Geely-backed ride-hailing firm Cao Cao Mobility said to pick three banks for Hong Kong IPO plan

Cao Cao is a smaller rival to Didi Global and is backed by auto tycoon Li Shufu of Zhejiang Geely group

Firm is said to have picked investment banks ABC, Bank of America and Huatai to help prepare for its listing as soon as April next year

Reading Time:2 minutes

Men look at an electric vehicle of Caocao Zhuanche, a chauffeur ride-hailing platform backed by Zhejiang Geely Holding Group, at a new energy vehicle (NEV) trade fair in 2016. Photo: Reuters

Published: 5:52pm, 6 Dec 2022

Cao Cao Mobility, a Chinese ride-hailing firm backed by closely-held Zhejiang Geely Holding Group, has picked banks for its planned Hong Kong initial public offering (IPO), according to people familiar with the matter.

The company is working with ABC International Holdings, Bank of America and Huatai International on the first-time share sale, the people said. The IPO could happen as soon as next year, the people said, asking not to be identified as the information is private.

Cao Cao is looking to file its preliminary prospectus as soon as April once it has the full-year financial results for 2022, according to one of the people.

Deliberations are ongoing and details such as the fundraising amount and bank line-up could still change, the people said. Representatives for Bank of America, Geely and Huatai declined to comment, while a representative for ABC International did not immediately respond to requests for comment.

Cao Cao, a smaller rival to Didi Global in China’s ride-hailing market, uses its own fleet of vehicles and taxis, and its services include concierge and car rental, according to Geely’s website. They are available in 62 cities in China, including Hangzhou, Beijing, Shanghai, Guangzhou and Shenzhen.

The company launched its chauffeur service platform in Paris in 2020.