GAC Group-backed mobility platform ONTIME passes listing hearing on HKEX

Beijing (Gasgoo)- On June 24, information disclosed by the Hong Kong Stock Exchange (HKEX) revealed that GAC Group-backed mobility service platform ONTIME (Chenqi Technology Limited) has passed the Main Board listing hearing.

Photo credit: ONTIME

ONTIME, established in 2019 by GAC Group and Tencent, first filed for an IPO on the HKEX in August 2023 but was unsuccessful. In March of this year, ONTIME renewed its IPO application, continuing its pursuit to become the first publicly traded Chinese ride-hailing company.

According to the disclosed prospectus, ONTIME primarily provides ride-hailing and Robotaxi (autonomous taxi) services. Additionally, it offers technical services related to artificial intelligence data and model solutions, high-precision mapping, and comprehensive fleet management and support services for drivers and fleet partners.

Photo credit: ONTIME

In the Robotaxi segment, ONTIME has developed an open Robotaxi operation technology platform that includes three core modules, namely, Vehicle Management System (VMS), Operation Monitoring Platform (OMP), and Robotaxi Data Platform (RDP). Utilizing cloud technology, this platform enables remote management and control of Robotaxi, enhancing operational efficiency and service quality.

ONTIME began promoting the development and commercialization of Robotaxi in 2021, collaborating with autonomous driving companies such as QCraft, WeRide, and Pony.ai, and introducing Level 4 autonomous driving capabilities. Pony.ai also joined ONTIME as a strategic shareholder.

From 2021 to 2023, ONTIME achieved annual revenues of 1.014 billion yuan, 1.368 billion yuan, and 2.161 billion yuan, respectively. The net losses for these years were 685 million yuan, 627 million yuan, and 693 million yuan, totaling 2.005 billion yuan over three years. The adjusted net losses were 669 million yuan, 531 million yuan, and 541 million yuan, respectively.