According to the disclosure of the Hong Kong Stock Exchange on June 7, kuaigou taxi passed the hearing of the Hong Kong stock exchange. CICC, UBS, BOCOM international and ABC international are the co sponsors Previously, IFR under Reuters reported that fast Dog Taxi may seek to build a book on June 13, set a price on June 16 and list on June 23, raising about $100million to $150million.
Established in 2014, kuaigou taxi belongs to Jiajia group. Its two trusted brands serve "gogox" in Hong Kong and overseas markets and "kuaigou taxi" in Chinese Mainland, shippers of individuals, small and medium-sized enterprises and large enterprises. As of December 31, 2021, the number of registered drivers on the fast Dog Taxi platform was about 5.2 million, and the number of registered users reached 27.6 million, establishing cooperation with 39000+ enterprise customers.
According to the prospectus, in 2021, there were 28.4 million taxi consignment orders for fast dog, with a total transaction volume of 2.677 billion yuan, a revenue of 661million yuan, a year-on-year increase of 24.6%, and a net loss of 873million yuan, an increase over the previous year.
According to public information, fast dog taxi is positioned as a "taxi platform for pulling goods", which provides users with short-distance goods transportation and trading services such as pulling goods, moving and transporting things based on the whole process closed-loop online trading platform and massive socialized transport capacity.
Fast dog taxi has conducted business in more than 340 cities in five Asian countries and regions (namely, mainland China, Hong Kong, Singapore, South Korea and India).
According to the frost Sullivan report, based on the total transaction volume in 2021, kuaigou taxi is the third largest online intra city logistics platform in mainland China, with a market share of 3.2% (ranking behind the participants with a market share of 52.8% and 5.5%), and the company is also the market leader in Hong Kong, with a market share of 50.9%. In terms of total transaction volume in 2021, mainland China and Hong Kong together account for about 71% of Asia's online intra city logistics market.
According to statistics, from 2018 to 2021, there were about 14.5 million registered shippers, 19.8 million, 24million and 27.6 million registered drivers, and 13million, 30million, 42million and 52million registered drivers, all increasing year by year. During the performance record period, the retention rate of drivers in mainland China, Hong Kong and Singapore for the next month was 75.1%.
In the four years, the consignment orders of fast Dog Taxi reached 32.4 million, 33.4 million, 27.1 million and 28.4 million respectively. Since 2020, the single volume has declined and rebounded, resulting in a total transaction volume of RMB 3.357 billion, 3.313 billion, 2.694 billion and 2.677 billion respectively. However, the contribution of overseas business continued to grow, accounting for 26.5%, 35.4%, 47.1% and 48.0% of the total revenue respectively.
Fast Dog Taxi revenue mainly comes from platform services, enterprise services and value-added services, of which platform services cover freight, express delivery and moving, accounting for 30-40% of the total revenue; Enterprise services are mainly for large and medium-sized enterprises, accounting for 50-60% of the total revenue; Value added services are oriented to participants in the ecosystem. Fast Dog Taxi promotes on-demand intra city logistics by matching drivers and shippers on the platform.
From the financial point of view, from 2018 to 2021, the taxi revenue of fast dog was 453.1 million yuan, 548.5 million yuan, 530.4 million yuan and 661million yuan respectively. The decrease in 2020 was mainly due to the negative impact of the epidemic and the fierce competition in the online local logistics market in mainland China, which reduced the activities of shippers on the platform. The net losses in the same period were 1.070.9 billion yuan, 183.8 million yuan, 658.2 million yuan and 873million yuan respectively, mainly due to the growth driven by a large amount of investment in the initial stage of local logistics business. The gross profit margin in the same period was 23.0%, 31.6%, 34.6% and 36.6% respectively.
In terms of equity composition, according to the financial report, before the listing, the largest shareholder, 58 Jiajia, held 50.51% of the controlling interest in fast dog taxi, gogovan Cayman held 17.58%, and Taobao China and Taobao holdings held 12.92% of its shares, Alibaba The group holds 15.77% shares.
According to the prospectus, the local logistics market in mainland China has great growth potential. Next, sinking market and overseas market will be the key direction for fast dog to take a taxi. By 2025, the company plans to provide services in more than 90 other low-level cities in mainland China, including cities in Guangdong, Jiangsu, Shandong, Zhejiang, Henan, Hunan, Anhui and other provinces. Moreover, the company plans to further expand its international footprint and take advantage of the growth potential of Southeast Asia (such as Vietnam and Indonesia).
In terms of expanding the enterprise customer base, the company said that it would further tap the logistics needs of enterprise customers in emerging industries such as social e-commerce and community group purchase services. In addition, it will also seek to cooperate with more automobile manufacturers and dealers to provide competitive prices for drivers who want to buy or rent vehicles and choose to join the platform.
The above development strategy will also be the intended use of kuaigou taxi to raise funds. In addition, the raised funds will also be used to increase investment in online advertising and promotion activities to enhance brand awareness, develop new services and products to enhance liquidity, strengthen technology research and development capacity, and seek strategic cooperation, investment and acquisition in overseas markets.