On October 8, 2020, Dida travel officially submitted the prospectus to the Hong Kong Stock Exchange and planned to be listed on the Hong Kong stock exchange. Without accident, Dida travel will become the first share of shared travel. However, Dida’s IPO in Hong Kong does not mean a reversal against the wind, but will be tested by the capital market with a “free ride”. < p > < p > the traffic police decided that the owner of the free ride was fully responsible, and the owner took Luna to the hospital for an examination. Fortunately, she was only slightly injured in soft tissue. After that, the owner wants to apply to the insurance company to settle the claim. This process requires Luna to give the owner his ID card and other personal data. < / P > < p > “assuming that passengers are seriously injured today, will the platform be forced to intervene only when life-threatening is involved. If these platforms don’t pay attention to safety issues, the “didi incident” will still repeat itself. ” On July 16, this year, Mr. Liang, a passenger in Guangzhou, was involved in a car accident on the way to a hailo hitchhiker and died. < p > < p > his wife found that the hitchhiker who received the order had privately transferred the order to another driver, Cheng, who had just passed his internship in April this year, and the compulsory traffic insurance for the accident vehicle just expired. In response, the platform has carried out face recognition for registered car owners before receiving orders, but the drivers have transferred the orders to other people in private. Hello hitchhiker has set up a green channel and working group to deal with the incident for the first time, and specially assigned personnel to respond to the family members of users and cooperate with the police to investigate and clarify the incident. < / P > < p > most car owners are willing to give certain discounts. If passengers pay less, car owners can take more orders, and the 8.3% commission originally given to the platform can also be saved. < / P > < p > < p > the biggest risk of “transfer” is safety. There are also many car owners who can’t run to transfer the bill to other car owners to earn intermediate fees, which is divorced from the orders monitored by the platform. Once there is a dispute, the risk is self-evident. After the control of the epidemic situation in China this year, Lin Qing (not his real name) restarted his free ride between Shanghai and Zhejiang. Strange private messages often appeared, and the other party invited him to join the driver group in secret language. Driven by curiosity, Lin Qing joined several groups of drivers and realized that most of these wechat groups were used to transfer bills. < / P > < p > some drivers use plug-in software to grab orders, and then add 10 yuan and 20 yuan to other drivers. “Long distance tickets with higher prices, such as three or four hundred yuan of cross city bills, are robbed if you add more than 100 yuan, because most of the group are full-time drivers running free riders.” Lin Qing said that there is a threshold for joining these groups of drivers. Only when more than three orders are received in a week can they be qualified to join the group. This is to allow more “active” drivers to join the group. < / P > < p > a businessman peddling the “order grabbing artifact” sent an IT Times reporter three kinds of plug-in products, all of which supported the didahalo double platform ride, with 168 yuan for three months, 268 yuan for a year, and 398 yuan for permanent use. < / P > < p > “didi can’t do it. If it is found, it’s easy to block the number. IPhone can’t be downloaded, so you can only use Android phone.” the merchant claims to have done it for two years. After platform upgrades such as Dida and Hello, the plug-in will also be updated synchronously. There is no need to worry about the plug-in being eliminated. < / P > < p > Dida is in action. From the complaints of Baidu Post Bar and Sina black cat, since this year, complaints about Dida travel being permanently blocked have become more and more intensive. It is written in the prospectus that the order completion rate has been monitored. If there are continuous jump orders, the account number will be permanently blocked. < / P > < p > how to make money if the group leader does not pump water from the transfer order? After diving for a few days, the group leader came to talk to Lin Qing: “if you want to stay in the group, it depends on your character. Just help me with some business.” < / P > < p > the “business” of many drivers in the Pearl River Delta and Yangtze River Delta is to handle the free ride account. “As long as 500 yuan, driving less than a year, want to run a free ride or online car hailing in some cities, can be done.” At this point, Lin Qing finally saw the driver group’s routine, and chose to withdraw from the group under “coercion and inducement”. < p > < p > < p > < p > the IT Times reporter found that on Taobao and other platforms, many sellers grandiosely put out advertisements for agency Dida, hello and other accounts, with prices ranging from 150 yuan to 500 yuan. < / P > < p > Dida the registration conditions of owners are driving for more than 1 year, driving license C2 or above, vehicle age no more