Hong Kong's initial public offering market is heating up ahead of the mid-year book close, with at least five companies filing post-hearing information packs this week.
Among them is CaoCao, a car-hailing platform incubated by Geely group.
Caocao operated in 136 cities as of the end of 2024, and maintained a fleet of over 34,000 purpose-built vehicles across 31 cities for use by its affiliated drivers – the largest fleet of its kind in China, according to Frost & Sullivan.
Caocao’s revenue grew 37 percent last year to 14.6 billion yuan (HK$15.96 billion), while its net loss narrowed by the same margin to 1.25 billion yuan.
In addition to Caocao, postpartum care provider Saint Bella has cleared its listing hearing. The company operates 96 confinement centers, including locations in Hong Kong, Singapore, and the US – making it the first Chinese operator of its kind to expand beyond the mainland, according to its latest filing.
Pre-IPO investors in Saint Bella include Tencent (0700), Swire Properties (1972), Sun Hung Kai (0086), and Mirae Asset, among others.
Also winning approval for listing this week are home appliance maker XJ Electrics (Hubei), fragrance company Eternal Beauty, and pre-revenue biopharmaceutical firm TransThera Sciences (Nanjing).
Staff Reporter
