Listing is the pinnacle!
For many A-share companies, this sentence can be used to describe it. However, the company I want to talk about today is quite special, and it only took a year and a half to become a penny stock.
Note that the company has only been listed for a year and a half!
How miserable is it?The issue price of the company is 21HK$5 shares, however, as of December 18, only 052 Hong Kong dollars shares, down 98%, market capitalization has and only 3HK$2.6 billion. What's even more incredible is that this company has lost liquidity, and even has a single-day turnover of about 500,000 Hong Kong dollars, reducing it to the ranks of penny stocks.
The company I'm going to talk about today is Kuaigou Taxi.
Let's start with the name of the company.
Kuaigou Taxi is a same-city freight brand launched by 58.com, which belongs to Daojia Group, which was originally called 58 Suyun and was renamed "Kuaigou Taxi" in August 2018. In June 2022, GoGox landed on the Hong Kong Stock Exchange and became the "first freight stock in the city".
Some netizens quipped:
"One of the big failures of Kuaigou is the name, which feels a bit like scolding customers. ”
In fact, the company's operating performance is also extremely miserable.
From 2019 to 2022, the net profit of Kuaigou Dache was -18.4 billion yuan, -65.8 billion yuan, -87.3 billion and -120.5 billion yuan, with a cumulative loss of 29 in four years300 million yuan.
You may not feel intuitively, but I'll give you another number.
In the past four years, the total operating income of Kuaigou Dache was 254.6 billion yuan. That is to say,The amount of the company's loss was higher than the operating income。In the first half of this year, for example, the company's operating income was 3700 million yuan, but the net loss was as high as 6400 million yuan.
What is the concept?
For every 1 yuan of revenue achieved by Kuaigou Taxi, it needs to lose nearly 2 yuan at the expense!
As of the end of June 2023, the monetary funds of Gogox are 20.2 billion yuan, even if the total cash of trading financial assets is added, it is more than 500 million, which is not enough for the company to lose half a year in half a year.
Looking at it now, the original IPO of Kuaigou Taxi may not be for the long-term development of the company at all, but to let the original shareholders step up their cashing out and sell all the shares to the majority of **.
Some people may ask, is the business model of this business unworkable?
To answer this question, let's take a look at the performance of peer companies.
Founded in 2017, the company was formerly known as the "Truck Gang" and "Yunmanman" platforms, and as an "Internet + logistics" platform enterprise, it will land on the New York Stock Exchange in 2021.
Before 2021, the Full Gang was also in a state of lossHowever, in 2022, the Full Gang will be profitable, with a net profit of 4100 million yuan;In the first three quarters of 2023, the net profit of the full gang was 16400 million yuan, an increase of more than 6 times over the same period last year. Moreover, the company's total book cash is close to 20 billion yuan, and the company's market value exceeds 50 billion yuan.
The same profitability, there is also the goods lala.
In 2022, the company achieved its first profit since its inception, with an adjusted net profit of 0.$5.3 billion;In the first half of this year, the adjusted net profit of Lala was 1$500 million, profitability further strengthened.
In a word, although there are problems of one kind or another in the full gang and the goods lala, the doubts of the market are also one after anotherBut at least it can illustrate one problem, that is, the business of intra-city freight logistics can be profitable, and the business model is established.
On the other hand, the reason why Kuaigou Taxi has suffered serious losses is mainly due to its own reasons.
In terms of transaction value, the total annual transaction value of GoGox increased from 335.7 billion yuan has shrunk year by year to 25 percent in 20224.1 billion yuan. In addition, there are two other data that need to be highlighted: the number of active drivers and monthly active users of GoGox are also declining, and they are no longer disclosed.
Therefore, although Hong Kong stocks are a market that eats people and does not spit out bones, the performance of the company Kuaigou Taxi does make people feel hopeless.