According to a May 22nd disclosure by the Hong Kong Stock Exchange, EnjoyGo Technology Limited, a multi-scenario smart mobility integrator in China, has submitted an application for a main board listing. China International Capital Corporation Hong Kong Securities Limited and Guotai Junan Securities Limited are the joint sponsors. The company had previously filed for a Hong Kong listing on October 28, 2025.
EnjoyGo operates as a comprehensive mobility service platform catering to personal, corporate, and Robotaxi needs through its ride-hailing services, vehicle leasing, vehicle sales, and Robotaxi operations. According to Frost & Sullivan data, in 2025, EnjoyGo ranked sixth in China's ride-hailing platform market by Gross Transaction Value (GTV) with a 1.8% market share, and fifth by completed orders. In Shanghai, it held the third position by GTV with an 11.0% market share and ranked second by completed orders. Furthermore, in 2025, it was the second-largest player in China's corporate mobility service sector by GTV, with a 2.2% market share.
The company was initiated by the automotive giant Saic Motor Corporation Limited and has attracted key strategic investors from the industry chain, including Momenta, AutoNavi, and Contemporary Amperex Technology Co. Limited (CATL). These partnerships enable EnjoyGo to connect and integrate resources from automakers, autonomous driving solution providers, high-precision digital map services, and power battery system suppliers. Leveraging these relationships, the company has built significant synergistic advantages in critical areas such as vehicle supply, automotive finance, after-sales service, autonomous driving, and user traffic, establishing robust cooperative ties with leading industry players.
For its ride-hailing services, EnjoyGo operates through its proprietary "EnjoyGo" app, serving individual and corporate users nationwide. As of December 31, 2025, its services covered 100 cities in China, achieving over 650,000 average daily orders and a GTV of approximately RMB 6.2 billion in 2025. The company consistently led service quality assessments in cities like Shanghai, Nanjing, Hangzhou, and Ningbo during its track record period. It has also built a service capacity network in Shanghai, a key transportation hub and economic center in the Yangtze River Delta region, to support future expansion. As of the latest practicable date, EnjoyGo owned and operated over 5,300 compliant ride-hailing vehicles in Shanghai, providing a solid operational foundation. According to Frost & Sullivan, it was Shanghai's third-largest ride-hailing platform by GTV in 2025.
Through its vehicle leasing brand "EnjoyGo Car Rental," the company offers corporate clients integrated solutions encompassing long-term rentals and short-term premium chauffeur services. As of December 31, 2025, its leasing services extended to 26 provinces in China, covering major metropolitan areas such as the Yangtze River Delta, Beijing-Tianjin-Hebei, and the Pearl River Delta. Frost & Sullivan data indicates it ranked second nationally in the corporate mobility service sector by 2025 GTV and first in the Yangtze River Delta region.
Additionally, under the "EnjoyGo Robotaxi" brand, the company provides Robotaxi operational services within designated pilot zones in Shanghai and Suzhou. EnjoyGo collaborates closely with its investors in this segment, focusing on product definition, operational safety and assurance systems, and ecosystem aggregation. Saic Motor Corporation Limited supplies the Robotaxi vehicles based on the company's product specifications and provides comprehensive support. The company also partners deeply with autonomous driving solution providers like Momenta, which focuses on developing L4-level autonomous driving algorithms, while EnjoyGo concentrates on developing the Robotaxi dispatch and safety monitoring systems. The company is currently in the exploration phase of Robotaxi commercialization and scaling.
Financial Performance Revenue: For the years 2023, 2024, and 2025, the company reported revenues of approximately RMB 5.718 billion, RMB 6.395 billion, and RMB 6.774 billion, respectively. Gross Margin: Gross margins for the same periods were 6.6%, 7.0%, and 11%, respectively. Annual Loss: The company recorded annual losses of approximately RMB 604 million, RMB 407 million, and RMB 246 million for 2023, 2024, and 2025, respectively.
Industry Overview According to Frost & Sullivan, China's mobility industry, measured by GTV, expanded from RMB 7.0 trillion in 2018 to RMB 7.3 trillion in 2019. Subsequently, the COVID-19 pandemic caused a slight contraction to RMB 7.0 trillion in 2022. In 2023, as the economy recovered from the pandemic's impact, the market rebounded strongly, growing 9.0% year-on-year to RMB 7.6 trillion. By 2025, the market size increased further to RMB 8.6 trillion. Supported by ongoing urbanization and rising disposable income, the mobility market is expected to continue expanding, projected to reach RMB 10.9 trillion by 2030, reflecting a compound annual growth rate (CAGR) of 4.6% from 2026 to 2030. This growth trend highlights the long-term potential of China's mobility sector.
From 2020 to 2025, China's ride-hailing market maintained stable growth, with a temporary slowdown from 2020 to 2022 due to the COVID-19 pandemic. Following the relaxation of pandemic control measures and the introduction of supportive policies in late 2022, the market began to recover. Frost & Sullivan forecasts the market, by GTV, will grow from RMB 376.1 billion in 2026 to RMB 656.8 billion in 2030, representing a CAGR of 15.0%.
From 2020 to 2025, the ride-hailing industry in the Yangtze River Delta region experienced short-term fluctuations due to COVID-19 but overall maintained a stable growth trajectory. In 2025, the region's ride-hailing market size reached RMB 77.2 billion by GTV, accounting for 22.8% of China's total ride-hailing market. The CAGR for the Yangtze River Delta ride-hailing market by GTV from 2020 to 2025 was higher than that of China's Tier 1 and Tier 2 cities, indicating the region's structural advantages. Benefiting from relatively mature digital infrastructure and a highly integrated urban cluster structure, the industry demonstrated strong resilience and recovery capacity. The market is projected to grow at a CAGR of 14.7% from 2026 to 2030.
Board Structure Post-listing, EnjoyGo's board will consist of nine directors: one executive director, five non-executive directors, and three independent non-executive directors. Directors will serve three-year terms, subject to re-election upon expiry.
Shareholding Structure As of the latest practicable date, Saic Motor Corporation Limited is considered to have an interest in approximately 75.37% of the shares, comprising (i) a direct holding of 6.43%; and (ii) an indirect holding of 68.94% through Changzhou Saike. Both before and after the listing, Saic Motor Corporation Limited and Changzhou Saike are the controlling shareholders, and the company will not have any other controlling shareholder post-listing.
Professional Team Joint Sponsors: China International Capital Corporation Hong Kong Securities Limited, Guotai Junan Securities Limited Company's Legal Advisors: Linklaters, King & Wood Mallesons Joint Sponsors' Legal Advisors: Cooley LLP, Commerce & Finance Law Offices Auditor and Reporting Accountant: PricewaterhouseCoopers Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Compliance Advisor: Max Capital Limited
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