Core Viewpoint - The approval from the China Securities Regulatory Commission marks a significant step for Cao Cao Mobility's long-awaited IPO in Hong Kong, following a year of application processes and regulatory hurdles [1][2]. Group 1: Company Overview - Cao Cao Mobility, backed by Geely, has seen a revenue growth of 25% in the first half of last year, expanding its business into 32 new cities and increasing its operational footprint by over 60% [1]. - The company differentiates itself by utilizing custom vehicles developed by Geely, which are sold or leased to drivers, contrasting with competitors that typically require drivers to provide their own vehicles [4][5]. Group 2: Business Strategy - Cao Cao Mobility leverages Geely's extensive network of battery swap stations and auto repair shops to provide cost advantages to drivers, enhancing their net income [5]. - The company has increasingly adopted aggregation applications, which integrate various ride-hailing services, leading to a significant rise in orders processed through these platforms, from 3.5% in 2018 to 30% in 2023 [6]. Group 3: Financial Performance - In the first half of last year, Cao Cao Mobility's revenue rose from 4.94 billion to 6.16 billion (approximately 844 million USD), while its marketing expenses as a percentage of revenue increased from 7.1% in 2021 to 8.4% [7]. - The company achieved its first-ever gross profit in 2023, with gross profit rising from 165 million to 429 million, and gross margin improving from 5.8% to 7.0% [7]. Group 4: Market Position and Valuation - Despite rapid growth, Cao Cao Mobility holds only 4.8% of the market share, while the leading player, Didi, controls about 75% [7]. - The expected valuation for Cao Cao Mobility is around 40 billion, with a projected price-to-sales ratio of approximately 3, aligning it closer to leading companies like Uber and Grab [8].

Key takeaways: ▶ 获得中国证券监管机构的批准后，曹操出行耗时一年的港股上市计划或即将完成 ▶ 该公司去年上半年收入增长25%，超越竞争对手，在此期间它进军32个新城市，业务版图扩大 逾60% 上周，在首次向港交所提交上市申请一年后，这家由吉利投资的网约车应用程序终于获得中国证监 会的境外上市许可 汽车巨头吉利一向在最新的驾驶科技与服务领域起步稍晚，但往往能凭借更雄厚的资源与执行力迅速迎头 赶上。这点在吉利对标 Uber （UBER.US）打造的出行平台 曹操出行有限公司 身上或许会再次应验。如 今，其一度停滞的IPO计划终于接近终点线。 曹操出行一年前首次向香港交易所提交上市申请但未能成功，后于去年10月重新提交申请。上周五，中国 证监会终于批准了此次上市，清除了主要的监管障碍之一。现在，曹操出行须通过港交所的上市聆讯，此 事可能在未来一两个月内完成，这将为其最终上市铺平道路。 届时，曹操出行将加入一个日渐拥挤的赛道，与中国的上市同行一较高下，其中包括规模较小的 嘀嗒出行 （2559.HK）和 如祺出行 （9680.HK）。许多人认为，行业巨头滴滴也可能会在不久的未来在香港上市， 在2021年 ...