(Bloomberg) — Ruqi Mobility, the ride-sharing agency of state-backed Chinese automaker GAC Group, has asked banks including ABC International Holdings Ltd., according to people familiar with the matter. selected for its planned IPO in Hong Kong.
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The company is also working with China International Capital Corp. and Huatai International participated in the initial share sale, it said. The IPO could happen as early as next year, the people said, asking not to be identified because the information is private. The offer could fetch a few hundred million dollars, although preparations are still in the early stages, they said.
Details such as the donation amount and bank lineup are subject to change, the people said. CICC and Huatai International officials declined to comment, while ABC International and Ruqi spokespeople did not immediately respond to requests for comment.
Ruqi joins a crowded field of Chinese ride-hailing companies targeting first-time Hong Kong share sales next year, including Zhejiang Geely Holding Group Co.-backed Cao Cao and Tencent Holdings Ltd.-backed Cao Cao. connected T3. Didi Global Inc., a dominant force in the local industry, is also considering a Hong Kong listing after being delisted from the New York Stock Exchange earlier this year.
Founded in 2019, Ruqi offers services such as driving services, car services and company transportation, according to its website. It mainly operates in the Greater Bay Area, including cities such as Guangzhou, Shenzhen, Dongguang and Zhuhai. The company is developing an open platform for autonomous vehicles in the industry, known as robotaxis.
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In April, Ruqi raised more than 1 billion yuan (US$143 million) in Series A funding led by GAC Group and with participation from autonomous driving leaders Pony.ai and Guangzhou WeRide Technology Co the site shows.
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