Caocao Mobility Re-Files for Hong Kong IPO, Aims for Fully Customized Robotaxi in Two Years
SHANGHAI, CHINA – Caocao Mobility,the Chinese ride-hailing platform backed by Geely Holding Group, has re-submitted its application for a Hong Kong IPO, according to the Hong Kong Stock Exchangeon October 30th. Huatai International, ABC International, and GF Securities (Hong Kong) are acting as joint sponsors.
Founded in 2015, Caocao Mobility is one of China’s first ride-hailing services dedicated to new energy vehicles. As of June 30, 2024, the company has provided over 1.6 billion rideswith its fleet of electric vehicles, reducing carbon emissions by 3.3 million tons.
The prospectus reveals that Caocao Mobility achieved revenue of 7.153 billion yuan, 7.631 billion yuan, and10.668 billion yuan in 2021, 2022, and 2023, respectively. While the company has been profitable, its operating losses have narrowed from 2.801 billion yuan in 2021 to 1.866billion yuan in 2022 and 1.575 billion yuan in 2023. Annual losses also narrowed from 3.007 billion yuan in 2021 to 2.007 billion yuan in 2022 and 1.981billion yuan in 2023. The company’s gross profit margin has increased from -24.4% in 2021 to 5.8% in 2023 and 7.0% in the six months ending June 30, 2024.
Caocao Mobility’s revenue primarily comes from three segments: ride-hailing services, vehicle leasing, and vehicle sales. Ride-hailing services, provided through its ride-hailing platform, contribute the majority of its revenue, accounting for 96.3%, 97.9%, and 96.6% of total revenue in 2021, 2022, and 2023, respectively.
In a previous statement, Caocao Mobility CEO Gong Xin outlined the company’s five-year Robotaxi strategy. This includes the launch of a fully customized Robotaxi modelwithin two years. Leveraging its nine years of ride-hailing experience, Caocao Mobility aims to build a comprehensive automated operation system, with application launch planned for 2025 and full-scale deployment in 2026.
The funds raised from the Hong Kong IPO will be used for variouspurposes over the next three years, including:
- Developing and launching customized vehicles.
- Improving vehicle service solutions and enhancing service quality.
- Expanding geographical coverage.
- Investing in autonomous driving technology.
- Repaying principal and interest on bank loans.
- Working capital and general corporate purposes.
Caocao Mobility’s renewed push for an IPO highlights the growing interest in autonomous driving technology in China and the company’s ambition to become a leading player in this emerging market. The company’s focus on fully customized Robotaxi models and its comprehensive automated operation system could position it for significant growth in the years to come.
References:
- Hong Kong Stock Exchange (2024, October 30). Caocao Mobility Limited. Retrieved from https://www.hkex.com.hk/
- InfoQ (2024, November 1). Caocao Mobility Re-Files for Hong Kong IPO, Aims for Fully Customized Robotaxi in Two Years. Retrieved from https://www.infoq.com/
Views: 0