On April 24, according to the documents of the Hong Kong Stock Exchange, Fast Dog Taxi submitted a listing application to the Hong Kong Stock Exchange, with CICC, UBS, BOCOM International and ABC International as joint sponsors.
This time, the disclosed prospectus shows that in 2021, the number of fast dog taxi consignment orders was 28.4 million, the total transaction volume reached in the whole year was 2.677 billion yuan, the revenue was 661 million yuan, an increase of 24.6% year-on-year, and the net loss was 873 million yuan, which was expanded year-on-year. In the past four years, it has accumulated losses of 2.786 billion yuan, exceeding the sum of revenue. Previously, some institutions estimated that the pre-IPO valuation of Fast Dog Taxi was about $2 billion.
According to the prospectus, the revenue of Fast Dog Taxi in 2018, 2019, 2020 and 2021 was 453 million yuan, 548 million yuan, 530 million yuan and 660 million yuan, respectively; the net loss was 1.071 billion yuan, 184 million yuan, 658 million yuan and 873 million yuan, and the adjusted net loss was 784 million yuan, 397 million yuan, 185 million yuan and 311 million yuan, respectively.
As of 31 December 2018, 2019, 2020 and 2021, Fast Dog Taxi had approximately 14.5 million, 19.8 million, 24 million and 27.6 million registered shippers and 1.3 million, 3 million, 4.2 million and 5.2 million registered drivers, respectively.
Its total consignment order transactions fell slightly from 2.694 billion yuan in 2020 to 2.677 billion yuan in 2021, mainly due to the decrease in the total transaction volume of its Chinese mainland platform services in 2021 (compared with 2020), which was mainly due to the intensification of competition in the Chinese mainland online logistics market.
In addition, between May and December 2021, the average number of monthly active users of the platform's service Chinese mainland was 488,970, compared with 559,250 in the same period of 2020. Between May and December 2021, the average monthly number of consignment orders for the platform's service Chinese mainland was 1,990,130, compared with 2,132,320 for the same period in 2020. Between May and December 2021, the average monthly transaction volume of the Platform Services Chinese mainland was $155 million, compared to $187 million for the same period in 2020.
According to a third-party report, Kuaigou Taxi ranks third in the Chinese mainland online logistics platform market size, accounting for 3.2%; Lala has the first market share, accounting for 52.8%; Didi Freight second accounting for 5.5%. In Hong Kong, fast dog taxis account for about half of the market share.
Overall, fast dog taxi accounted for 52% of the total revenue in the Chinese mainland business and 48% in overseas business. Last year, the net commission rate was 2.6% in the mainland and 9.1% overseas.
According to public information, Fast Dog Taxi, formerly known as 58 Express, merged with GoGoVan Cayman, a logistics service platform in Hong Kong, China, in 2017, and was officially renamed as "Fast Dog Taxi" in August 2018, positioned as a "taxi platform for pulling goods", based on the full-process closed-loop online trading platform and massive social transportation capacity, to provide users with short-distance goods delivery and trading services such as pulling goods, moving, transporting things, etc. Operates in more than 340 cities in five Asian countries and regions, namely Chinese mainland, Hong Kong, Singapore, South Korea and India.
Among them, the revenue of Fast Dog Taxi mainly comes from platform services, enterprise services and value-added services, of which platform services cover freight, express delivery, and moving, accounting for 30% to 40% of the total revenue; enterprise services are mainly for large and medium-sized enterprises, accounting for 50% to 60% of the total revenue; value-added services are for participants in the ecosystem. According to the prospectus, Fast Dog Taxi promotes on-demand same-city logistics by matching drivers and shippers on the platform.
In terms of equity composition, according to the financial report, before the listing, the largest shareholder 58 Home held 50.51% of the controlling interest of Fast Dog Taxi, GoGoVan Cayman held 17.58%, Taobao China and Taobao Holdings held 12.92%, and Alibaba Group held 15.77%.
It is worth mentioning that this is not the first time that Fast Dog Taxi has passed out the information of the hearing of the Hong Kong Stock Exchange, as early as last August, Fast Dog Taxi submitted a listing prospectus to the Hong Kong Stock Exchange for the first time, starting the listing process. In February this year, the news came out that it had passed the hearing of the Hong Kong Stock Exchange and would be listed on a selected date. In March, foreign media reported that Fast Dog Taxi was responding to the latest request from the Hong Kong Stock Exchange or postponing its listing until the second quarter.
In the face of the approaching of May, can fast dog taxis with a loss of 2.7 billion yuan in four years be successfully listed in Hong Kong as desired?