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GoGoX, Kuaigou Dache operator files for Hong Kong IPO

  • 58 Freight operates in more than 340 cities in mainland China, Hong Kong, Singapore, Korea and India
  • Company posted a net loss of US$39 million in 2020, after recording net losses in 2018 and 2019

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A truck with the Kuaigou Dache logo in Beijing. 58 Freight, the operator of Kuaigou Dache and GoGoX, has filed to go public in Hong Kong. Photo: Simon Song
Chad Bray

58 Freight, the loss-making operator of Kuaigou Dache in China and GoGoX in Hong Kong and other parts of Asia, filed to go public in Hong Kong on Friday, the latest Asian logistics carrier to seek to tap the capital markets this year.

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The Beijing-based company did not specify a timetable for the offering or indicate how much it intends to raise in its initial public offering in regulatory filing on Friday.
The filing comes as its Hong Kong logistics rival Lalamove is considering shifting its planned US$1 billion IPO to Hong Kong from the United States against the backdrop of a regulatory crackdown on the tech sector in China, which has cast a pall on overseas listings.

The heightened scrutiny by Beijing has spooked investors in the US and prompted a number of firms to delay or reconsider listings in light of the uncertain regulatory environment.

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As part of its risk factors, 58 Freight warned that it collects and processes a large amount of data, which is subject to “complex and evolving” regulations and oversight.

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“For example, recent legal developments in mainland China have created compliance uncertainty regarding certain transfers of personal information and other data,” the company said.

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