On April 24, fast Dog Taxi Holding Co., Ltd. (hereinafter referred to as "fast Dog Taxi") updated its prospectus on the Hong Kong stock exchange. It is worth noting that its revenue in Hong Kong and overseas markets increased significantly, from 120 million yuan in 2018 to 320 million yuan in 2021, an increase of 167%, and the proportion of total revenue increased from 26.5% to 48%.
In fact, not only fast dog taxi, but also huolala has been rumored to be listed in Hong Kong for many times this year. Manbang group, which is listed in the U.S. stock market, and Fuyou truck, which has submitted a prospectus in the U.S. stock market, have been accused of going on the way to be listed in Hong Kong.
On April 25, the reporter of Securities Daily interviewed huolala, manbang group and Fuyou truck. Fuyou truck responded that "there is no public news about the listing at present". The relevant person of huolala said: "the company has no specific listing plan and timetable."
achieving scale growth is the core
In the industry, Fuyou truck is the first one to be listed. On May 13, 2021, Fuyou truck officially submitted its prospectus and planned to be listed on NASDAQ. 15 days later, manbang group, one of the competing products, also submitted a prospectus for listing in the United States. Finally, manbang group took the lead in listing on June 22, 2021. Its IPO raised nearly $1.6 billion and won the title of "the first share of digital freight". On August 27, 2021, fast dog took a taxi and submitted its listing application to the Hong Kong stock exchange.
In terms of the purpose of the raised funds, 40% of the funds raised by manbang group are used for infrastructure development and technological innovation investment, 40% for expanding service products and 20% for general enterprise purposes. According to the prospectus of Fuyou truck, 50% of its planned raised amount is used to expand the shipper business of small and medium-sized enterprises, 30% is used for R & D, and the rest is used for general corporate purposes such as working capital and operating expenses.
The funds raised by fast Dog Taxi are mainly used to expand the service network in asset light mode and continue to expand the enterprise customer base; Strengthen technical capacity to consolidate competitive advantage; Expand driver base and increase driver participation, while promoting efforts in sustainable development; Explore diversified liquidity opportunities and expand the company's ecosystem; Seek strategic partnerships, acquisitions and investments to expand the company's global footprint.
From the purpose of the funds raised by the above-mentioned enterprises, expanding service products and expanding enterprise customers are necessary options.
"At present, the industry is still scattered, so obtaining scale growth is the core. The purpose of listing these enterprises is also very clear, that is, in order to obtain enough funds and expand market share with ammunition." Haitong Securities Company Limited(600837) analyst Yu Nan told the reporter of Securities Daily.
when will the profit dilemma be solved
Despite the title of "the first share of digital freight", after the listing of manbang group, the share price has risen a little and fallen a lot. The highest price once hit US $19.27. However, as of press time, the share price is only US $5.08, which is far from the opening price of US $22.5 on the day of listing, which can be said to be "ankle cutting". In fiscal year 2021, the net profit attributable to the common shareholders of the parent company was -4.173 billion yuan, a year-on-year decrease of 16.22%. The updated financial data of fast dog taxi also shows that its revenue in 2021 was 661 million yuan, a year-on-year increase of 24.72%; The net profit was -873 million yuan, and the loss increased by 32.67%.
"Different from the online car Hailing industry, the problems faced by the express industry have little to do with supervision. The main reason why the capital market does not recognize manbang is that the market capacity of this industry is not very large, and it is not a good target. Moreover, these enterprises mainly do tob business, and the realization is not so fast. And the platforms have not really formed a new freight force in scale." Yu Nan told reporters: "because the market scale is very scattered, even the leading enterprises only occupy 2% - 3% of the market share. Before the enterprises have not formed a large enough scale, the loss is normal."
IResearch consulting data show that in the field of intra city freight, tob's enterprise services account for more than 90% of the market, while the C-end moving service market is only 3%, and the rest of the market is for the field of express city distribution. Fast dog taxi also told reporters: "we provide planned and on-demand local logistics services for enterprise customers, ranging from small and medium-sized enterprises to industry leaders and multinational companies. In addition, fast dog taxi has established cooperative relations with major community group purchase providers and community e-commerce companies in China."
Earlier, media reports said that manbang group plans to go to Hong Kong for Dual Major listing, and is expected to raise about US $1 billion. For the listing in Hong Kong, as of press time, the reporter has not received a reply from manbang group. In addition, in March this year, Shan Dandan, founder and CEO of Fuyou truck, once told the media that there is still a lot of uncertainty in the market environment this year. Fuyou truck will lay a solid business foundation and plan to go to Hong Kong stocks for listing next year.
It can be seen that compared with 2021, the pace of enterprise listing in 2022 seems not so fast. Especially at present, truck drivers are facing the problem of blocked transportation, which also has a certain impact on the platform.
"At present, the difficulties faced by front-line truck drivers are mainly the travel restrictions in some cities during the epidemic. According to the feedback of some drivers on the platform, due to the epidemic, the policies of shipping and receiving goods in freight are limited, and the order volume has been reduced, but the cost of vehicles has not been reduced. Especially now the oil price remains high, and the economic pressure of drivers has increased." Taking the Yangtze River Delta as an example, in April this year, the transportation capacity of active cross city large trucks in the Yangtze River Delta on the freight Lala platform decreased by more than 50% month on month, and the order response rate and order completion rate also decreased accordingly.
In order to ensure the income level of registered drivers on the platform and avoid vicious competition, fast Dog Taxi told reporters: "fast Dog Taxi strictly manages the growth of the number of registered drivers in each city or region to balance the growth of the number of drivers and market demand."
