Xiangdao faces 16% "platform tax" challenge.
享道被困16%“平台税”
In May 2026, Xiangdao Mobility, backed by SAIC Group, submitted a revised prospectus to the Hong Kong Stock Exchange, marking its second attempt at an initial public offering (IPO). This updated filing includes comprehensive financial and operational data for the entirety of 2025, signaling an improvement in the company's profitability. Despite a steady increase in revenue, which rose from 5.718 billion yuan in 2023 to 6.774 billion yuan in 2025, the number of active drivers has stagnated. The monthly active driver count grew marginally from 94,000 to 100,000, with a notable 9% drop from 2024 to 2025. This discrepancy suggests that revenue growth is primarily driven by an increase in orders per driver rather than an expansion of the driver base. As the ride-hailing market approaches saturation, with over 20 major cities issuing capacity warnings in 2026, Xiangdao reported an average of 8.6 daily orders per vehicle in 2025, reflecting a 14.6% year-on-year increase. However, the company relies heavily on external platforms for 98.5% of its orders, incurring significant commission costs that compress profit margins. Looking ahead, Xiangdao aims to pivot towards autonomous driving technology, collaborating with partners like Momenta for development while focusing on enhancing its smart dispatch and safety monitoring systems. However, the transition to Robotaxi services raises questions about future profitability and market positioning, especially as the company remains cautious about international expansion compared to its competitors.
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