Passionategeekz On June 25, today, technology travel platform Cao Cao Travel was listed on the main board of the Hong Kong Stock Exchange, becoming the largest travel platform in Hong Kong stocks.
Cao Cao Travel’s previous announcement showed that the company plans to issue 44.1786 million shares worldwide, of which 4.4179 million shares are issued in Hong Kong and 39.7607 million shares are issued in international and 39.7607 million shares, with an offer price of HK$41.94 per share. It is estimated that HK$1.853 billion will be raised. Calculated based on the offer price per share, Cao Cao Travel is valued at approximately HK$22.823 billion.
Passionategeekz noticed that the prospectus showed that as of the end of March 2025, Cao Cao’s travel coverage increased to 146 cities, and operated more than 34,000 customized cars in 31 cities, making it the largest customized fleet of similar types in China. In the first quarter of this year, Cao Cao’s total GTV increased by 54.9% year-on-year, and the order volume increased by 51.8% year-on-year. All core indicators achieved a significant increase compared with the same period in 2024. The company plans to launch L4-level Robotaxi customized models designed for autonomous driving by the end of 2026, and will also build an automated operation system covering all scenarios such as vehicle maintenance, energy replenishment, customer service, emergency response and order optimization.
Yang Jian, chairman of the board of directors of Cao Cao Travel, said in his speech on the listing: “Looking forward, shared travel is facing disruptive industry changes, and the original competitive landscape will be reshaped. With the help of Geely Group’s resource advantages, Cao Cao Travel will deeply participate in the customization and development of online car-hailing, optimize vehicle performance and service functions, and fully promote the research and development and listing of autonomous driving online car-hailing; build a more complete travel ecosystem in terms of battery swap and energy replenishment, recycling and remanufacturing, alcohol hydrogen energy online car-hailing operation, AI management, etc., to provide passengers with safer, efficient and more convenient travel options.”
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