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IPO Plus - IPO

To-be Listed (Grey Market Trading Session: 16:15-18:30)
Name▼
/
Code▲
 Industry Listing Price Lot Size Entry Fee Phillip Grey Market Futu (HK) Grey Market
Haitian Flav
03288.HK
Grey Market Today
 Food Additives Pending 100 3,667
-
-
 Detail Quote
Last update: 2025-06-17 12:30:05
Name▼
/
Code▼
 Industry Offer Price Lot Size Entry Fee Closing Date
Grey Market Date▼
Listing Date▲
Sanhua
02050.HK		 Electrical Components & Equipment 21.21-22.53 100 2,276 2025/06/18 2025/06/20 2025/06/23
Bayzed Health
02609.HK		 Health Care Services 4.22-6.75 600 4,091 2025/06/18 2025/06/20 2025/06/23
TransThera-B
02617.HK		 Biotechnology - Pharmaceuticals 13.15 500 N/A 2025/06/18 2025/06/20 2025/06/23
X.J. Electrics
02619.HK		 Household Appliances 2.86-3.35 1,000 3,384 2025/06/20 2025/06/24 2025/06/25
CaoCao Inc.
02643.HK		 Trucking 41.94 100 N/A 2025/06/20 2025/06/24 2025/06/25
CaoCao Inc. (02643.HK)
Summary
We are a ride hailing platform in China originally incubated by Geely Group. We operated in 136 cities as of December 31, 2024. Our gross transaction value (GTV) was RMB12.2 billion in 2023, representing an increase of 37.5% from 2022, and reached RMB17.0 billion in 2024, representing an increase of 38.8% from 2023 and 5.4% market share according to Frost & Sullivan. We have strengthened our brand image with a fleet of vehicles dedicated to mobility operations, which we refer to as purpose-built vehicles. We collaborate with car partners, which refers to businesses that supply drivers and vehicles to provide services on our platform, for a substantial portion of the orders completed, as car partners bring us additional service capacity and allow us to expand our coverage efficiently. Meanwhile, we provide our own vehicles to certain drivers, which we refer to as affiliated drivers, who generally dedicate a greater amount of their time serving on our platform than car-partner drivers.

Due to our strategic relationship with the Geely Group, we have co-developed our purpose-built vehicles and deployed them at scale, with a fleet of over 34,000 purpose-built vehicles across 31 cities as of December 31, 2024 for the use of our affiliated drivers – the largest of its kind in China according to Frost & Sullivan. We started deploying purpose-built vehicles since 2022. Orders fulfilled by purpose-built vehicles accounted for 25.1% of our GTV in 2024. This percentage is expected to further increase as we plan to ultimately provide all of our affiliated drivers with purpose-built vehicles and are increasing the sale of purpose-built vehicles to car partners. In 2024, we entered 85 new cities in collaboration with local car partners through selling them our purpose-built vehicles. These vehicles have become closely associated with our brand image.

Furthermore, our strategic relationship with Geely Group enhances our operating efficiency. We support our drivers with a suite of auto solutions, including implementing comprehensive driver safety incentives to lower insurance cost and adopting the Transparent Servicing program, an initiative to establish digitalized and standardized protocols for maintenance and repair, to reduce maintenance and repair costs. We leverage an expanding network of battery swap stations and auto servicing shops operated by Geely Group, which empowers our drivers, enhancing their net income. Our purpose-built vehicles also optimize economics and driving experience for drivers.

Market Opportunity and Challenges in Shared Mobility

In 2024, the mobility market in China was valued at RMB8.0 trillion, with shared mobility services accounting for RMB344.4 billion, representing a penetration rate of 4.3%. This market is poised for a significant shift towards shared mobility, driven by two primary factors. Firstly, shared mobility costs approximately RMB2.70 per kilometer in China, nearly 40% less than the RMB4.50 per kilometer incurred by private vehicles. Secondly, the adoption of private vehicle ownership faces considerable challenges in urban areas, including restrictive license plate policies, limited parking availability, and prevalent traffic congestion. The shared mobility market is expected to grow to RMB804.2 billion by 2029, reflecting a CAGR of 17.0% from 2025. This growth is projected to increase market penetration to 7.6%.

The shared mobility market is currently highly concentrated. In 2024, the largest player in the ride hailing sector had 70.4% market share in terms of GTV as it enjoyed significant brand awareness from first-mover advantage and access to a large user base, having established its predecessor entity in 2012 and at one point capturing over 90% of the ride hailing sector’s market share in terms of number of orders completed according to Frost & Sullivan. In comparison, we as the second largest player in 2024 only had 5.4% market share in terms of GTV. However, the market is evolving towards greater access to user traffic for shared mobility providers. Unlike past trends where a single app dominated user interactions, a diverse array of popular portals for mapping, navigation, and local services are now pivotal in directing user traffic, leading to the rise of various emerging players like us. In 2024, aggregation platforms contributed to 31.0% of total ride hailing orders, a significant increase from 7.0% in 2019.

We believe that the shared mobility industry continues to face entrenched challenges and we can capitalize on the industry’s growth opportunities and the rise of third-party aggregation platforms by addressing the following pain points:

‧ Costly and Inconsistent User Experience. Users are often forced to choose between a quality ride experience and affordability. Even within the same price range, ride experiences can vary significantly, sometimes resulting in substandard service due to lack of service and vehicle standardization.

‧ Substantial Challenges for Drivers. Drivers face substantial expenses relating to vehicle purchase, maintenance, and energy replenishment, which significantly curtail their earnings potential. Moreover, many drivers work in challenging conditions, often around 10 hours a day in vehicles that are not designed for such prolonged use.

‧ Economic Bottlenecks for Service Providers. Many shared mobility platforms struggle with improving their profitability and cost structure per order (i.e., how much passenger and driver incentives, driver earning, and miscellaneous other expenses account for each order’s GTV), which we refer to as unit economics, due to limited control over their vehicle costs, which in turn hampers their ability to manage operating costs effectively.

We intend to address the above pain points by leveraging our competitive strengths, including, among others, our fleet of purpose-built vehicles with uniform vehicle specifications designed to meet passenger needs with consistency, and our auto solutions that improve drivers’ operating efficiency and our cost structure. To further enhance our competitive strengths and alleviate the above pain points, we plan to, among others, elevate service standards and bolster our brand image to deepen user engagement and loyalty, enhance and launch purpose-built vehicles to meet evolving market demands, and expand our geographical footprint with an asset-light model.

Source: CaoCao Inc. (02643) Prospectus (IPO Date : 2025/06/17)
Listing Market MAIN
Industry Trucking
Background Others
Major Business Area China
Corporate Information
No related information.
 
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