CaoCao Inc., a mobility service platform backed by Geely Holding, is gearing up for its initial public offering (IPO) on the Main Board of the Stock Exchange of Hong Kong Limited. The company has announced its IPO launch on June 25 under the stock code 02643, with joint sponsors Huatai Financial Holdings (Hong Kong) Limited, ABCI Capital Limited, and GF Capital (Hong Kong) Limited leading the offering.
The IPO will see CaoCao offering approximately 44.1786 million shares globally, with a set offer price of HK$41.94 per share. This is expected to raise around HK$1.853 billion, valuing the company at approximately HK$22.823 billion. The strong market confidence in CaoCao’s prospects is evident from the participation of six cornerstone investors, including Mercedes-Benz Mobility Services GmbH and Mirae Asset Securities (HK) Ltd., who have committed to subscribe to a combined 22.6424 million shares.
Founded in 2015, CaoCao has established itself as a key player in China’s ride-hailing market, ranking among the top three platforms domestically since 2021. The company’s revenue reached 14.7 billion yuan in 2024, reflecting a 37.4% increase from the previous year. With services spanning 136 cities in China by the end of 2024, CaoCao has shown significant growth and operational efficiency.
One of the factors contributing to CaoCao’s success is its focus on customized vehicles and fleet solutions. With a fleet of over 34,000 custom-built vehicles across 31 cities in China, the company has been able to enhance passenger experience, reduce total cost of ownership for drivers, and improve energy replenishment efficiency.
The IPO proceeds will be used by CaoCao to further strengthen its fleet solutions, introduce more customized vehicles, enhance service quality, invest in core technologies and autonomous driving, and expand its geographic coverage. The company remains committed to maintaining its market leadership and providing users with a premium, intelligent, and efficient mobility experience.
As CaoCao prepares for its listing on the SEHK’s Main Board, investors and industry watchers are eagerly anticipating the company’s next phase of growth and innovation in the evolving mobility sector.
