On February 6th, the Hong Kong Stock Exchange disclosed that Fast Dog Taxi (GOGOX) has passed the listing hearing and updated the hearing data set, with China International Capital Corporation, UBS, BoCom International and Agricultural Bank of China International as co-sponsors.
According to the prospectus, KuaiDog Dache is Asia's major online intercity logistics platform, with operations in more than 340 cities in five Asian countries and regions (Chinese mainland, Hong Kong, China, Singapore, South Korea and India), and owns and operates two brands in online intercity logistics services: KuaiDog Dache in mainland China and GOGOX in other Asian countries and regions.
It is understood that GOGOX is the largest city logistics platform in Hong Kong, China in 2020, while "Fast Dog Taxi" is the second largest logistics platform in the same city in mainland China. As of September 30, 2021, there were about 4.9 million registered drivers on the platform, and the number of registered users increased to 26.5 million.
According to the data set after the hearing, the total transaction volume generated by Kuaigou car-hailing in the first three quarters of 2021 was 1.953 billion yuan, and the revenue was 473 million yuan, an increase of 27.2 percent over the same period last year.The gross profit is RMB 170 million。Its gross profit in 2018, 2019 and 2020 was 104 million yuan, 173 million yuan and 183 million yuan respectively, while the gross profit margin in the same period was 23.0%, 31.6% and 34.6% respectively.
In addition, revenue from Hong Kong and overseas markets increased significantly, from 120.2 million yuan in 2018 to 250 million yuan in 2020, an increase of 108% over the same period, and the proportion of total income increased from 26.5% to 47.2%.
It should be noted that the adjusted net losses of Fast Dog Taxi in 2018, 2019 and 2020 were 784 million yuan, 396.9 million yuan and 185.4 million yuan respectively.
According to Frost Sullivan, a well-known international consulting firm, Fast Dog Taxi completed a total of 27.1 million orders in 2020, with a total transaction value of about 2.7 billion yuan. In terms of total transaction volume, Kuaigou taxi hailing is already the second largest online city logistics platform in mainland China, with a market share of 5.5% (behind participants with a market share of 54.7%), and the company's market share in Hong Kong, China is 52.8%. In terms of total transaction volume in 2020, mainland China and Hong Kong together account for about 68% of the Asian online logistics market in the same city.
The hearing documents also show that before IPO, 58daojia directly held 51.2% of the interest. 58.com, Nihao China and Trumpway Limited jointly have the right to control about 77.5 per cent of the voting rights of 58 Daojia; Taobao China owns 13.09 per cent of Kuaigou Dache, GoGoVan Cayman holds 17.82 per cent, Vision Carnation holds 2.4 per cent and Cainiao holds 2.87 per cent.
It is understood that the integrated intelligent platform for fast dog taxi hailing connects drivers with shippers who need to deliver goods and goods in the same city and sets industry standards.
The revenue of fast dog ride-hailing mainly comes from three aspects: one is the driver-based platform service that provides logistics services for small and medium-sized enterprises and individual shippers, and the second is enterprise services for small and medium-sized enterprises and large enterprises. the third is value-added services such as fuel cards and vehicle maintenance.
At present, the customers of freight services in the same city are mainly C-end individual users and small B-end merchants, and most of the market share is in the big B-end customers.
According to Kuaidou's prospectus, in the future, it will expand its service network with a light asset model, continue to expand its customer base, strengthen its technological capability to consolidate its competitive advantage, expand its driver base and increase its driver's participation. at the same time, promote efforts in sustainable development; explore diversified liquidity opportunities and expand the ecosystem; seek strategic partnerships, acquisitions and investments to expand the company's global footprint.