HONG KONG, Aug 22, 2025 - (ACN Newswire) - On August 22, CaoCao Inc. (‘CaoCao’ or ‘Company’, stock code: 2643.HK,) was selected to be added to the Hang Seng Composite Index as a constituent stock, with the change taking effect on September 8, 2025. The adjustment, which follows the semi-annual review results as of June 30, 2025, reflects capital market’s high recognition of CaoCao Inc.’s industry standing and growth potential. It is widely anticipated that the company will become eligible for inclusion in the Hong Kong Stock Connect on the same date, thereby broadening its investor base and attracting additional capital from Mainland China.
As a key screening criterion for inclusion in the Hong Kong Stock Connect, constituents of the Hang Seng Composite Index must meet stringent requirements in market capitalization, liquidity, and representativeness. Since its listing on the Hong Kong Stock Exchange on June 25 in 2025, CaoCao Inc. has seen a continuous rise in its share price. By the end of the review period, its market capitalization far exceeded the inclusion threshold for the Hang Seng Composite Index (institution estimates place the threshold for this adjustment at approximately HKD 7.33 billion), while its trading activity also met the requirements. The company’s unique “purpose-built vehicles + asset-light expansion” model and its early strategic deployment in the Robotaxi sector have injected new economic dynamism into the index.
CaoCao Inc. is a shared mobility platform incubated by Geely. The company has become China’s second-largest ride hailing platform by 2024 Gross Transaction Value (GTV) and the largest listed mobility technology company on the Hong Kong Stock Exchange. Leveraging Geely’s ecosystem, CaoCao Inc. has introduced all-electric vehicle models specifically designed for shared mobility scenarios. The Total Cost of Ownership (TCO) of these purpose-built vehicles is 36.4% lower than that of typical electric vehicles. The company has deployed 34,000 purpose-built vehicles across 31 major cities, representing the largest fleet of its kind.
In 2024, CaoCao Inc. achieved an annual GTV of approximately RMB 17 billion, with its service network covering 136 cities nationwide. By selling purpose-built vehicles to local mobility capacity partners, it successfully expanded into 85 new cities and incentivized these partners to provide services through its platform. The company’s growing economies of scale contributed to an increase in its gross profit margin to 8.1% in 2024, reflecting continued improvement in profitability.
In February 2025, CaoCao Inc. launched its autonomous driving platform, “CaoCao Zhixing,” initiating pilot operations in Suzhou and Hangzhou. In collaboration with Geely, the company is developing L4-level Robotaxi purpose-built vehicles, which are expected to have a significantly lower TCO than comparable products in the industry. According to forecasts by Frost & Sullivan, China’s Robotaxi market is projected to grow to RMB 1,600 billion by 2035. CaoCao Inc. has established China’s first self-developed closed-loop ecosystem for Robotaxi, integrating purpose-built vehicles, autonomous driving technology, and a mobility platform. With this full industrial chain advantage, its Robotaxi business is poised to become a new growth engine for the company.
A number of leading financial institutions—including J.P. Morgan, Huatai Securities, and Shenwan Hongyuan Securities—previously projected that CaoCao Inc. is expected to be included in the Hong Kong Stock Connect on September 8, enabling mainland investors to directly invest in the company through the Shanghai-Shenzhen-Hong Kong Stock Connect mechanism. More recently, Zheshang Securities also initiated coverage with a “Buy” rating and set a target price of HK$103.17. Analysts believe that the anticipated inclusion into the Stock Connect, coupled with accelerating commercialization of Robotaxi services, is likely to unlock further medium- to long-term valuation upside. In addition, passive funds tracking the index adjustment are expected to carry out concentrated buying during the tail end of the trading session on September 5, which may contribute to noticeable volume growth and upward momentum in CaoCao Inc.’s share price.