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2024-04-30 08:30:03 Rideshare platform CaoCao Inc., a subsidiary of Geely Group, has filed for listing on the HKEX (00388.HK), with Huatai International, ABCI and GF Securities Hong Kong as joint sponsors. Ugo Investment Limited, a company owned by Geely's Chairman Li Shufu, currently owns 83.9% of CaoCao. In 2023, the gross transaction volume (GTV) of CaoCao hiked 37.5% YoY last year to RMB12.214 billion. According to Frost & Sullivan, the rideshare platform ranked third in China with a market share of 12.2% in terms of GTV last year. According to the prospectus, CaoCao suffered a loss of RMB1.981 billion last year, with revenue of RMB10.668 billion. The company plans to use the net proceeds from the listing to promote the deployment of purpose-built vehicles, invest in R&D, enhance its auto service solutions, and repay principal and interest on bank loans, among other usages. ~ AAStocks Financial News Web Site: www.aastocks.com | |