Cao Cao Travel once again hit the Hong Kong IPO, is expected to launch a fully customized Robotaxi model within two years

#Car ·2024-10-31

曹操出行再次冲击港股IPO,预计两年内推出完全定制化Robotaxi车型

Collate | Hua Wei

 

According to the disclosure of the Hong Kong Stock Exchange on October 30, Cao Cao Travel Co., Ltd. once again submitted a listing application to the main board of the Hong Kong Stock Exchange, Huatai International, Agricultural Bank International, Guangfa Securities (Hong Kong) as a joint sponsor.

 

Founded in 2015 and incubated by Geely Holding Group, Cao Cao Travel is one of the first service providers in China to focus on new energy shared mobility. As of June 30, 2024, the company's new energy vehicles have served more than 1.6 billion trips and reduced 3.3 million tons of carbon emissions.

 

According to the prospectus, from 2021 to 2023, Cao Cao Travel realized revenue of 7.153 billion yuan, 7.631 billion yuan and 10.668 billion yuan, respectively; Operating losses were 2.801 billion yuan, 1.866 billion yuan and 1.575 billion yuan respectively. The annual losses were 3.07 billion yuan, 2.007 billion yuan and 1.981 billion yuan, and the losses narrowed year by year. The Company's gross margin increased from -24.4% in 2021 to 5.8% in 2023 and 7.0% in the six months ended June 30, 2024.

 

Cao Cao Travel's income mainly comes from the travel service business, vehicle rental business, vehicle sales business three major sectors, of which the travel service provided in the form of online car booking is the main source of income. During the reporting period, travel service revenue accounted for 96.3%, 97.9% and 96.6% of the company's total revenue, respectively.

 

Previously, Cao Cao Travel CEO Gong Xin revealed Cao Cao travel's Robotaxi strategic plan for the next five years: fully customized Robotaxi models will be launched within two years; At the same time, combined with the travel operation experience accumulated in the past 9 years, Cao Cao Travel will build an automated operation system covering the whole scene, and the application will be online in 2025 and officially opened in 2026.

 

According to reports, the amount of funds raised in the Hong Kong IPO of Cao Cao Travel will be used in the next three years to upgrade and launch customized vehicles; In the next three years to improve the company's automotive solutions and improve the company's service quality; To expand the company's geographic coverage over the next three years; To improve the company's technology and invest in autonomous driving over the next three years; To repay part of the principal and interest on certain bank loans; And for working capital and other general corporate purposes.

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