According to people familiar with the matter, ABC International Holdings Ltd., Chinese state backed automaker GAC Group's ride-hailing firm, has picked banks, including ABC International Holdings Ltd., for its planned Hong Kong initial public offering.
The people said that the company is working with China International Capital Corp. and Huatai International on the first-time share sale. The people said that the IPO could happen as soon as next year, and they asked not to be identified as the information is private. The offering may raise a couple hundred million dollars, but preparations are at an early stage.
The people said that details such as the fundraising amount and bank lineup could be changed. Representatives for CICC and Huatai International didn't immediately respond to requests for comment, while spokespeople for ABC International and Ruqi didn't immediately respond to requests for comment.
Ruqi is joining a field of Chinese ride-hailing companies that are looking for first-time share sales in Hong Kong next year, including Zhejiang Geely Holding Group Co. and Tencent Holdings Ltd. backed by Cao Cao and Tencent Holdings Ltd. Didi Global Inc., a dominant force in the local industry, is considering pursuing a Hong Kong listing after delisting from the New York Stock Exchange earlier this year.
Ruqi was founded in 2019 and offers services including ride-hailing, car services and corporate transportation. It is mainly located 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.
The website shows that Ruqi raised more than 1 billion yuan $143 million in a series A financing led by GAC Group and with participation from autonomous driving leaders Pony.ai and Guangzhou WeRide Technology Co. in April.