than 15 years, non operating small vehicles, vehicles need to be inspected annually. If the age of the agent is less than 15 years, it means that the agent is not satisfied with the criminal background, P > if the driving age is less than 15 years, it means that the agent is not satisfied with the criminal background, P > if the vehicle driving age is less than 15 years, the agent can not pass the security screening. < / P > < p > in terms of plug-in businesses and agency agencies, Didi is the most stringent in terms of safety audit. From the investment, we can see that didi invested 2 billion yuan in security cost in 2019. < / P > < p > on the contrary, although the safety cost is gradually increasing, the magnitude is far from the same. In 2018, 2019 and the first half of 2020, the expenditure is 1.05 million yuan, 9.49 million yuan and 4.84 million yuan respectively. According to Didi’s previous disclosure, the average daily unit volume (including online car Hailing) is 24 million, and according to this calculation, 8.76 billion units are sold in the whole year. In other words, in 2019, the number of didi orders is 49 times that of Dida, and the safety cost is about 200 times. < / P > < p > in August 2018, Didi hitchhiker was offline. In 2019, Dida travel realized profits, with a net profit of 172 million yuan and a net profit of 30%. < / P > < p > Dida’s profit is mainly attributed to the sharp reduction of subsidies and the increase of the extraction rate. The “user reward” fee decreased by 88% from 939.8 million yuan in 2018 to 105.4 million yuan in 2019. < / P > < p > in 2020, the percentage of profit taking has increased from 3.7% in 2017 to 8.3% in 2020. At present, the proportion of free riding is generally around 10%. The path of improving profitability by increasing the draw has reached the ceiling. In the prospectus, Dida quoted frost Sullivan’s report. In 2019, according to the number of ride times, Dida ranked first in China’s free ride market, accounting for 66.5% of the market share. However, with these favorable data, hitchhiker is a business that is strongly affected by policy fluctuations. Without other long tail and stable profit models, even if the listing is successful, Dida will inevitably suffer from ups and downs. On September 2, 2020, at the east station of Guiyang high speed railway, Mr. Long’s car was detained by the traffic and transportation inspection team, but it has not been retrieved, because he needs to pay a fine of 30000 yuan in advance. < p > < p > the reason for detaining cars is illegal operation. First, Dida hitchhiker has not been registered in Guiyang; second, it is not allowed to operate hitchhiking or online car hailing in Guiyang. < / P > < p > after being detained, Mr. long immediately contacted Dida travel customer service. At that time, the other party said that there would be a specialist to help solve the problem. Unexpectedly, his Dida account was blocked the next day. “Before you were complained about guiding passengers to conduct offline transactions, but now the account number is closed, we can’t help you deal with the illegal operation.” Click customer service response. Mr. long confessed to the IT times that he did guide passengers to conduct private transactions in August. After the account number was closed for three days, the platform was unsealed. The day he was detained was the next day of account unsealing. < p > < p > < p > the reporter of it times consulted Dida travel on complaints such as car arrest, traffic accident and account number blocked, but as of the time of publication, Dida travel still had no response. < / P > < p > on Sina black cat complaint platform, dozens of owners complained that the platform did not help solve the problem of being detained by traffic police, which means that owners need to pay tens of thousands of yuan in fines. < / P > < p > these incidents occurred in Shanghai, Sichuan, Chongqing, Henan, Hebei and other provinces and cities, and not only happened to the owners of didi travel, but also to the owners of didi and Hailao platforms. Based on uncontrollable policy risks, Dida takes taxi as another leg, but this leg is not fully developed and has not yet realized profitability. < / P > < p > according to the prospectus, Dida launched online taxi booking service in 86 cities, and completed about 110 million online taxi taking orders in 2019. < / P > < p > in addition to the taxi business on Dida app, Dida is also experimenting with smart taxi service in Xi’an. With the taxi smart code launched in 2019, passengers can scan the smart code after getting on the bus to obtain real-time taxi information and driver information, and see the real-time positioning track of vehicles. < / P > < p > is the taxi the next battlefield, or is it the next cake? Let’s make it bigger? At present, all platforms are trying to avoid the zero sum game. After all, there will be bloodshed and casualties if there is another subsidy war. There is no doubt that the free ride is a cash cow. However, safety and compliance are still unsolved problems. Rushing to the capital market in a hurry is tantamount to pulling up the seedlings and encouraging the growth. [image] Google secretly tests 6GHz networks in 17 states of the United States