Geely-backed CaoCao Inc. set to go public in Hong Kong

Shanghai (Gasgoo)- On June 17, CaoCao Inc. ("CaoCao")— the mobility service platform backed by Geely Holding—officially announced the launch of its initial public offering (IPO) and confirmed plans to list on the Main Board of the Stock Exchange of Hong Kong Limited ("SEHK") on June 25 under the stock code 02643.

The IPO will be led by joint sponsors Huatai Financial Holdings (Hong Kong) Limited, ABCI Capital Limited, and GF Capital (Hong Kong) Limited, reflecting strong institutional support for CaoCao's market debut.

Photo credit: CaoCao

CaoCao plans to offer approximately 44.1786 million shares globally, with 4.4179 million shares allocated to the Hong Kong public offering and 39.7607 million to international investors. The offer price is set at HK$41.94 per share, aiming to raise approximately HK$1.853 billion, implying a valuation of around HK$22.823 billion—an indication of strong market confidence in the company's prospects.

A key highlight of the offering is the participation of six cornerstone investors, including Mercedes-Benz Mobility Services GmbH, Mirae Asset Securities (HK) Ltd., Infini Global Master Fund, GOTION HIGH-TECH (HK) LIMITED, EVE Asia Co., Limited, and RoboSense HongKong Limited. These strategic backers have committed to subscribe to a combined 22.6424 million shares, amounting to approximately HK$952 million. Their involvement not only enhances market confidence in the IPO but also underscores CaoCao's strategic value in the evolving mobility sector.

Founded in 2015, CaoCao has been at the forefront of building a shared mobility ecosystem centered on new energy vehicles. As a core strategic investment under Geely Holding, it has secured a significant position in China's ride-hailing market. According to data from Frost & Sullivan, the company has ranked among the top three ride-hailing platforms in China's domestic market since 2021 and rose to second place in 2024, highlighting its competitive strength and growth momentum.

CaoCao has aggressively expanded its business footprint. By the end of 2024, its services covered 136 cities across China, an increase of 85 cities year-on-year. The company reported annual revenue of 14.7 billion yuan in 2024, up 37.4% from the previous year, while gross margin improved from 5.8% in 2023 to 8.1%, reflecting growing operational efficiency and profitability.

A key factor in CaoCao's rise is the scale effect of its customized vehicles and fleet service solutions. By enhancing passenger experience, reducing total cost of ownership (TCO), and improving energy replenishment efficiency for drivers, the company has built a distinct competitive edge. As of December 31, 2024, CaoCao had operated a fleet of over 34,000 custom-built vehicles across 31 cities in China.

With its upcoming debut on the SEHK's Main Board, CaoCao plans to use IPO proceeds to further enhance its fleet solutions, launch more customized vehicles, upgrade service quality, invest in core technologies and autonomous driving, and expand its geographic coverage. Looking ahead, the company is committed to maintaining its market leadership and delivering a premium, intelligent, and efficient mobility experience for users.