目前，哈啰的商业化变现正进行得如火如荼。记者获得的一份 今年一季度哈啰广告刊例文件显示，哈啰正进行包括App广 告、线下车身广告、语音锁广告等一系列商业化变现行动。 作者： 黄一帆 封图：图虫创意 通过一连串运作后，杨磊如愿以偿地成了A股公司永安行（603776.SH）的实控人。 作为收购计划的最后一环，他正集中精力通过定向增发进一步提升控制权。 5月31日，永安行宣布，公司拟向控股股东上海哈茂商务咨询有限公司（下称"上海哈茂"）定向增 发不超过7181.94万股。 在此次发行完成后，杨磊以及上海哈茂的持股比例将从19.57%提升到38.06%，与原实控人孙继胜 的持股比例进一步拉开。 不过，相比于杨磊新获得的上市公司实控人身份，市场更为关心杨磊接下来将如何安排旗下出行平 台哈啰的出路。 哈啰将被注入上市公司的预期在杨磊和上海哈茂着手拿下永安行控制权时持续升温，以至于公司层 面出面回应称："目前及未来12个月内亦不存在筹划哈啰集团重组上市的安排。" 对此，多位投行人士告诉记者，一旦被认定为重组上市，监管在审核注入资产时将等同IPO，将极 为严格。在通常情况下，除通过时间等合理方式回避重组上市的相关规定外，相关 ...

Core Viewpoint - Yang Lei has successfully become the actual controller of the A-share company Yong'anxing (603776.SH) through a series of operations, with a focus on increasing control via a targeted issuance of shares [1][2]. Group 1: Acquisition and Control - Yong'anxing plans to issue up to 71.82 million shares to its controlling shareholder, Shanghai Hamao Business Consulting Co., which will increase Yang Lei and Shanghai Hamao's shareholding from 19.57% to 38.06% [2]. - The market is more concerned about how Yang Lei will manage the future of the travel platform Hello, following his new role as the actual controller of Yong'anxing [2]. Group 2: Commercialization of Hello - There is a growing expectation that Hello will be injected into the listed company, although Yong'anxing has stated that there are no plans for a restructuring or listing of Hello in the next 12 months [3]. - Hello is actively pursuing various commercialization strategies, including app advertisements and offline vehicle advertisements [3][4]. Group 3: Regulatory Risks - Hello's offline vehicle advertisements, particularly on shared bicycles, face potential regulatory risks as Shanghai regulations prohibit commercial advertisements on shared bicycles [5][8]. - Despite these risks, Hello has engaged in partnerships with luxury brands like LOEWE and Nike for limited edition vehicles, indicating a push for brand collaborations [6][10]. Group 4: Market Position and Competition - Hello has positioned itself as one of the three major players in the shared bicycle market, alongside Didi Qingju and Meituan, following a series of industry consolidations [13][18]. - In 2023, Hello's pricing strategy has diverged from competitors, with a starting price of 1.5 yuan for 15 minutes on weekdays, while competitors maintain a lower price structure [14][15]. Group 5: Financial Performance and IPO Challenges - Hello has faced significant financial challenges, with net losses of 2.208 billion yuan, 1.505 billion yuan, and 1.134 billion yuan from 2018 to 2020, primarily due to high depreciation costs associated with shared bicycles [17]. - The company had previously planned to go public in the U.S. but ultimately terminated its IPO plans due to financial difficulties and regulatory pressures [17][18].