On June 25, 2025, CaoCao Inc. (“CaoCao”, Stock Code: 02643.HK) officially debuted on the Main Board of the Hong Kong Stock Exchange. The company issued a total of 44.1786 million H shares globally in its IPO, priced at HK$41.94 per share, raising approximately HK$1.853 billion in total proceeds.

CaoCao is a ride hailing platform. According to Frost & Sullivan, it is the second largest player in China’s shared mobility industry.

For this listing, Skadden, Arps, Slate, Meagher & Flom and affiliates served as the company’s Hong Kong and U.S. legal counsel, while King & Wood Mallesons acted as its Chinese legal advisor. Latham & Watkins LLP and Han Kun Law Offices provided Hong Kong/U.S. legal and PRC legal advisory services, respectively, to the underwriters.