February 9, 2023

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On April 24, Chinese language logistics platform GOGOX submitted an utility for a public record at the Hong Kong Inventory Alternate (HKEx). Its co-sponsors are CICC, UBS, BOCOM World and ABC World. The valuation of this record is set $3 billion, and the price range raised by means of the transfer are anticipated to overall between $400 million and $500 million.

Previously referred to as GoGoVan, the corporate merged with fellow Chinese language company 58 Categorical and used to be formally renamed as “GOGOX” in August 2018. It’s situated as a car-hailing platform for items logistics. It’s dedicated to offering customers with short-distance delivery of products and a buying and selling services and products platform for logistics, relocation and transportation anytime and any place. Since its established order, GoGoVan has gained 3 rounds of financing.

When it comes to shareholding, 58 Freight hang 50.51%, GoGoVan Cayman holds 17.58%, Taobao China holds 12.92% and Cainiao holds 2.84%.

GOGOX now operates in additional than 340 towns in 5 Asian nations and areas. The platform has about 4.5 million registered drivers, about 24.8 million registered customers and has served greater than 33,000 enterprises.

In step with the prospectus, the yearly revenues of GOGOX from 2018 to 2021 had been 453 million yuan, 548 million yuan, 530 million yuan and 660 million yuan respectively; gross income had been 100 million yuan, 173 million yuan, 183 million yuan and 242 million yuan respectively; and in the end, losses had been 1.071 billion yuan, 184 million yuan, 658 million yuan and 873 million yuan respectively.

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GOGOX mentioned that taking into consideration the company’s intra-city logistics industry continues to be in its preliminary levels, the corporate has invested considerably in selling enlargement. Making an allowance for this industry funding plan, GOGOX anticipated losses till 2024 on the earliest. Additionally, from April 2021 to March 2022, GOGOX confronted scrutiny six separate occasions by means of China’s Ministry of Shipping Communications, the Shanghai Municipal Transportation Fee and different govt departments, basically referring to problems with public protection, the security of drivers’ rights and pursuits and others.

As of the tip of 2018-2021, GOGOX had about 14.5 million, 19.8 million, 24 million and 27.6 million registered consignors and 1.3 million, 3 million, 4.2 million and 5.2 million registered drivers respectively.

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In step with Frost & Sullivan, GOGOX ranked 3rd within the intra-city logistics marketplace within the Chinese language mainland, with a marketplace percentage of three.2%. Huolala occupied the most important marketplace percentage, accounting for 52.8%, whilst DiDi Freight accounted for five.5%. In Hong Kong, GOGOX accounted for approximately part of the marketplace percentage.