EnjoyGo Technology Files for Hong Kong IPO Again
EnjoyGo Technology Files for Hong Kong IPO Again
Publish Date: 2026-05-27 11:01:00
Source Domain: autonews.gasgoo.com
Gasgoo Munich- SAIC Motor’s mobility arm, EnjoyGo Technology Limited, has filed for a listing on the Hong Kong Stock Exchange, kicking off its second IPO attempt.
Six months after its first attempt, the company is returning to the capital markets with updated operational data and a fresh business roadmap. Its goal: leverage capital to break through the fierce competition in a saturated ride-hailing market.
Second HKEX Bid After Earlier Setback
This isn’t EnjoyGo Technology’s first run at the Hong Kong exchange. The company initially filed its prospectus in October 2025, but that application lapsed the following April due to listing rules, putting the first attempt on hold.
In retrospect, persistent losses, structural flaws in its business model, and intensifying industry competition were the main hurdles that stalled its debut.
Founded in 2018, the company operates across ride-hailing, vehicle leasing, sales, and autonomous driving services, aiming to build a comprehensive mobility ecosystem. Leveraging SAIC’s local resources, it has made a mark in Shanghai, ranking third by transaction volume with an 11% market share. Nationwide, however, it held the sixth spot in 2025 with just a 1.8% share — a significant gap behind the market leaders.
On the financial front, revenue is climbing, yet the company remains in the red. From 2023 through 2025, revenue rose from 5.718 billion yuan to 6.395 billion and then 6.774 billion. Over the same period, net losses narrowed from 640 million yuan to 407 million and 246 million, respectively — totaling nearly 1.3 billion yuan over three years.
Image Source: EnjoyGo Technology
Notably, the losses are narrowing year by year, signaling a turn toward profitability. Overall gross margins improved from 6.6% in 2023 to 11% in 2025, with the core ride-hailing business reaching 11.8%. Operational quality, it seems, is on the mend.
Ride-hailing remains the dominant revenue driver, generating 5.345 billion yuan last year — or 78.9% of the…
