HONG KONG, Jun 17, 2025 - (ACN Newswire) - China’s leading ride hailing platform-CaoCao Inc. (“CaoCao” or the “Company”, Stock Code: 02643. HK), today proposes to list on the Main Board of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”). The Company plans to offer 44,178,600 Shares (subject to the over-allotment option), at the offer price of HK$41.94. Huatai Financial Holdings (Hong Kong) Limited, ABCI Capital Limited, and GF Capital (Hong Kong) Limited are the Joint Sponsors.   

Details of the Offering Plan

- Offer Shares under the Global Offering: 44,178,600 Shares (subject to the Over-allotment Option)
- International Offer Shares: 39,760,700 Shares, representing 90% of the initial offer shares (subject to reallocation and the Over-allotment Option)
- Hong Kong Offer Shares: 4,417,900 Shares, representing 10% of the initial offer shares (subject to reallocation)
- Hong Kong Public Offering Open: 9:00 a.m. on June 17, 2025 (Tuesday)
- Hong Kong Public Offering Close: 12:00 noon on June 20, 2025 (Friday)
- Estimated Listing Date: June 25, 2025 (Wednesday)
- Board Lot Size: 100 shares
- Stock Code: 02643.HK

A ride hailing leader incubated by Geely, with the largest fleet of purpose-built vehicles of its kind in China

CaoCao is a ride hailing platform in China originally incubated by Geely Group. The Company's principal services include mobility services (primarily ride hailing service for passengers and order dispatch service for drivers), vehicle leasing and vehicle sales. The Company provides mobility services in the form of ride hailing under the brand of CaoCao Mobility and Limao Mobility. Meanwhile, it also provides offline taxi hailing services under the brand of Limao Mobility. As of December 31, 2024, CaoCao operated in 136 cities across China, with a gross transaction value (GTV) of RMB17.0 billion in 2024, and a market share of 5.4%, making it the second largest player in the market, according to Frost & Sullivan.

CaoCao’s purpose-built vehicles are manufactured by Geely Group. The Company is deeply involved in the design, development, deployment, sales and operation of the vehicles, allows the Company to shape vehicle specifications that precisely meet the needs of passengers and drivers. As of December 31, 2024, CaoCao operated a fleet of over 34,000 purpose-built vehicles across 31 cities in China for the use of its affiliated drivers, the largest of its kind according to Frost & Sullivan. The Company plans to ultimately provide all of its affiliated drivers with purpose-built vehicles and are increasing the sale of purpose-built vehicles to car partners.

A frontrunner in the development of robotaxi services

On February 28, 2025, the Company launched CaoCao Smart Mobility, its autonomous driving platform, and announced the commencement of robotaxi services in two pilot cities, Suzhou and Hangzhou. The CaoCao Smart Mobility platform is the latest product of CaoCao’s close collaboration with Geely Group, and combines the Company’s strengths as one of the largest ride hailing platforms in China with ample experience managing a large fleet of vehicles, and the strengths of Geely Group as a leading automotive-OEM and a frontrunner in the development of autonomous driving technologies.

CaoCao is developing new purpose-built vehicles dedicated to the provision of robotaxi services with Geely Group, including an L4 level robotaxi model fully designed for autonomous driving which is expected to be launched by the end of 2026. In the future, CaoCao will continuously expand its autonomous driving R&D team to strengthen robotaxi operation and technological capabilities. Furthermore, the Company will look for opportunities to gradually expand its robotaxi coverage to more cities nationwide in order to accomplish the early-realization of large-scale robotaxi operation.

Strong brand recognition, ranked No. 1 brand in user recognition

CaoCao is dedicated to service quality. The Company’s comprehensive driver management protocols incentivize all of its drivers, including those managed by car partners, to provide excellent and standardized services. CaoCao Mobility was recognized as the No. 1 brand in user recognition for “best service quality” among China’s leading shared mobility platforms in five consecutive quarterly surveys of thousands of shared mobility users nationwide from the fourth quarter of 2023 to the fourth quarter of 2024.

