On March 25, Chenqi Technology Limited(Ruqi Mobility) once again submitted its main board listing application to the Hong Kong Stock Exchange.
CICC, Huatai International and ABC International will serve as its joint sponsors. According to the listing application form, Ruqi Mobility's total revenue in 2021 will be 1.0135 billion yuan, 1.3684 billion yuan in 2022, and 2.1611 billion yuan in 2023. The losses during the year will be 684.6 million yuan, 626.8 million yuan, and 692.8 million yuan respectively.
Ruqi Mobility was founded in 2019 by GAC Group and Tencent. It is a company focusing on travel technology and services. Its main product is Ruqi(on time) Mobility, a smart mobility platform. Ruqi Mobility is committed to building a comprehensive and three-dimensional travel technology solution and service system. Its business scope includes travel services - mainly online ride-hailing and Robotaxi services, technical services - mainly AI data and model solutions, high-tech Precision maps and ecological services - providing full support for drivers and capacity franchisees.
Faced with the saturated development status of the online ride-hailing industry, Ruqi Mobility is betting its future development on technological travel in order to find new growth points. Therefore, Ruqi Mobility quickly launched the layout of self-driving taxis (Robotaxi) and began to explore the development and commercialization path of Robotaxi from 2021. As of June 30 last year, Ruqi's Robotaxi service had been operating for approximately 18,490 hours, covering 538 stations, and completed a safe trial operation mileage of approximately 457,000 kilometers.
In early January this year, Ruqi obtained the qualification for the Manned Robotaxi Demonstration Application in Shenzhen, and was approved to conduct Robotaxi Manned Demonstration Applications in Shenzhen Qianhai Area, Baoan Central Area, Baoan Airport Area, Shenzhen Bay and Shenzhen Bay Port. At the end of January, Ruqi and strategic partner Pony.ai jointly obtained the Baoan District Intelligent Connected Vehicle Commercialization Pilot License at the launch ceremony of the commercialization pilot of intelligent connected vehicles held in Baoan District, Shenzhen. This means that Ruqi Robotaxi has been approved to provide paid self-driving travel services in Baoan District, and large-scale commercial operations are accelerating.
From the perspective of market share, Ruqi has now achieved an important position in the Greater Bay Area, becoming the second largest service provider in the area, and is also expanding to other cities across the country. It is expected that its Robotaxi will be commercialized around 2026, enter a mature commercialization stage before 2030, and be widely used in major regions around the world.