Parent Company of GOGOX, Asia’s Leading Intra-city Technology Logistics Platform, Formally Submits Listing Application
The parent company (“the Group”) of Asia’s leading technology logistics platform GOGOX submitted its listing application in Hong Kong. The Group provides intra-city logistics services to individual shippers, SMEs and international corporations. It operates two major brands, namely, GOGOX for the Hong Kong and overseas markets, where it is the largest online intra-city logistics platform in Hong Kong , and Kuaigou Dache in mainland China, which is the second largest online intra-city logistics platform in the country . The Group operates in more than 340 cities across five countries and regions in Asia, namely mainland China, Hong Kong, Singapore, Korea and India.
The Group disrupts the traditional logistics industry with innovative technologies and is committed to providing technology-powered and user-centric logistics solutions, and promoting industry transparency, trust and efficiency. As of April 30, 2021, its logistics platform has approximately 24.8 million registered shippers and 4.5 million registered drivers. From January 1, 2018 to April 30, 2021, the Gross Transaction Value (GTV) of the platform reached RMB 10.2 billion, with more than 100 million shipment orders completed.
Over the years, the Group’s business has grown at a healthy and steady pace. In the first four months of 2020 and 2021, the GTV of the Group increased from RMB618.4 million to RMB798.6 million, representing a year-on-year growth of 29.2%, and revenue also notably increased from RMB128.2 million to RMB193.4 million, a year-on-year growth of 50.9%. During the same time period, the Group’s gross profit reached RMB 68.6 million, an increase of 111.2%, from RMB 32.5 million during the same period last year, while its gross profit margin increased from 25.3% to 35.5%. According to the listing application documents, the Group is backed by a strong portfolio of major shareholders, including Alibaba, Cainiao, Taobao China, 58.com, 58 Home, Cyberport Macro Fund and Qianhai Equity Investment.
The Group provides freight services with innovative and data-driven technologies to individual customers, SMEs and international corporations. As of April 30, 2021, the Group had cumulatively served more than 33,000 SMEs and large enterprises via its enterprise services, including supermarkets, restaurants, building materials suppliers, furniture retailers, community group purchasing platforms, e-commerce platforms and government organisations, with enterprise services accounting for 57.8% of its total revenue.
The Group aims to become a one-stop logistics platform. Its asset-light business model is highly scalable and enables the Group to establish businesses and expand in markets in a cost-efficient manner. According to a Frost & Sullivan Report, the online logistics platform penetration rate in Asia increased from 0.21% in 2016 to 2.02% in 2020, and is expected to grow to 14.3% in 2025. Driven by continued urbanisation, e-commerce growth and new retail development, the Group will strategically deploy marketing efforts to aid customers to seize opportunities that facilitate sustainable growth. Moreover, the Group will explore other potential markets in the Asia-Pacific region through strategic partnerships, investments and acquisitions, as well as continue to introduce new services and products, including warehousing, inventory management, e-commerce integration, order management, picking and packing, cross-border shipping services, etc. Lastly, the Group intends to further expand its business ecosystem by introducing additional third-party service providers, such as automobile manufacturers and dealers and fuel station operators to accelerate the flywheel effect so as to capture the tremendous opportunities found in the intra-city logistics market.
Topic: Press release summary