Kuaigou Taxi has fallen by more than 70% in the past 100 days, and its market value has evaporated by nearly 10 billion | Alibaba |

[Epoch Times, September 23, 2022]Kuaigou Taxi, known as China’s “first stock of intra-city freight”, was recently reduced by Alibaba. The stock price of Kuaigou Taxi has fallen since its listing, and its market value has evaporated nearly 10 billion Hong Kong dollars in more than two months.

According to the “Financial World” weekly report, according to the documents disclosed by the Hong Kong Stock Exchange, Alibaba reduced its holdings of Kuaigou Taxi by 232,400 shares at an average price of HK$6.36 per share on September 15, and its shareholding ratio dropped from 14.03% to 13.99%.

According to public information, Kuaigou Taxi was established in 2014. It mainly provides short-distance travel and goods delivery transaction services for large enterprises, small and medium-sized enterprises and individual users. Its taxi business has spread to more than 340 companies in five countries and regions in Asia cities.

On June 24 this year, Kuaigou Taxi was listed on the main board of the Hong Kong Stock Exchange, becoming the “first stock in the same city”. Judging from the performance of the secondary market, the company’s latest closing price fell 73.9% from the issue price. Based on the total share capital of 616 million shares, the market value of the listing for more than two months has evaporated by 9.788 billion Hong Kong dollars.

According to China Fund News, Kuaigou Taxi has received multiple rounds of financing before its listing in Hong Kong stocks, of which the pre-transaction valuation of Series C financing reached US$1.5 billion. Alibaba, 58.com, Cainiao, and BOCOM International are among the shareholders. 58Daojia, which is held by 58.com, accounts for 47.95% of the company’s issued ordinary shares and is the largest shareholder of Dagou Express.

At the beginning of its listing, Alibaba held a total of 92.1453 million shares in Kuaigou Dache, with a shareholding ratio of 14.97%. It can be seen that since the listing of Kuaigou Taxi in the past three months, Alibaba has reduced its holdings of Kuaigou Taxi by about 6.03 million shares.

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Judging from the performance of the secondary market share price, Kuaigou Dache’s share price has been falling since its listing. The latest closing price has dropped by 73.9% from the issue price. The latest market value is 3.5 billion Hong Kong stocks, and the market value has evaporated by nearly 10 billion Hong Kong dollars in the three months of listing.

In terms of performance, Kuaigou Taxi has continued to lose money in recent years and has never been able to make a profit. The loss continued to expand in the first half of this year. Specifically, from 2018 to the first half of this year, the net losses of Kuaigou Taxi reached 1.071 billion yuan, 184 million yuan, 658 million yuan, 873 million yuan and 1.046 billion yuan respectively. Kuaigou Taxi may continue to lose money in the future.

Responsible editor: Li Bing#

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