Core Viewpoint - Huolala has submitted its prospectus to the Hong Kong Stock Exchange again, indicating its urgency to complete the IPO process amidst a competitive landscape where rivals have already gone public [1][2]. Company Overview - Huolala operates as a light-asset platform similar to Didi in the ride-hailing sector, benefiting from high gross margins as it does not own the trucks or employ drivers directly [2][5]. - The company has a membership model for drivers, where higher membership levels correspond to lower commission rates, incentivizing experienced drivers to pay more for better terms [3][5]. Financial Performance - The revenue from driver fees and commissions constituted 54.7% of total revenue in 2022, decreasing to 44.9% by mid-2025, indicating a shift towards diversifying revenue streams [5][10]. - The total revenue for Huolala is projected to grow from $990.048 million in 2022 to $1.536903 billion in 2024, with significant contributions from various service categories [6][11]. Market Dynamics - The domestic market is characterized by a labor buyer's market, with a surplus of drivers, which supports the subscription model for revenue generation [10]. - Huolala's gross transaction value (GTV) in the domestic market is expected to rise from $6.208 billion in 2022 to $9.444 billion in 2024, reflecting growth in completed orders and service demand [11]. Cost Management - The company has successfully reduced its expense ratios across marketing, research and development, and administrative costs, which has improved profitability, with a projected net profit of $430 million in 2024 [13][15]. - The reduction in marketing expenses is attributed to decreased subsidies and a shift towards a more established market position, allowing for cost optimization [15]. International Expansion - Huolala is expanding its operations internationally, targeting Southeast Asia and Latin America, where it has a simplified revenue structure and higher monetization rates compared to the domestic market [8][12]. - The international market's revenue contribution is approaching 10% of total income, indicating a growing trend that enhances the company's narrative for capital markets [12]. Technological Integration - The company is exploring artificial intelligence applications for dynamic pricing and order matching, which could enhance operational efficiency and competitiveness in the logistics sector [12][16].