Dida travel is going to IPO in Hong Kong. On October 8, Dida travel officially submitted its prospectus to the Hong Kong Stock Exchange and intended to be listed on the Hong Kong stock exchange. Before that, Dida travel has been rumored to be considering a $500 million IPO in Hong Kong. Although Dida did not comment on the news at that time, the news of “listing” stirred up many people’s nerves. < / P > < p > relying on the two major businesses of hitchhikers and taxis, Dida travel takes the lead in submitting the prospectus, which is unexpected to many people. However, from the perspective of the prospectus, Dida travel, which has been established for six years, has ranked first in the free ride market with a market share of 66.5% and the second in the taxi online booking market. At the same time, Dida travel has been profitable since 2019. In 2019 and the first half of this year, Dida’s adjusted net profit is 172 million yuan and 151 million yuan respectively, corresponding to 29.7% and 48.6% respectively. Looking back at 2014, the domestic online car Hailing market has been booming. On the one hand, didi and Kuai are engaged in a fierce subsidy war, and on the other hand, Uber has entered the Chinese market. At that time, song Zhongjie and Google team members Zhu Min, Li Jinlong and Li Yuejun, who had been away from Google for four years, used the established Dida team to enter the o2o group buying field, but the results were not satisfactory. < / P > < p > in almost the same period, the Beijing Municipal Committee of transport issued the first definition of “passenger car sharing” in the “opinions on Beijing’s passenger car sharing trip”. This paper points out the travel mode of one passenger car shared by people with the same line. < p > < p > seeing the “business opportunities”, song Zhongjie decided to take a free ride. In November 2014, Dida travel obtained a round of financing from IDG capital; then in December of the same year, Dida completed round B financing with the investor Li Bin, founder of yiche.com and Weilai automobile. If Dida travel IPO is successful, it will become the fifth listed company branded with Li Bin color. < / P > < p > according to the prospectus, Dida travel’s institutional shareholders include Weilai capital, IDG, Chongde investment, e-Car, Hillhead capital, Jingdong Ctrip, etc., with shareholding ratios of 21.60%, 10.23%, 7.15%, 4.95%, 4.14%, 4.14% and 2.86%, respectively. < / P > < p > in order to avoid the fierce competition between didi and Kuai at that time, Dida chose the free ride as its main attack, which has become the basis for its profitability. In 2017, 2018 and 2019, the GTV (total trading volume) of Dida hitchhiker was about RMB 700 million, RMB 1.9 billion and RMB 8.5 billion respectively, of which the year-on-year growth in 2018 and 2019 was 171.4% and 347.4% respectively. < / P > < p > after the hitchhiker business has established its foothold, Dida has locked its eyes on another forgotten market, the traditional taxi industry. With the development of online car hailing, the traditional taxi industry has encountered an unprecedented crisis. At present, although online recruitment accounts for a certain proportion in daily taxi orders, offline “promotion” is still the main way for passengers to take taxis. < p > < p > it is understood that, at present, through digital means, Dida has provided taxi online booking service in 86 cities, and the promotion and recruitment business has begun to take shape. For example, in June this year, Dida has provided digital services for about 9.4 million taxi trips in Xi’an, accounting for 64% of the total taxi trips in the city. The relevant person in charge of Dida travel has previously disclosed to the reporter of the daily economic news that “Dida travel will continue to develop two major businesses, namely, the free ride and the taxi.” According to the report of Frost & Sullivan Frost & Sullivan, the total transaction volume of China’s four-wheel travel market (taxi recruitment, taxi online booking, online booking and free ride) is expected to increase to RMB 1100.5 billion in 2025, with a compound annual growth rate of 7.5%. Among them, hitchhiker will be the fastest growing segment market. The total transaction volume is expected to increase to 113.9 billion yuan in 2025, with a compound annual growth rate of 41.8%. < / P > < p > the huge market prospect is attracting more Cake Eaters. First of all, Didi’s independent taxi service Hua piggy returned to the era of subsidies. Then Didi’s taxi business was upgraded to a “fast new taxi”. At the same time, it invested 100 million yuan to subsidize, issued taxi tickets, and helped drivers improve the unit volume and income. More than 60000 rental cars were fully connected. < / P > < p > besides Didi, taxis in Shenzhen and Beijing have successively connected to the Gaode map aggregation taxi platform. Like meituan, taxis in Shenzhen and Beijing are able to attract online car Hailing users and cultivate viscosity in the process of price comparison and faster order receiving speed. < p > < p > car companies are not absent in this round of travel market scuffle. For example, Caocao travel, a subsidiary of Geely, tasted the sweetness of B2C mode, and began to push taxi business after getting the top three in the travel market. Public data show that since this year, Cao Cao has become the head of the second camp of online car Hailing for seven consecutive months. In addition, T3 travel, Huaxia travel and other car enterprise travel groups have also been established to participate in the competition. < / P > < p > as the participants in the domestic travel market become more and more diverse, these participants also start to integrate from a single competitive relationship. A clear example is that didi has begun to join in the early design and production of electric vehicles, and is jointly building a customized electric vehicle D1 with BYD. < / P > < p > Dida travel submitted its prospectus and embarked on the road of IPO. As well as the cross-border participation of automobile enterprises, meituan, Gaode and other enterprises through the aggregation mode, the original one super pattern of domestic travel market has been broken, and the situation of “multi foot confrontation” is emerging. Global Tech