Core Viewpoint - The company, Huolala, has consistently submitted IPO applications every six months since March 2023, raising questions about its genuine intent to go public versus maintaining the appearance of being on the verge of an IPO [4][5][20]. Group 1: IPO Submission Patterns - Huolala has submitted five IPO applications, each followed by expiration, suggesting a strategic approach to maintain market presence and investor confidence [4][5]. - The regularity of submissions, approximately every 180 days, indicates a potential sixth submission around October 2025, unless the company decides to halt this pattern, which could signal a shift in strategy [9][21]. Group 2: Implications of Non-Listing - Submitting IPO applications without actual listing allows the company to project a compliant and transparent image, maintaining the illusion of readiness for public markets [5][12]. - The company benefits from ongoing public disclosures, enhancing its visibility and perceived stability without the pressures of being publicly traded [12][17]. - This strategy allows Huolala to retain control over its narrative and valuation, avoiding the volatility associated with public market fluctuations [13][25]. Group 3: Market Conditions and Strategic Timing - Current market conditions, particularly low valuations in the Hong Kong stock market, discourage immediate listing, as it could lead to unfavorable pricing for early investors [10][11]. - The company may be waiting for more favorable market conditions or regulatory changes before proceeding with an IPO [22]. Group 4: Narrative Management - The act of submitting IPO applications serves as a form of narrative management, allowing the company to maintain a competitive presence in the market without the need for immediate listing [19][20]. - Each submission is accompanied by updates and media engagement, reinforcing the company's ongoing relevance and operational stability [20]. Group 5: Future Considerations - If the anticipated sixth submission does not occur, it could indicate a significant strategic shift, such as exploring alternative funding routes or a strong enough business performance to forgo the need for public market validation [24][25].

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].

Core Viewpoint - The National Market Regulatory Administration has urged Huolala to comply with antitrust laws and ensure fair market competition, emphasizing the protection of drivers' and consumers' rights [2][3] Company Overview - Huolala, founded in 2013, is an internet logistics platform providing services such as same-city and cross-city freight, moving, and logistics solutions, primarily in the Guangdong-Hong Kong-Macao Greater Bay Area [2] - The platform integrates social transportation resources through a sharing model, utilizing mobile internet, big data, and AI technology to offer efficient logistics solutions [2] Business Scope and Performance - By April 2025, Huolala plans to operate in 14 global markets, covering 363 cities in China, with 1.2 million active drivers and 14 million active users monthly [3] - The company has faced multiple regulatory inquiries due to management issues, including malicious price cutting and opaque commission structures, which have negatively impacted driver earnings [3] Regulatory Actions and Responses - The recent regulatory meeting highlights ongoing concerns regarding the platform economy's development and Huolala's need to address issues such as driver rights and pricing mechanisms [3] - In response to regulatory scrutiny, Huolala has announced algorithm optimization measures, including the establishment of an algorithm advisory group and plans to reduce commissions by 230 million yuan by 2025, alongside a 70 million yuan subsidy for drivers [3]

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].