On June 28, Tick Travel was listed on the Hong Kong Stock Exchange, with a market value of 6 billion Hong Kong dollars, and Tick Travel successfully won the hat of the first share of shared travel in China, but Tick Travel was listed below the issue price on the day of listing, and the market value evaporated by nearly 1.5 billion Hong Kong dollars.
In 2024, the central waist online car-hailing market has submitted listing applications, and the reason behind it is that the competitive environment of the online car-hailing market is becoming more and more severe, and in order to not be eliminated in the next fierce competition, listing may be the only choice for these middle waist platforms.
After the successful listing of Dida Chuxing, it was recently reported that an online ride-hailing platform will be listed in Hong Kong on July 10. According to financial street news, Ruqi Travel officially launched the Hong Kong stock IPO public offering, and plans to sell about 30,004,800 new shares globally through the Hong Kong stock IPO, including about 3 million shares in Hong Kong and about 27 million shares in the international offering, with an issue price of HK$34.00 ~ HK$45.40 per share, and is planned to be listed on July 10, which is expected to sprint to "the first share of autonomous driving operation technology".
As a travel platform in which Didi participates, Ruqi Mobility was born in 2019 and is jointly funded by GAC Group, Tencent, Didi, etc., with an investment amount of 900 million yuan; The Series A financing took place between January 2022 and April 2023, and GAC Group continued to add more; The third round of financing of Ruqi Mobility, from September 2022 to August 2023, was directly led by GAC Industry, the parent company of GAC Group, and the actual controller behind it was Guangzhou State-owned Assets Supervision and Administration Commission.
Currently Didi
Tianyancha information shows that Qichen Technology was established in March 2018, formerly known as Guangzhou Chechipin Information Technology Co., Ltd. At present, the registered capital of the company is 10 million yuan, the legal representative is Jiang Hua, and the shareholders include Sun Yanhong, Nanjing Netdian Technology Co., Ltd. and Guangdong Pearl River Investment Holding Group Co., Ltd.
As an online ride-hailing platform with many famous brand shareholders, the development of Ruqi Travel is mainly focused on the Pearl River Delta region, according to the prospectus information released by Ruqi Travel, before the IPO, GAC Industry directly held 20.53%, 15.05% through GAC, Tencent held 18.61%, Guangzhou Public Transport Group held 5.74%, Hongfeng Investment, Dayi Investment, China Drive, and Didi's Jovial Lane held 2.87% respectively; Pony.ai holds 5.39% of the shares, Zhixing BVI, a subsidiary of Zhixing Trust, holds 4.63%, and Jiang Hua holds 0.06%.
Guangzhou Guangshang Xinfu and Guangzhou Industrial Control respectively hold 1.42% of the shares, Guangzhou Kechuang Bank holds 1.06% of the shares, Guangzhou Kechuang Industry holds 0.85% of the shares, Shenyang holds 0.94% of the shares, Guangzhou Chentu Huajie holds 1.23% of the shares, Guangmin Investment New Energy holds 1.5% of the shares, and Hefei Guoxuan holds 2.98% of the shares.
After the IPO, GAC Industry directly held 22.68%, 12.84% indirectly through GAC, 15.87% by Tencent, 4.9% by Guangzhou Public Transport Group, and 2.45% by Hongfeng Investment, Dayi Investment and China Drive.
After the IPO, the shareholding structure of Ruqi Travel
Didi's Jovial Lane holds 5.79%, Pony.ai holds 5.37%, and Zhixing BVI, a Zhixing trust, holds 3.95%. SMBC holds 1.47% and DMR holds 1.45%.
Guangzhou Guangshang Xinfu and Guangzhou Industrial Control respectively hold 1.21% of the shares, Guangzhou Kechuang Bank holds 0.91% of the shares, Guangzhou Kechuang Industry holds 0.72% of the shares, Shenrich holds 0.8% of the shares, Guangzhou Chentu Huajie holds 1.05% of the shares, Guangmin Investment New Energy holds 1.28% of the shares, and Hefei Guoxuan holds 2.54% of the shares.
In 2021~2023, Ruqi's travel revenue will be 1.013 billion yuan, 1.368 billion yuan and 2.161 billion yuan respectively, gradually increasing, and the losses during the year will be 684 million yuan, 627 million yuan and 693 million yuan respectively. Ruqi Travel said in the prospectus that it expects to continue to generate net losses and net operating cash outflows in 2024, 2025 and 2026, so the company has formulated a profit roadmap: including expanding business scale and promoting revenue growth; improve gross margin; Enhance operational and management efficiency and improve current net debt position.
As a loss-making online ride-hailing platform, Ruqi Mobility's financial situation is not optimistic, and it is reported that as of December 31, 2023, Ruqi Mobility held cash and cash equivalents of 613 million yuan, compared with 554 million yuan in the same period last year. According to the average annual loss of 650 million yuan from 2021 to 2023, the cash and cash equivalents held by Ruqi Travel can only maintain operation for one year.
Therefore, for Ruqi Travel, listing and financing may be the last retreat. Although Ruqi Travel is also trying to reduce operating costs and improve gross profit margin by reducing driver-side subsidies, the low-price involution of the online car-hailing industry is still continuing, and low prices will become the norm for a long time to come.