GAC Group’s ride-hailing platform ONTIME goes public on Hong Kong Stock Exchange

Beijing (Gasgoo)- On July 10, Chenqi Technology Limited (ONTIME) held its listing ceremony in Hong Kong, with its shares officially trading on the main board of the Hong Kong Stock Exchange.

Photo credit: ONTIME

Founded in June 2019 by GAC Group and Tencent, ONTIME began operations in Guangzhou and later brought on autonomous driving solution provider Pony.ai as a strategic shareholder. ONTIME offers a range of services including ride-hailing (both traditional taxi service and Robotaxi), technical services (such as AI data and model solutions and high-precision mapping), and comprehensive support for drivers and fleet operators.

As a pioneer in the commercialization of autonomous driving technology, ONTIME launched its open Robotaxi operating platform in 2022. It became the world's first platform to commercially integrate human-driven ride-hailing and Robotaxi services, now operating in central urban areas of Guangzhou and Shenzhen cities.

ONTIME Robotaxi; photo credit: ONTIME

In addition to its own Robotaxis, ONTIME’s platform includes Robotaxi fleets from GAC R&D Center and Pony.ai. As of December 31, 2023, ONTIME’s Robotaxi fleet reached 281 vehicles, the largest among ride-hailing platforms in China, with a cumulative 20,080 operating hours, 545 service stations, and 450,699 kilometers of safe trial operation.

Leveraging extensive data from its mobility services and insights into autonomous driving commercialization, ONTIME introduced an AI data and model solution focusing on one-stop services from data collection to model training. This solution improves feature extraction, data management, and model optimization efficiency, while simplifying the integration of 2D and 3D data.

In its five years since inception, ONTIME has expanded to provide efficient, high-quality mobility services across 24 cities, with core operations in 9 cities, primarily in the Guangdong-Hong Kong-Macao Greater Bay Area.

As of December 31, 2023, ONTIME had 23.8 million registered users. The company’s annual revenue grew from 1.013 billion yuan in 2021 to 1.368 billion yuan in 2022, and 2.161 billion yuan in 2023, with a compound annual growth rate of 46.0%.

ONTIME's focus on mobility services and autonomous driving commercialization has driven its rapid and high-quality growth over the past five years. The company has completed multiple funding rounds, attracting cornerstone investments from GAC Industry, Pony.ai, Voyager (DiDi Autonomous Driving), and WeRide.