On April 13, a sharing transportation platform for car reservations, Dida Travel, resubmitted its listing application to the Hong Kong Stock Exchange.
Dida Travel had submitted a listing application to the HKSE on October 8, 2020, and the application lapsed last week. Dida Travel responded that it is a normal procedure to update the listing information six months after the submission of the form, and the specific update time is subject to HKSE website announcement.
Founded in 2014, this company firstly focused on private minibus and passenger rides, upgrading to 'Dida Travel' in 2018, with two major businesses, including hitch-riding and taxis. In the same year, the two other major transportation-sharing apps in China, Didi and Gaode, abandoned the ride-hitching business due to several safety incidents, giving Dida Travel an opportunity to occupy the sector.
According to the 2020 prospectus, the company's total transactions amounted to CNY 9 billion, with operating revenue of CNY 791 million, up 36.3% year-on-year. Among them, revenue from hitchhiking services was CNY 705.6 million, accounting for 89.2%, as the pillar business.
As of December 31, 2020, the cumulative registered users of Dida Travel had exceeded 200 million, with certified private car owners increasing to 10.8 million and a cumulative 42 million passenger rides. According to the Frost & Sullivan Consulting Report, in 2019, Dida Travel held a market share of 66.5% in the domestic hitchhiking market, making it the largest hitchhiking platform in China.
In addition, Dida's hitch-riding system has intervened in the public security information system. By regularly verifying operational information with the public security system, it has helped establish a blacklist system to reduce illegal operating drivers and increase riding safety.
As a competitor of Dida Travel, Didi Express has resumed its hitch-riding business in 2020. On April 9, Dida Express submitted IPO documents to the SEC, applying for listing in the United States.