Ruqi Mobility, the ride-sharing platform under Chinese state-owned automaker GAC Group, has snagged 842 million yuan ($117.2 million) in a Series B round led by Guangzhou Automobile Industry Group, the controlling shareholder of GAC Group.
Guangzhou Automobile Industry Group injected around 295 million yuan ($41.1 million), or 35% of the total financing, that is set to help the Guangzhou-registered ride-sharing firm accelerate the commercialisation of its robotaxi, according to GAC Group’s filing with the Hong Kong Stock Exchange on Wednesday.
Post-financing, GAC Group will own 19.89% stake of Ruqi Mobility via Hong Kong-incorporated China Lounge Investments Limited, a wholly-owned subsidiary of GAC, per the filing.
Also known as Chenqi Technology, Ruqi Mobility saw the participation of several industry funds and institutional investors in the round, however without divulging the investor details.
The firm had reportedly selected banks, including ABC International Holdings Limited, for its initial public offering in Hong Kong, per a report by Bloomberg last December, citing sources familiar with the matter.
The IPO, which was said to take place this year, could help the firm raise “a couple hundred million dollars”; however, the report added that preparations were still at an early stage.
Previously, the firm bagged over 1 billion yuan ($152.6 million) in a Series A round led by GAC Group in April 2022. The Series A financing round roped in notable participating investors, including autonomous driving firms WeRide and Toyota-backed Pony.ai; Asia-based asset management firm SPARX Group; Singapore’s Pilgrim Partners Asia; Guangzhou Industrial Investment; and Capital Operation Holding Group.
Ruqi launched both self-driving and manned robot taxi services in Guangzhou last October, making it the first ride-sharing platform in the Greater Bay Area for such hybrid service.
Since inception in June 2019, the firm claims that it occupies 30% of the market share in the key Greater Bay Area cities, according to the company website. Greater Bay Area is a strategic economic hub that connects Hong Kong, Macau, and nine other municipalities in the Guangdong Province of southern China.