Core Viewpoint - MetaLight Inc. (元光科技), the parent company of the largest public transport platform "车来了", has successfully advanced its listing process in Hong Kong after two submissions, aiming to become the first stock in the smart time-series data sector in the Hong Kong market [1][2]. Company Overview - MetaLight Inc. specializes in data intelligence, providing time-series data services in the public transport sector, utilizing big data and AI to enhance travel efficiency [2][4]. - The flagship product "车来了" was launched in 2013, enabling real-time tracking of bus locations and arrival predictions, thus improving user travel planning [2][4]. Market Potential - The time-series data market in China has seen significant growth, with data volume increasing from 2.3ZB in 2019 to 11.0ZB in 2023, representing a compound annual growth rate (CAGR) of 47.2% [4]. - The public transport time-series data market has expanded from 700 million yuan to 1.7 billion yuan during the same period [4]. User Base and Growth - "车来了" ranks third among real-time public transport information platforms in China, with an average of 25.3 million monthly active users in 2023, and has expanded its coverage to 274 cities [4][6]. - The user base has grown from 264 million to 298 million from the end of 2023 to the end of 2024 [4]. Financial Performance - MetaLight's revenue has increased from 135 million yuan in 2022 to 206 million yuan in 2024, with gross profit rising from 98.88 million yuan to 157 million yuan, and gross margin improving from 73% to 76.4% [7]. - The company relies heavily on mobile advertising, which accounted for over 98% of its revenue, while the subscription model for data analysis services has shown limited performance [7]. Competitive Landscape - The company faces competition from major players like Gaode Map and Baidu Map, which have integrated real-time public transport features into their core services, capturing over 30% of the market share [10][11]. - In the vertical market, competitors like "掌上公交" and "车到哪" are also vying for market share through differentiated services [11]. Future Outlook - The smart transportation data service industry is projected to grow, with the time-series data service market expected to reach 94.6 billion yuan by 2028, growing at a CAGR of 24.3% [10]. - MetaLight aims to enhance its technological capabilities and market presence through the funds raised from its IPO, while also needing to diversify its revenue streams beyond advertising [11].