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货拉拉又被约谈?五闯港股生变,投诉稳居第一
Sou Hu Cai Jing· 2025-09-29 03:17
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].
监管多次约谈!投诉量近十万条,货拉拉港股IPO有点悬了
Sou Hu Cai Jing· 2025-09-24 12:20
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].