CaoCao Inc., a Chinese ride-hailing platform incubated by Geely Group, passed its listing hearing for an initial public offering (IPO) in Hong Kong, with Huatai International, ABC International, and GF Securities (Hong Kong) serving as joint sponsors.

As of the end of last year, CaoCao operated shared mobility services in 31 cities in China, with a fleet of over 34,000 customized vehicles. The company also collaborated with local capacity partners in 85 new cities, entering these markets by selling customized vehicles.

Following a corporate restructuring, Geely Chairman Li Shufu currently holds approximately 83.9% of CaoCao’s pre-IPO shares through his Ugo Investment.

For 2024, CaoCao reported loss for the period narrowed to RMB1.25 billion, compared to RMB1.916 billion the previous year. The non-IFRS adjusted loss was RMB724 million, vs a loss of RMB966 million in 2023.