On April 30, CaoCao Inc. (CaoCao Chuxing) sent an application for noting on the primary board of the Hong Kong Stock Exchange. Huatai International, Agricultural Bank of China International, and GF Securities (Hong Kong) are the joint sponsors.
CaoCao Chuxing was nurtured by Geely Holding Group in 2015 and is headquartered in Suzhou. CaoCao Chuxing’s services cover movement services, automobile leasing, lorry sales, and others. Amongst them, ride-hailing services are the primary income source. According to information from Frost & & Sullivan, based upon the overall deal worth (GTV), CaoCao Chuxing ranked amongst the leading 3 ride-hailing platforms in China in 2021, 2022, and 2023.
CaoCao Chuxing started releasing personalized cars and trucks and lorry service options in 2021, then began releasing tailored cars and trucks to supply devoted automobile services in 2022, and released more personalized vehicles for its premium choice services in 2023. Since December 31, 2023, CaoCao Chuxing ran a fleet of about 31,000 personalized automobiles in 24 cities. According to information from Frost & & Sullivan, this is the biggest fleet of tailored cars and trucks in the very same market in China.
Taking advantage of the economies of scale and supply chain settlement abilities of the Geely Auto Group, the release of tailored automobiles can attain high cost-effectiveness. According to information from Frost & & Sullivan, the approximated TCO (Total Cost of Ownership) of the 2 kinds of personalized vehicles presently run by CaoCao Chuxing, Maple 80V and CaoCao 60, are 0.53 RMB per kilometer and 0.47 RMB per kilometer, respectively. Compared to normal pure electrical automobiles with battery replacement abilities, the TCO of CaoCao Chuxing’s personalized cars and trucks has actually been decreased by 32% to 40%. The prospectus reveals that given that its facility, CaoCao Chuxing has actually developed versatile earnings chances for more than 3 million chauffeurs, and the typical regular monthly motorist retention rate has actually increased from 68.7% in 2022 to 74.5% in 2023.
Over the previous 3 years, CaoCao Chuxing has actually seen consistent development in scale and constant enhancement in success. The prospectus reveals that from 2021 to 2023, the business’s profits increased from 7.2 billion RMB to 10.7 billion RMB. In 2023, driven by a substantial boost in order volume and development in lorry sales income, the business’s income increased by 39.8% year-on-year, and the gross revenue margin increased to 5.8%. In the 4th quarter of 2023, CaoCao Chuxing taped an adjusted EBITDA margin of 5.0%.
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