According to a filing with the Hong Kong Stock Exchange on June 29, Shengwei Times Technology Co., Ltd. (Shengwei Times) has submitted a listing application for the main board, with ICBC International acting as the sole sponsor. This marks the company's third attempt to list in Hong Kong, following previous applications submitted on September 11, 2025, and November 13, 2024.

Company Overview

As detailed in its prospectus, Shengwei Times is a comprehensive mobility service provider in China, primarily engaged in ride-hailing services, passenger transport services, and providing digital solutions for these and other industries. The company has built a nationwide travel service network, connecting cities and intercity routes to offer users diversified travel solutions for various urban and intercity scenarios. As of April 30, 2026, Shengwei Times holds 207 Online Car-Hailing Business Operation Permits in China. According to Frost & Sullivan, based on 2025 GTV, the company ranks 13th in China's ride-hailing service market. Furthermore, by ticket sales volume and GTV for the same year, it holds the top position in China's road passenger transport information service market.

Leveraging over a decade of accumulated experience and capabilities, Shengwei Times' business has continuously evolved along the road passenger transport value chain. The company entered the road passenger transport information service industry in 2013 through the Bus365 platform (the predecessor to the "Travel 365" platform). It expanded into customized passenger transport services in 2017 and commenced ride-hailing services in 2018 through Shengzhi Yilian. In 2019, the company began providing aggregated ride-hailing services to users via Gaode, further expanding its coverage in urban travel traffic.

Shengwei Times offers tailored digital operation solutions for passenger transport enterprises through its "Passenger Transport Da" system, which was developed in 2020. As of April 30, 2026, the company has established cooperative relationships with over 800 passenger transport enterprises across China. The company's passenger-facing "365 Intercity Travel" platform has been integrated into Travel 365, aiming to meet passenger travel needs across various scenarios. Shengwei Times developed "365 Intercity Travel" in 2022, later integrating it into "Travel 365." The company also collaborates with major OTAs to expand sales channels for passenger transport enterprises, significantly broadening its market reach. As of April 30, 2026, its customized passenger transport services cover 28 provinces, autonomous regions, and municipalities directly under the central government in China. The company's total transaction value in 2025 reached RMB 824 million, with 25.3 million tickets sold.

Financial Information

Revenue

For the years 2023, 2024, and 2025, the company recorded revenues of approximately RMB 1.206 billion, RMB 1.594 billion, and RMB 1.833 billion, respectively.

Gross Profit

For the years 2023, 2024, and 2025, the company recorded gross profits of approximately RMB 85.893 million, RMB 56.016 million, and RMB 67.318 million, respectively.

Gross Profit Margin

The company's gross profit margins for 2023, 2024, and 2025 were 7.1%, 3.5%, and 3.7%, respectively.

Industry Overview

The ride-hailing market size was RMB 185.7 billion in 2020. From 2020 to 2022, the Chinese ride-hailing industry experienced volatility due to the impact of COVID-19, recurring nationwide outbreaks, and travel restrictions. In 2023, with the full lifting of pandemic controls and policies introduced by national and local governments, policy measures promoted the industry's development while ensuring its future growth through continuous updates to practices and standards. The ride-hailing market reached RMB 338.7 billion in 2025 and is expected to grow at a CAGR of 14.2%, reaching RMB 656.8 billion by 2030.

The market size for China's road passenger transport digitalization and business solutions was RMB 138.5 million in 2020. The market size declined due to the COVID-19 pandemic. In 2021, the market rebounded significantly, with total investment growing to RMB 266.6 million. Subsequently, the market maintained steady growth, reaching RMB 436.3 million in 2025. Looking ahead, from 2025 to 2030, the market size is projected to grow at a CAGR of 10.5%, reaching approximately RMB 717.8 million by 2030.

In 2020, the COVID-19 pandemic severely impacted travel, causing road passenger volume to drop significantly from 17.4895 billion trips in 2020 to 8.9963 billion trips in 2022. However, as the pandemic's impact gradually subsided and economic and consumer travel demand began to recover, road passenger volume showed an upward trend starting in 2023. In 2025, driven by economic activity recovery and rebounding consumer travel demand, China's road passenger volume recovered to 11.4923 billion trips. Looking forward, with sustained strong consumer travel demand, the overall market is expected to maintain a slow but steady recovery. China's road passenger volume is projected to reach 11.9228 billion trips by 2030, representing a CAGR of 0.7% from 2025.

In terms of GTV, the basic trend aligns with road passenger volume due to relatively stable road passenger fares. From 2020 to 2025, the GTV of China's road passenger transport market decreased from RMB 523.9 billion to RMB 413.7 billion, a CAGR of -4.6%, primarily due to travel restrictions during the COVID-19 pandemic significantly reducing passenger mobility. It is expected that future economic recovery and growth driving the rebound in road passenger volume, along with increases in average ticket prices, will lead to sustained growth in the road passenger transport market's GTV, reaching RMB 444.4 billion by 2030, a CAGR of 1.4% from 2025.

Categorized by service type, the road passenger transport market includes traditional road passenger transport and customized road passenger transport. Traditional road passenger transport offers non-networked ticketing services and networked ticketing services. Meanwhile, customized road passenger transport provides customized transportation services exclusively via the internet. In recent years, customized passenger transport services have grown faster than traditional services, favored by consumers for their better convenience and comfort. Regulatory authorities have also introduced various policies to support the industry's development. From 2020 to 2025, the GTV of the customized transport service market increased from RMB 1.9 billion to RMB 8.2 billion, a CAGR of 34.0%. During the same period, the GTV of the networked ticketing service market rose from RMB 12.4 billion to RMB 14.0 billion, a CAGR of 2.5%, while the GTV of the non-networked ticketing service market declined from RMB 509.6 billion to RMB 391.5 billion, a CAGR of -5.1%. Looking ahead, the customized transport service market is expected to expand steadily, with GTV projected to reach RMB 17.3 billion by 2030, a CAGR of 16.1% from 2025. During the same period, the GTV of the networked ticketing service market is expected to increase to RMB 16.8 billion, a CAGR of 3.7% from 2025, while the GTV of the non-networked ticketing service market is projected to be RMB 410.3 billion, a CAGR of 0.9%.

Board Information

The board of directors consists of nine members, including three executive directors, one employee representative director, two non-executive directors, and three independent non-executive directors.

Shareholding Structure

As of June 22, 2026, (i) Mr. Jiang directly holds approximately 20.67% of the company's issued share capital; (ii) Mr. Wang Jiawei directly holds approximately 1.64%; (iii) Chengdu Yingchuang directly holds approximately 6.74%, with Chengdu Yingchuang being a limited partnership controlled and managed by its general partner Yingchuang Century (ultimately controlled by Mr. Yu Lang); (iv) Haidai Zhushi directly holds approximately 6.34%, with Haidai Zhushi controlled by Mr. Chen Shulin; (v) Shidai Zhongcheng directly holds approximately 3.61%; and (vi) Shidai Xincheng directly holds approximately 3.20%.

Intermediary Team

Sole Sponsor: ICBC International Capital Limited

Company's Legal Advisors: For Hong Kong and U.S. law: Haiwen & Partners; For Chinese law (including China data compliance): Haiwen Law Firm

Sole Sponsor's Legal Advisors: For Hong Kong law: Han Kun Law Offices; For Chinese law: Tian Yuan Law Firm

Auditor and Reporting Accountant: KPMG

Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch

Compliance Advisor: Somerley Capital Limited