CAOCAO INC (02643) surged over 8%, reaching an intraday high of HK$68.5 and setting a new record high since listing. As of press time, the stock was up 8.08% to HK$66.25, with turnover of HK$47.686 million.

Research indicates that the company's operational network now covers 136 cities nationwide, entering 85 new cities through a light-asset model by selling customized vehicles to local transportation partners and incentivizing them to provide ride-hailing services on the CAOCAO platform. The company has opened full industrial chain ecosystem cooperation, with over 1,000 cooperation partners across all models by the end of 2024. Partner revenue grew 34% year-over-year, and the company plans to launch operations in 200 new cities in 2025.

Analysts believe that leveraging the Geely ecosystem, the company has secured its position as the second-largest player in the ride-hailing industry through its "customized vehicles + light-asset expansion" strategy. It is well-positioned to seize opportunities in the upcoming Robotaxi commercialization wave, opening up medium to long-term valuation potential.

Securities analysts point out that CAOCAO INC's strategic synergy with Geely Group creates unique competitive advantages in the customized vehicle sector. The company leads the industry in customized vehicle fleet scale. These customized vehicles support the platform's core competitiveness in driver retention and user satisfaction through TCO (Total Cost of Ownership) optimization and experience upgrades, serving as a key engine driving sustained growth in the company's ride-hailing business.

Analysts further noted that previous forecasts suggested CAOCAO INC could be included in the Stock Connect list on September 8, allowing mainland investors to participate in trading, which could bring significant capital inflows.