Cao Cao travels to Hong Kong public sale received 21.14 times subscription, with a global net fundraising of approximately HK$1.718 billion

Passionategeekz On June 24, Cao Cao Travel plans to be listed on the main board of the Hong Kong Stock Exchange on June 25. The distribution results were announced on the Hong Kong Stock Exchange tonight. The Hong Kong public offering was 21.14 times subscribed, and the international offering was 2.78 times subscribed.

The final offer price of Cao Cao Travel this time is HK$41.940 (Passionategeekz Note: the current exchange rate is approximately RMB 38.4), and the net proceeds are RMB 1.71835 billion (the current exchange rate is approximately RMB 1.572 billion).

Cao Cao Travel 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. Calculated based on the offer price per share, Cao Cao Travel is valued at approximately HK$22.823 billion (the current exchange rate is approximately RMB 20.882 billion).

Cao Cao Travel has introduced 6 cornerstone investors in this IPO, including Mercedes-Benz, Future Asset Securities (Hong Kong), Wuji Capital, Guoxuan Hi-Tech (Hong Kong), Yiwei Asia and Sagitar Juchuang. The above six cornerstone investors will subscribe to a total of 22.6424 million shares, approximately HK$952 million (current exchange rate is approximately RMB 871 million).

The prospectus shows that as of December 31, 2024, Cao Cao’s online ride-hailing business map has expanded to 136 cities, an increase of 85 cities from 2023. In 2024, the company’s total transaction value (GTV) was 17 billion yuan, and the company achieved annual revenue of 14.7 billion yuan, a year-on-year increase of 37.4%; gross profit margin increased from 5.8% in 2023 to 8.1%.

In the field of autonomous driving, Cao Cao Travel launched the Cao Cao Zhixing autonomous driving platform on February 28, and piloted the Robotaxi service in Suzhou and Hangzhou. The company is working with Geely Group to develop a new customized car that specializes in Robotaxi services, which is expected to be launched by the end of 2026, equipped with L4-class autonomous driving.

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