GOGOX Passes Hong Kong Listing Hearing

According to information disclosed by the Hong Kong Stock Exchange (HKEx) on Tuesday, Chinese logistics platform GOGOX has passed its listing hearing. China International Capital Corporation Limited, UBS, BOCOM International and ABC International are its co-sponsors.

According to the transaction volume of the intra-city freight market in the Chinese mainland in 2021, the market share of GOGOX reached 3.2%.

According to a prospectus previously published by GOGOX, the company operates in more than 340 cities in five Asian countries and regions. As of December 31, 2021, there were about 5.2 million registered drivers and 27.6 million registered users on the platform.

According to operating data disclosed by GOGOX, its annual revenue in 2021 was 660.9 million yuan ($99.13 million), a year-on-year increase of 24.6%, while its order volume increased to 28.4 million in 2021. Its gross profit from 2018 to 2021 was 104.4 million yuan, 173.1 million yuan, 183.4 million yuan and 241.7 million yuan respectively, and the gross profit margin in the same period was 23.0%, 31.6%, 34.6% and 36.6% respectively.

The revenue of GOGOX in Hong Kong, China and overseas markets increased from 120 million yuan in 2018 to 320 million yuan in 2021, accounting for 48% of its total revenue. According to the total transaction volume in 2021, the market share in Hong Kong and its overseas businesses has reached 50.9%.

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GOGOX also released the orders of new energy vehicles it operated. In 2018, 2019, 2020 and 2021, the proportion of orders completed by new energy vehicles of GOGOX in the Chinese mainland was 2.3%, 6.1%, 13.4% and 30.4% respectively. GOGOX said that the company plans to further promote the use of new energy vehicles. By the end of 2023, it is estimated that more than 80% of orders on the platform will be completed by new energy vehicles.