Red Star Capital Bureau reported on June 24 that Kuaigou Taxi was officially listed on the main board of the Hong Kong Stock Exchange with the stock code of 2246.HK.
On the first day of listing, Kuaigou Taxi’s share price opened up and down, with an intraday high of 7.44%. But as of the close, Kuaigou Taxi fell below the issue price and closed at HK$16.72 per share, down 22.23%, with a market value of HK$10.292 billion.
Before going public, Kuaigou Dache has successively won Taobao China, 58 Daojia, Cainiao, UBS (UBS), Huaxin Investment, Cainiao Sino-Russian Investment Fund, Qianhai Fund of Funds, Hongrun Capital and other shareholders in A, B and C rounds of financing. As a shareholder, the cumulative financing is only 1.429 billion yuan (about 213 million US dollars). After the IPO, 58 Daojia will hold 47.95% of the shares, making it the largest shareholder of Kuaigou Taxi; in addition, Taobao China will hold 12.26% and Cainiao will hold 2.69%.
According to Frost & Sullivan data, in terms of transaction volume in 2021, Kuaigou Dache is the third largest online intra-city logistics platform in mainland China, with a market share of 3.2%, followed by Huolala (with a market share of 52.8%) ) and Didi Freight (5.5% market share).
The third largest in the industry has become the "first stock in the same city". How is the performance of Kuaigou Taxi?
According to the prospectus, from 2018 to 2021, the revenue of Kuaigou Taxi was 453 million yuan, 548 million yuan, 530 million yuan and 661 million yuan respectively, maintaining an overall growth trend.
However, in the same period, the net losses of Kuaigou Taxi were 1.071 billion yuan, 184 million yuan, 658 million yuan and 873 million yuan respectively; the adjusted net losses were 784 million yuan, 387 million yuan, 185 million yuan and 311 million yuan respectively. The four-year cumulative net loss (adjusted) was 1.667 billion yuan.
One of the important reasons for the consecutive years of losses is the money-burning subsidy war in the industry.
According to the prospectus, from 2018 to 2021, Kuaigou Taxi’s investment in sales and marketing expenses was 524 million yuan, 296 million yuan, 195 million yuan, and 335 million yuan, accounting for 115.7% and 54.0% of operating income, respectively. %, 36.7%, 50.7%, the average is more than half.
In the financial report of Kuaigou Taxi, one of the few bright data is the gross profit margin. From 2018 to 2021, the gross profit margin of Kuaigou Taxi will be 23%, 31.6%, 34.6% and 36.6% respectively, and the profitability level will increase year by year.
