Dida, Cao Cao, and Ruqi are all bunching up for IPOs, and the leading ride-sharing company is finally going to go public.

On June 12th, after nearly 4 years of waiting, Dida Chuxing passed the hearing according to the Hong Kong Stock Exchange announcement.

Dida Chuxing first submitted its listing application on October 8th, 2020, when it submitted its first prospectus to the Hong Kong Stock Exchange. After entering 2021, on April 13th, the company updated its prospectus.

However, its listing process seemed to enter a stagnant phase afterwards. Until February 20th, 2023, Dida Chuxing tried again and resubmitted its listing application to the Hong Kong Stock Exchange, but no subsequent progress was announced. Shortly afterwards, on August 30th of the same year, the company submitted another prospectus to the Hong Kong Stock Exchange, continuing its path to listing.

On March 19th of this year, Dida Chuxing completed the fifth submission of its prospectus to the Hong Kong Stock Exchange. According to the information disclosed in the prospectus, the company's operating income reached 780 million yuan, 570 million yuan, and 820 million yuan from 2019 to 2021, respectively. Meanwhile, the adjusted profit amount also showed some fluctuations, specifically declining from 238 million yuan in 2021 to 84.71 million yuan in 2022, and then recovering to 226 million yuan in 2023.

According to the information disclosed in the prospectus, as of 2023, Dida Chuxing operates the second-largest ride-sharing service platform in China. The highlights of this year's performance include a total transaction volume of 8.6 billion yuan for the ride-sharing business, completing a total of 130 million ride-sharing services. In terms of market share, whether based on total transaction volume or the number of ride-sharing rides, Dida Chuxing accounted for 31.8% and 31.0% of the market share, respectively.

In 2021, 2022, and 2023, Dida Chuxing's revenues from ride-sharing platform services were 695 million yuan, 515 million yuan, and 774 million yuan, respectively, accounting for 89.0%, 90.5%, and 95.0% of its total revenues for the same years.

In addition to the simplification of its business, Dida Chuxing's service cost ratio has been increasing in the past three years, while its gross profit margin has been declining year by year. In the past three years, Dida Chuxing's gross profit margin has declined from 80.9% in 2021 to 74.3% in 2023.

Moreover, compliance remains one of the core challenges for travel service platforms. Since 2020, Dida Chuxing's ride-sharing business has received a total of 57 administrative penalty notices from regulatory agencies. Notably, 36 of these penalties have been revoked after appeals. As for the remaining 21 penalties, the fine amount ranges from 5,000 yuan to 30,000 yuan, totaling approximately 550,000 yuan.

In addition to Dida Chuxing's four-year long wait to pass the Hong Kong Stock Exchange hearing, Cao Cao Chuxing and Ruqi Chuxing have also joined the competition for listing on the Hong Kong Stock Exchange in recent months, submitting listing applications to the Hong Kong Stock Exchange one after another. In particular, Ruqi Chuxing, after submitting its initial prospectus in August 2023, submitted an updated version again in March of this year. Additionally, Xiangdao Chuxing has also revealed its intention to promote its IPO in 2024 earlier.