Intra-City Logistics Platform Kuaigou Dache Passes Hearing for Hong Kong IPO
According to the Hong Kong Stock Exchange (HKEx), intra-city logistics platform Kuaigou Dache – known as GOGOX overseas – on Sunday passed the hearing for a public listing. Its co-sponsors are CICC, UBS, BOCOM and ABC International.
Owned by Daojia Group, Kuaigou Dache was established in 2014. Its predecessor was 58 Suyun, and it was officially renamed as “Kuaigou Dache” in August 2018. On August 27, 2021, the firm submitted documents for an IPO to the HKEx.
GOGOX was deemed Hong Kong’s largest intra-city logistics platform in 2020, and has expanded to overseas markets such as Singapore, South Korea and India. In addition, Kuaigou Dache is the second-largest intra-city logistics platform within the Chinese mainland.
According to the firm’s prospectus, as of September 30, 2021, Kuaigou Dache had attracted about 4.9 million registered drivers and 26.5 million registered users, and had reached cooperation with over 37,000 enterprises. From January 30 to September 30 last year, the platform completed 20.3 million consignment orders with a total transaction value of 1.953 billion yuan ($308 million).
The prospectus also claims that revenue in 2018, 2019 and 2020 was 453 million yuan, 548 million yuan and 530 million yuan, respectively; Gross profit was 100 million yuan, 173 million yuan and 183 million yuan, respectively; Losses were 900 million yuan, 400 million yuan and 185 million yuan, respectively.
In the first nine months of 2021, Kuaigou Dache earned 473 million yuan, while that in the same period of 2020 was 372 million yuan. The firm’s adjusted loss was 190 million yuan, while that in the same period of 2020 was 132 million yuan.
Kuaigou Dache provides an integrated intelligent platform that connects drivers with clients who need to deliver goods and commodities in the same city, and sets industry standards to promote transparency, trust and efficiency.
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Its revenue mainly comes from three channels. First is the platform service mainly provided by drivers who carry out logistics services for SMEs and individuals. Second is the enterprise service provided for SMEs and large enterprises. Third is the value-added services such as fuel cards and car maintenance.
It is worth mentioning that Kuaigou Dache boasts core competitiveness of technical capabilities in the fields of artificial intelligence, big data analysis, machine learning and unmanned driving. As of September 30, 2021, its R&D team comprisedas many as 112 staff members.