New IPO news: Xiangdao Travel submitted a second application to the Hong Kong Stock Exchange, attracting key industry chain investors such as Momenta, Gaode, and Contemporary Amperex Technology.

According to the disclosure from the Hong Kong Stock Exchange on May 22nd, Xiangdao Travel (Shanghai) Technology Co., Ltd. (referred to as Xiangdao Travel) has submitted its listing application to the main board of the Hong Kong Stock Exchange, with CICC and Guotai Haitong as its joint sponsors. The company previously submitted its listing application to the Hong Kong Stock Exchange on October 28, 2025. Company Overview Xiangdao Travel is a comprehensive intelligent travel platform in China that covers multiple scenarios, providing services such as ride-hailing, vehicle leasing, vehicle sales, and Robotaxi services. According to Frost & Sullivan data, in 2025, Xiangdao Travel ranked sixth in the domestic ride-hailing platform by Gross Transaction Value (GTV) with a market share of 1.8%, and fifth by completed orders. In Shanghai, Xiangdao Travel ranked third in the ride-hailing platform by GTV with a market share of 11%, and second by completed orders. Additionally, in 2025, Xiangdao Travel ranked second in the domestic enterprise travel service industry by GTV with a market share of 2.2%. Xiangdao Travel was initiated by the automotive giant SAIC Motor Corporation and has brought in key industry chain investors such as Momenta, Autonavi, Contemporary Amperex Technology, etc. to connect and integrate resources from automakers, autonomous driving solution providers, high-precision digital map service providers, and power battery system providers. With these cooperative relationships, Xiangdao Travel has the critical capability to integrate and support the development of the travel industry. Therefore, Xiangdao Travel has established significant collaborative advantages in key areas such as vehicle supply, automotive finance, after-sales services, autonomous driving, and user traffic. Through this collaborative ecosystem, the company has built a strong cooperative relationship with leading companies in the industry chain. In terms of ride-hailing services, Xiangdao Travel provides ride-hailing services nationwide to individuals and businesses through its own application Xiangdao Travel APP. As of December 31, 2025, Xiangdao Travel's ride-hailing services covered 100 cities in China. In 2025, the company achieved over 650,000 daily orders and a GTV of approximately RMB 6.2 billion. Xiangdao Travel has consistently led in service quality evaluations in cities such as Shanghai, Nanjing, Hangzhou, and Ningbo. Furthermore, Xiangdao Travel has built a capacity network in the core transportation hubs and economic centers of the Yangtze River Delta region, especially in Shanghai, to support future business expansion and growth. As of the last practical date, Xiangdao Travel operates over 5,300 compliant ride-hailing vehicles in Shanghai, providing a solid operational foundation to fulfill service commitments. According to Frost & Sullivan data, in 2025, the company was the third largest ride-hailing platform in Shanghai by GTV. In terms of vehicle leasing services, Xiangdao Travel offers comprehensive solutions to enterprise customers through its vehicle leasing brand "Xiangdao Rental," including long-term and short-term high-end vehicle rental services. As of December 31, 2025, Xiangdao Travel's services have spread across 26 provinces in China, including major urban clusters such as the Yangtze River Delta, the Beijing-Tianjin-Hebei region, and the Pearl River Delta. According to Frost & Sullivan data, in 2025, Xiangdao Travel ranked second in the domestic enterprise travel service industry and first in the Yangtze River Delta region by GTV. Additionally, Xiangdao Travel provides Robotaxi operation services under the brand name "Xiangdao Robotaxi" in pilot policy areas in Shanghai and Suzhou. When providing Robotaxi services, Xiangdao Travel closely cooperates with investors, focusing on the roles of "product definition, operational safety and security systems, and ecosystem aggregation" for Robotaxi. SAIC Motor Corporation will provide Robotaxi vehicles based on the company's product definition and offer comprehensive support. Moreover, Xiangdao Travel has deep collaboration with self-driving solution providers like Momenta, focusing on the development of L4-level autonomous driving technology algorithms by Momenta and the Robotaxi dispatch and safety monitoring systems by Xiangdao Travel. Xiangdao Travel is currently in the stage of exploring the commercialization and scaling of Robotaxi services. Financial Information Revenue In 2023, 2024, and 2025, the company achieved revenues of approximately RMB 5.718 billion, 6.395 billion, and 6.774 billion, respectively. Gross Profit Margin In 2023, 2024, and 2025, the company's gross profit margins were 6.6%, 7.0%, and 11% respectively. Annual Loss In 2023, 2024, and 2025, the company recorded annual losses of approximately RMB 604 million, 407 million, and 2.46 billion, respectively. Industry Overview According to Frost & Sullivan data, the Chinese travel industry's Gross Transaction Value (GTV) expanded from RMB 7.0 trillion in 2018 to RMB 7.3 trillion in 2019. Due to the COVID-19 pandemic, the market size slightly decreased to RMB 7.0 trillion in 2022. In 2023, as the economy gradually recovered from the pandemic's impact, the Chinese travel market rebounded strongly, growing by 9.0% year-on-year to reach RMB 7.6 trillion. By 2025, the market size further increased to RMB 8.6 trillion. Supported by ongoing urbanization and rising disposable income levels, the travel market is expected to continue expanding, reaching RMB 10.9 trillion by 2030, with a compound annual growth rate of 4.6% from 2026 to 2030. This expected growth trend highlights the long-term development potential of the Chinese travel industry. From 2020 to 2025, the Chinese ride-hailing market maintained stable growth, with a temporary slowdown due to the COVID-19 pandemic in 2020 to 2022. As the pandemic control measures eased and supportive policies were introduced by the end of 2022, the market started to recover. According to Frost & Sullivan data, the market is expected to grow from RMB 376.1 billion in 2026 to RMB 656.8 billion in 2030 by GTV, with a compound annual growth rate of 15.0%. From 2020 to 2025, the ride-hailing industry in the Yangtze River Delta region experienced short-term fluctuations due to the impact of COVID-19 but maintained a stable growth trend overall. In 2025, the ride-hailing market in the Yangtze River Delta region reached RMB 77.2 billion by GTV, accounting for 22.8% of the overall Chinese ride-hailing market. From 2020 to 2025, the compound annual growth rate of the ride-hailing market in the Yangtze River Delta region was higher than that in the first- and second-tier cities in China, indicating structural advantages in the region. Benefiting from the relatively mature digital infrastructure and highly integrated urban cluster structure in the Yangtze River Delta region, the industry has shown strong resilience and recovery capabilities. The market is expected to grow at a compound annual growth rate of 14.7% from 2026 to 2030. Board Information After the listing, the board of directors of Xiangdao Travel will consist of nine directors, including one executive director, five non-executive directors, and three independent non-executive directors. The director's term is three years and must be re-elected after the term expires. Equity Structure As of the last practical date, SAIC Motor Corporation is considered to have an interest in approximately 75.37% of the company's shares, including (i) directly holding 6.43% of the shares; and (ii) holding 68.94% of the shares through Changzhou Saikel. Both SAIC Motor Corporation and Changzhou Saikel are controlling shareholders before and after the listing, with the company not having any other controlling shareholders after listing. Intermediary Team Joint Sponsors: China International Capital Corporation Hong Kong Securities Limited, Guotai Junan Financing Limited Company Legal Advisors: AllBright Law Offices, JunHe LLP Joint Sponsors' Legal Advisors: Cooley LLP, Commerce & Finance Law Offices Auditor and Reporting Accountant: PricewaterhouseCoopers Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Compliance Advisor: Merisis Capital Limited