Chenqi Technology (Ticker: 9680.HK) is a Chinese ride-hailing firm under the state-backed automaker GAC Group. The company is planning to raise up to HK$1.36 billion (USD 176.8 million) through an IPO in Hong Kong. Chenqi Technology is selling 30 million primary shares, representing 14.7% of the enlarged share capital, at an indicative price range of HK$34.00 to HK$45.40 each (USD 4.42 to USD 5.90). The offering is managed by sponsors ABC International, CICC, and Huatai International.

Four cornerstone investors are contributing a total of USD 105.7 million: GAIG (Guangzhou SASAC) with USD 49.2 million, Voyager (Didi) with USD 29.7 million, WeRide with USD 20 million, and Pony AI with USD 6.8 million.

As of December 31, the number of registered riders on Chenqi Technology's mobility service platform was 23.8 million. The company posted an adjusted net loss of RMB 541 million (USD 75 million) for 2023, compared with a loss of RMB 531 million for 2022.

GAC Group owns 35.2% of Chenqi Technology, with Tencent Holdings and Pony.ai owning 18.4% and 5.3%, respectively. Pricing is expected on July 5, with the listing scheduled for July 10.