CAOCAO INC (02643) has officially announced that its overseas ride-hailing service is now operational in 42 countries and approximately 16,000 cities worldwide, progressively establishing an extensive international mobility service network. In covered overseas cities such as Los Angeles in the US, Berlin in Germany, and Paris in France, users simply need to switch their location within the CAOCAO INC App to the target city to hail locally compliant vehicles. The entire ride-hailing process is supported in a Chinese interface, with prices converted to Chinese yuan at real-time exchange rates and settled via mobile payment tools, significantly simplifying the overseas travel process by eliminating the need to download local apps, exchange foreign currency, or bind international payment methods. As Chinese companies accelerate their overseas expansion, international business travel and local employee transportation have become critical components of global operations. Data indicates that 33.2% of companies plan to increase their overseas travel budgets, with 6.1% of these companies expecting an increase of over 30%, a rate substantially higher than the growth rate for domestic travel budgets (24%). The proportion of overseas travel expenses has also risen from 3.3% in 2023 to 4.9% in the first half of 2025, with transportation services being a high-frequency and crucial part of cross-border travel management. Since initiating corporate client services in 2016, CAOCAO INC has served over 13,500 enterprises cumulatively as of December 31, 2024. Moving forward, the company plans to integrate services with its affiliates Yao Chuxing and Geely Business Travel to create a seamless service chain covering daily commuting, business receptions, and travel management. Yao Chuxing's global premium service network has already expanded to 12 international cities, including Paris, France, Tokyo, Japan, and Seoul, South Korea, while Geely Business Travel offers comprehensive travel solutions and full-service support for meetings and events to overseas corporate clients. The rapid expansion of the overseas ride-hailing business not only enhances the company's service capabilities in the international mobility market but also provides crucial support for the global development of its business travel operations. In the future, CAOCAO INC's international ride-hailing network, premium car services, and business travel operations will further synergize, forming a global, all-scenario business travel service that continuously assists Chinese companies and their employees in achieving more efficient, convenient, and integrated travel experiences worldwide.
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