DIDA INC listed on the Hong Kong Stock Exchange, while other ride-hailing platforms such as Caocao Mobility are still waiting quietly

On June 28, DIDA INC (2559.HK), known as the "first stock of Chinese shared travel," officially listed on the Hong Kong Stock Exchange at an offer price of HKD 6, with an IPO net proceeds of HKD 182 million.

Different from other ride-hailing companies, DIDA INC focuses on the hitchhiking market.

Based on a total transaction volume of 8.6 billion yuan and 130 million hitchhiking trips in 2023, DIDA INC is already the second largest hitchhiking platform in China. By the end of 2023, DIDA INC provided app-based hitchhiking platform services in 366 cities nationwide, with approximately 1.56 million certified private car owners.

With the advantage of outstanding market share performance, DIDA INC has already achieved profitability. The revenue from 2021 to 2023 was 781 million yuan, 569 million yuan, and 816 million yuan respectively, with net profits attributable to shareholders during the same period being 1.731 billion yuan, -188 million yuan, and 300 million yuan respectively.

The IPO journey of DIDA INC has been full of twists and turns.

Public information shows that DIDA INC submitted IPO applications to the Hong Kong Stock Exchange five times in October 2020, April 2021, February and August 2023, and March 2024, but failed to list.

During this period, DIDA INC also experienced reforms in overseas listing issuance, where the China Securities Regulatory Commission changed the management of domestic companies' overseas listings from administrative approval to record management, meaning that companies that have not been successfully recorded cannot list overseas.

Nearly a year after the implementation of the record-filing system, DIDA INC finally passed the CSRC's record-filing in February this year, obtaining the opportunity to list overseas.

Many shareholders have also been waiting for many years.

For example, IDG invested in DIDA INC in 2015, and in 2017, Nio Capital also became a shareholder of DIDA INC.

After overcoming numerous difficulties, DIDA INC finally successfully listed on the Hong Kong Stock Exchange, but the market did not "buy it." It broke on the first day of listing, with an intraday decline of up to 10.50% on June 28.

This may bring more uncertainty to ride-hailing companies aiming for an IPO on the Hong Kong Stock Exchange.

Currently, there are other ride-hailing companies such as CAOCAO INC planning to list on the Hong Kong Stock Exchange. CAOCAO INC is a "bloody listing," with revenues of 7.153 billion yuan, 7.631 billion yuan, and 10.668 billion yuan from 2021 to 2023, and net losses of 2.951 billion yuan, 1.972 billion yuan, and 1.916 billion yuan during the same period.

The market is closely watching whether ride-hailing companies like CAOCAO INC can successfully issue shares