Core Viewpoint - The company, Cao Cao Travel, is set to launch an IPO with plans to issue 44.1786 million shares at a price of HKD 41.94 per share, aiming to raise approximately HKD 17.18 billion to HKD 19.89 billion depending on the exercise of the over-allotment option [1][3]. Group 1: Company Overview - Cao Cao Travel is a ride-hailing platform incubated by Geely Group, operating in 136 cities as of December 31, 2024 [1]. - The company's Gross Transaction Value (GTV) reached RMB 12.2 billion in 2023, a 37.5% increase from 2022, and is projected to grow to RMB 17 billion in 2024, reflecting a 38.8% increase [1]. - The company holds a market share of 5.4% in the ride-hailing sector according to Frost & Sullivan [1]. Group 2: Fleet and Custom Vehicles - The strategic partnership with Geely Group enables the company to develop and deploy custom vehicles on a large scale, with over 34,000 custom vehicles in operation across 31 cities as of December 31, 2024 [2]. - Custom vehicles accounted for 25.1% of the company's GTV in 2024, with expectations for this percentage to increase as the company plans to provide custom vehicles to all affiliated drivers [2]. Group 3: Use of Proceeds from IPO - The estimated net proceeds from the global offering are approximately HKD 17.18 billion, or HKD 19.89 billion if the over-allotment option is fully exercised [3]. - Approximately 19.0% of the net proceeds will be allocated to improving vehicle service solutions and service quality over the next three years [3]. - About 18.0% will be used to enhance and launch a series of custom vehicles, while 17.0% will focus on technology improvements and investments in autonomous driving [3]. - The company plans to use 16.0% of the proceeds to expand its geographical coverage and 20.0% to repay part of its bank loans [3].