Core Viewpoint - The market regulator has urged Huolala to comply with antitrust laws and improve its business practices to ensure fair competition and protect the rights of drivers and consumers [1][3]. Group 1: Regulatory Actions - The State Administration for Market Regulation has conducted discussions with Huolala, emphasizing the need for compliance with the Anti-Monopoly Law and fair market practices [1]. - Huolala has accepted the regulatory requirements and committed to immediate rectification [1]. Group 2: Company Background - Huolala, founded in 2013, is an online logistics platform providing services such as moving, freight, and logistics across various regions, including 363 cities in mainland China [3]. - The company has faced multiple regulatory inquiries due to high commission rates, multiple fees, and safety concerns [3]. Group 3: Market Position and Financials - Huolala's valuation has significantly decreased from 90 billion yuan in 2023 to 65 billion yuan in 2024, a drop of over 27% [24]. - The company is currently attempting its fifth IPO in Hong Kong, having updated its prospectus multiple times [3][24]. Group 4: Consumer Complaints - From 2019 to September 2025, Huolala received 7,629 complaints related to its services, with a total amount involved of 31.19 million yuan and a resolution rate of only 36.53% [4]. - In 2025, the complaint volume reached a peak, while the resolution rate fell to a record low of 3.39% [8]. Group 5: Driver Issues - Drivers have reported issues such as arbitrary deductions and high commission fees, leading to dissatisfaction with the platform [12][19]. - The platform's scoring system, which affects drivers' ability to receive orders and withdraw earnings, has been criticized for its lack of fairness [21][24]. Group 6: Revenue Model - Huolala's revenue model relies heavily on driver membership fees and commission, with the commission percentage increasing from 51.2% in 2022 to 59.3% in 2024 [22]. - The company offers different membership tiers with varying commission rates, impacting drivers' earnings significantly [22].

Core Viewpoint - The article discusses the regulatory challenges faced by Huolala, a logistics platform, particularly regarding compliance with antitrust laws and its ongoing efforts to address these issues as it seeks to go public in Hong Kong for the fifth time [2][3][4]. Compliance Issues - The State Administration for Market Regulation (SAMR) has recently conducted an antitrust interview with Huolala, emphasizing the need for strict adherence to the Anti-Monopoly Law and the establishment of compliance responsibilities [4]. - Huolala has faced multiple regulatory challenges, including high commission rates, multiple fees, and safety concerns, leading to over ten interviews with the Ministry of Transport from 2021 to 2024 [7]. - The company has been fined for various compliance failures, including a fine of 400,000 yuan for not publicly soliciting opinions on service agreements in February 2022 [7]. Business Operations and Market Presence - Founded in 2013, Huolala operates in various logistics services, including same-city and cross-city freight, and has expanded its reach to 14 markets globally, covering 363 cities in mainland China with 1.2 million active drivers and 14 million active users [8][11]. - The company has completed 11 funding rounds totaling $2.66 billion, equivalent to nearly 19 billion yuan, with notable investors including Sequoia China and Hillhouse Capital [11]. Financial Performance - Huolala's revenue grew from $1.036 billion in 2022 to $1.593 billion in 2024, reflecting a compound annual growth rate of 24.0% [12]. - The company reported a loss of $12.1 million in 2022 but is projected to achieve profits of $391 million in 2023 and $501 million in 2024 [12]. Valuation and Market Sentiment - Huolala's valuation has significantly decreased from 90 billion yuan in 2023 to 65 billion yuan in 2024, marking a drop of 25 billion yuan, or over 27% [13]. - The company has received a high volume of complaints, totaling 97,982, primarily from drivers regarding issues such as high commission rates and unfair practices [13][15].

来源:官网截图 扬子晚报网 9 月 23 日讯（记者 徐兢）9月 23 日，记者从国家市场监管总局官网获悉，市场监管总局约谈货拉拉，要求其严格遵守《中华人民共和国反垄 断法》等法律规定，落实反垄断合规主体责任，及时规范经营行为，公平参与市场竞争，维护货车司机、消费者等相关主体合法权益，推动平台规则和算 法公平公正、公开透明，促进行业规范健康发展。 官方网站显示，货拉拉是一家拉货搬家跑腿发长途信息服务平台，创立于2013年，成长于粤港澳大湾区，是从事同城/跨城货运、企业版物流服务、搬 家、零担、跑腿、冷运、汽车租售及车后市场服务的互联网物流商城。通过共享模式整合社会运力资源，完成海量运力储备，并依托移动互联、大数据和 人工智能技术，搭建"方便、科技、可靠"的货运平台，实现多种车型的即时智能调度，为个人、商户及企业提供高效的物流解决方案。 截至2025年4月，货拉拉业务范围覆盖全球14个市场，其中中国总共覆盖363座城市，月活司机达120万，月活用户达1400万。 企查查数据显示，货拉拉近年来多次因经营管理问题被约谈，主要涉及恶意压价与抽成不透明 ：平台被指通过算法压低运价，抽佣规则不透明，导致司 机收入受损。司 ...

Core Viewpoint - Huolala has initiated its fifth attempt for an IPO in Hong Kong amidst various expectations and skepticism, facing ongoing questions about its business model and long-term growth potential [1][4]. Group 1: IPO Attempts and Challenges - Huolala has made multiple attempts to list on the Hong Kong Stock Exchange, with applications submitted on March 28, 2023, September 28, 2023, April 2, 2024, and October 2, 2024 [1][4]. - The company has faced scrutiny from the Hong Kong Stock Exchange regarding its profitability, high commission rates for drivers, and the founder's history of cashing out shares [1][4]. - Despite having prominent underwriters like Goldman Sachs, Bank of America, and JPMorgan, the uncertainties surrounding Huolala's IPO remain significant [1][4]. Group 2: Financial Performance - In 2024, Huolala reported revenue of $1.593 billion, a year-on-year increase of 19.39%, and an adjusted net profit of $501 million, marking two consecutive years of profitability [6]. - The platform's average monthly active merchants reached approximately 16.7 million, while the average monthly active drivers stood at around 1.7 million [6]. - Over the past three years, the number of global orders processed by Huolala grew from 428 million to 779 million, reflecting a compound annual growth rate of 35% [6]. Group 3: Valuation and Market Position - Huolala's valuation has significantly declined, dropping from $90 billion in 2023 to $65 billion in 2024, returning to its 2021 valuation level [6]. - The company ranked 30th in the 2023 Hurun Global Unicorn List but fell to 64th in 2024 due to this valuation drop [6]. - Competitors like Kuaigou Dache and Manbang Group have successfully completed their IPOs, highlighting Huolala's lag in capital market performance [6]. Group 4: Driver Relations and Regulatory Issues - Huolala has faced criticism for high commission rates and alleged exploitation of drivers, leading to multiple regulatory inquiries and protests from drivers [7][9]. - The company has been subject to over a dozen regulatory discussions from 2021 to 2023, addressing issues such as pricing rules and commission rates [9][10]. - Recent adjustments to commission rates and membership fees have been made in response to regulatory pressure, with non-member commission rates reduced to 15% [10]. Group 5: Strategic Outlook - For Huolala, establishing a healthy relationship among drivers, users, and the platform is crucial for sustainable growth [11]. - The upcoming IPO represents not only a financing opportunity but also a chance for brand enhancement and strategic transformation [11]. - Key challenges include improving monetization efficiency, service quality, and expanding international operations to identify new growth avenues [11].