The GAC Group-backed mobility service platform ONTIME has successfully passed the Main Board listing hearing on the Hong Kong Stock Exchange (HKEX). Established in 2019 by GAC Group and Tencent, ONTIME first filed for an IPO in August 2023 but was unsuccessful. However, the company renewed its IPO application in March of this year, aiming to become the first publicly traded Chinese ride-hailing company.
ONTIME primarily offers ride-hailing and Robotaxi (autonomous taxi) services. It also provides 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.
In the Robotaxi segment, ONTIME has developed an open Robotaxi operation technology platform consisting of three core modules: Vehicle Management System (VMS), Operation Monitoring Platform (OMP), and Robotaxi Data Platform (RDP). This cloud-based platform allows for remote management and control of Robotaxi vehicles, enhancing operational efficiency and service quality.
Since 2021, ONTIME has been actively promoting the development and commercialization of Robotaxi technology. The company has collaborated with autonomous driving firms like QCraft, WeRide, and Pony.ai, introducing Level 4 autonomous driving capabilities. Pony.ai has also become a strategic shareholder of ONTIME.
In terms of financial performance, ONTIME reported annual revenues of 1.014 billion yuan, 1.368 billion yuan, and 2.161 billion yuan from 2021 to 2023, respectively. However, the company also incurred net losses of 685 million yuan, 627 million yuan, and 693 million yuan during these years, totaling 2.005 billion yuan in losses. The adjusted net losses were 669 million yuan, 531 million yuan, and 541 million yuan, respectively.
ONTIME’s successful passage of the Main Board listing hearing marks a significant milestone for the company as it seeks to expand its presence in the mobility services market. With a focus on innovation and strategic partnerships, ONTIME is poised to drive further growth and technological advancement in the ride-hailing and autonomous vehicle sectors.
