(Yicai) Oct. 31 -- The mobility branch of Chinese automotive giant SAIC Motor has submitted a listing application to the Hong Kong Stock Exchange.

The initial public offering will have China International Capital Corporation and Guotai Junan International as the joint sponsors, EnjoyGo Technology said in a listing prospectus filed with the HKEX on Oct. 28. The proceeds will be used to research and develop self-driving technologies and promote the commercial operation of robotaxi services.

EnjoyGo, which operated a namesake ride-hailing platform, had operating revenues of CNY4.7 billion (USD661 million) in 2022, CNY5.7 billion in 2023, and CNY6.4 billion in 2024, with net losses shrinking 47 percent to CNY4.1 billion in the three years, the prospectus showed.

In the first half of this year, EnjoyGo's net loss narrowed 46 percent to CNY1.1 billion from a year earlier, but its operating revenue fell 2.8 percent to CNY3 billion.

Ride-hailing is EnjoyGo's core business segment, contributing to about 78 percent of its revenue last year. According to a report by Frost & Sullivan, EnjoyGo ranked fifth among China's ride-hailing platforms by gross transaction value last year and was the second by orders completed in Shanghai.

As of June 30, EnjoyGo's ride-hailing services covered 85 Chinese cities, with nearly 1.1 million registered drivers. In 2024, it received an average of over 600,000 daily orders, with a GTV exceeding CNY5.5 billion.

Vehicle leasing services are another major business of EnjoyGo. According to the prospectus, vehicle leasing generated almost CNY1.1 billion in revenue last year, accounting for 17 percent of the total. By GTV, EnjoyGo ranked second in China's corporate mobility services industry and first in the Yangtze River Delta region.

SAIC is EnjoyGo's largest shareholder with a 6.4 percent direct stake and a 68.9 percent indirect stake through Changzhou Saike Mobile Travel Investment. The second-largest shareholder is Gaoxing Tianjin Management Consulting, which is controlled by Alibaba Group Holding, with a 6.5 percent stake.

Meishan Bonded Port Zone Wending Investment, a subsidiary of Chinese battery giant Contemporary Amperex Technology, is also among EnjoyGo's shareholders, ranking seventh with a 1.9 percent stake.

According to Frost & Sullivan, EnjoyGo is China's first Level-4 robotaxi operating platform backed by a carmaker, positioning it as an industry leader in robotaxi commercialization and scaling.

EnjoyGo expects to launch fully driverless robotaxi operations without safety drivers in Shanghai by the end of this year and achieve scaled commercial robotaxi operations across multiple Chinese cities by 2027.

Editor: Futura Costaglione