for drivers regarding penalties and complaint processes, ensuring clear communication and documentation [8][9]. Overall Industry Implications - The high complaint rates for "如祺出行," "哈啰出行," and "小拉出行" suggest a failure to meet service quality management requirements, leading to a deduction of 50 points in their service quality assessment for 2024 [7][8]. - Companies with persistent high complaint rates and poor management practices may face penalties, including being listed as poorly rated companies by the taxi industry association [10].

Core Insights - Didi is committed to stabilizing employment as a key social responsibility while providing diverse and convenient travel services, creating a sustainable career development space for various groups through a "stabilizing employment - promoting consumption - assisting transformation" ecosystem [1] Group 1: Employment Initiatives - Didi has been actively engaging with universities for campus recruitment, organizing events to help graduates understand the company's employment needs [1] - The platform has already enabled millions of ride-hailing drivers to earn income in 2024, ensuring income stability through transparent billing and income guarantees [1] - Didi's driver training and incentive programs have helped new drivers quickly adapt to their roles, as exemplified by a former technician who now earns around 10,000 yuan per month while balancing family responsibilities [1] Group 2: Support for Specific Groups - Didi aims to provide customized support for specific groups such as retired military personnel and hearing-impaired drivers, enhancing their employment experience and sense of honor [2] - The company has organized awards for outstanding retired military drivers to boost their recognition within the community [2] Group 3: Financial Investments and Economic Impact - In response to economic changes, Didi announced an additional investment of 2 billion yuan to support employment, increase driver subsidies, and optimize driver income [2] - Didi is actively participating in local tourism and cultural events to promote consumption through various initiatives, including issuing travel vouchers and establishing dedicated service teams [2] Group 4: Business Growth and Future Plans - Didi's CEO highlighted the strong vitality of the travel market, indicating continued robust growth in both domestic and international operations [3] - The company plans to enhance its role in stabilizing employment and promoting consumption while advancing local business development and investing in autonomous driving and AI applications [3]