Shangdao Travel, a ride - hailing platform operated under SAIC Motor, has officially submitted its application to list on the Hong Kong Stock Exchange. CICC and Guotai Junan International are acting as the joint sponsors for this listing endeavor. As a prominent comprehensive smart mobility platform in China, Shangdao Travel has demonstrated consistent revenue growth and a steady decline in losses over the past few years. Between 2022 and 2024, its revenue figures stood at RMB 4.729 billion, RMB 5.718 billion, and RMB 6.395 billion, respectively. Correspondingly, its net losses during these years were RMB 7.815 billion, RMB 6.039 billion, and RMB 4.072 billion. In the first half of 2025, the company's financial performance continued to show promise, with revenue reaching RMB 3.013 billion, a net loss of RMB 1.147 billion, and a notable increase in the gross profit margin to 11.3%. The company's primary revenue streams are derived from ride - hailing and vehicle rental services. SAIC Motor holds the position of the major shareholder in Shangdao Travel. Additionally, well - known companies such as Alibaba, CATL, and Momenta have also made investments in the platform. Shangdao Travel holds a unique position as the first L4 - level Robotaxi operation platform in China with an automaker background. It has successfully secured relevant core qualifications. Looking ahead, the company has set ambitious goals. By the end of 2025, it aims to achieve fully driverless operations in Shanghai, eliminating the need for safety officers in the vehicles. By 2027, it plans to roll out large - scale commercial operations across multiple cities in China. The funds raised from this IPO will be predominantly utilized for the research and development of autonomous driving technology and the expansion and promotion of Robotaxi services.