Ride Hailing Firm OnTime Gets Green Light for Hong Kong Listing

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OnTime, also known as Ruqi Mobility, said it will use the funds raised to promote autonomous driving, Robotaxi services and R&D activities

Tencent-backed ride-sharing platform OnTime has passed the listing hearing for its initial public offering (IPO) on the main board of the Hong Kong Stock Exchange.

OnTime, also known as Ruqi Mobility, said it will use the funds raised to promote autonomous driving, Robotaxi services and R&D activities, as well as brand building and market expansion. The company didn’t disclose the size or the timetable for its IPO.

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Tencent-backed OnTime has passed the listing hearing for its IPO on the Hong Kong Stock Exchange.
Funds from the IPO will be used for autonomous driving, Robotaxi services, R&D, brand building, and market expansion.
OnTime’s revenue grew to 2.2 billion yuan in 2023, but it reported a net loss of 693 million yuan due to service expansion.

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Who’s Who

OnTime: OnTime, also known as Ruqi Mobility, is a Tencent-backed ride-sharing platform established in 2019 by Tencent Holdings and GAC Group. It has passed the Hong Kong Stock Exchange's listing hearing for its IPO, aiming to promote autonomous driving, Robotaxi services, and R&D. Mainly serving the Greater Bay Area, OnTime ranked second in the region's ride-hailing market in 2023. The company reported a revenue of 2.2 billion yuan in 2023 but faced a net loss of 693 million yuan.

Dida Inc.: Dida Inc. is a ride-hailing service provider that launched an IPO earlier this month in Hong Kong, aiming to raise up to HK$273.7 million ($35.06 million). The company is one of several in the industry seeking share sales in the region.

Caocao Inc.: Caocao Inc., backed by Geely, is seeking regulatory clearance for its IPO application in Hong Kong. The company is one of several ride-hailing service providers looking to raise funds through share sales in the region, similar to OnTime and Dida Inc.

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What Happened When

2019：: OnTime was established by Tencent Holdings and state-backed automaker GAC Group.

April 2022：: OnTime launched the world’s first open Robotaxi operations platform.

October 2022：: OnTime introduced a hybrid of chauffeured and Robotaxi services in Guangzhou.

2021-2023：: OnTime’s revenue grew at an annual compound growth rate of 46%, reaching 2.2 billion yuan in 2023.

By the end of 2023：: OnTime’s Robotaxi service had accumulated 20,000 operational hours, covered 545 stations, and completed 450,000 kilometers in trial operations.