CaoCao’s user experience is differentiated by its fleet of purpose-built vehicles and smart in-cabin features. These differentiators not only bolster its brand but also significantly enhance user satisfaction. Its service to users is also underpinned by a strong focus on safety. According to Frost & Sullivan, CaoCao maintained an order accident rate substantially lower than industry average in 2023 and 2024.

Forward-looking senior management embracing new mobility

CaoCao’s senior management team, embodying a proactive mindset and a global vision, averages over 13 years of experience across the internet, mobility service, and automotive industries, with an average age of 43. Guided by a board composed of seasoned veterans, including the Company’s board chairman Mr. Yang Jian, who has over 12 years as vice chairman at Geely Holding, and the executive director and chief executive officer, Mr. Gong Xin, who brings a wealth of experience from his tenure at a leading shared mobility platform, the Company’s leadership team is adept at identifying and addressing the critical needs of passengers and drivers, which significantly enhances the functionality and purpose of vehicles.   

Profitability improves steadily

CaoCao has accomplished growth and improved its profitability at the same time. From 2022 to 2024, its revenue increased from RMB7.6 billion to RMB14.7 billion, and gross profit margin improved from -4.4% to 8.1%. Its mobility service revenue grew significantly from 2022 to 2024, with RMB7.5 billion in 2022, RMB10.3 billion in 2023, and RMB13.6 billion in 2024. The Company expects its mobility service revenue to continue to grow and be a material contributor to total revenue in the foreseeable future as the shared mobility industry continues to expand and as the Company implements its growth strategy.

Breakdown of Revenues

Mr. Gong Xin, the executive director and chief executive officer of CaoCao Inc., said, “The current shared mobility market is highly concentrated, and CaoCao is using a differentiated strategy to increase market penetration and provide higher quality ride hailing services to our users. With our fleet of purpose-built vehicles and smart in-cabin features, we offer a differentiated experience for our customers and have significantly increased customer satisfaction. In the future, we will expand our business coverage in China by entering new urban markets. We will adhere to our technology-driven, eco-synergistic strategy and continue to reduce operating costs and enhance user experience through purpose-built vehicles and intelligent technologies, creating long-term value for our shareholders.”

Use of proceeds:

After deducting the underwriting commissions and other estimated expenses paid and payable in connection with the Global Offering and excluding any Shares which may be issued under the Pre-IPO Option Scheme, assuming that (i) the Over-allotment Option is not exercised; and (ii) each of the Preferred Shares is converted into one Share, based on the Offer Price of HK$41.94 per Share, CaoCao estimates that it will receive net proceeds of HK$1,718.4 million from the Global Offering. In accordance with the Company's strategy, CaoCao intends to apply the proceeds of the Global Offering in the amounts set out below for the purposes as follows:

- Approximately 19.0% of the net proceeds, or approximately HK$326.5 million, will be used in the next three years to improve auto solutions and improve service quality;
- Approximately 18.0% of the net proceeds, or approximately HK$309.3 million, will be used in the next three years to enhance and launch purpose-built vehicles;
- Approximately 17.0% of the net proceeds, or approximately HK$292.1 million, will be used in the next three years to enhance technology and invest in autonomous driving;
- Approximately 16.0% of the net proceeds, or approximately HK$274.9 million, will be used in the next three years to expand geographical coverage;
- Approximately 20.0% of the net proceeds, or approximately HK$343.7 million, will be used for partial repayment of the principals and interests of certain of bank borrowings;
- Approximately 10.0% of the net proceeds, or approximately HK$171.8 million, is expected to be used for working capital and other general corporate purposes.

For any inquiries, please contact:

Porda Havas International Finance Communications Group Limited
Kelly Fung    +852 3150 6763       kelly.fung@h-advisors.global
May Yang      +86 15021840493      may.yang@h-advisors.global

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