Asia Tech Wire (June 28) -- Guangzhou Automobile Group (2238.HK, GAC)'s ride-hailing platform Ruqi officially launched its initial public offering (IPO) on Friday, proposing to offer 30,004,800 new shares globally through the Hong Kong listing.

The offering runs from June 28 to July 5 and is priced between HK$34.00 and HK$45.40 per share.

Ruqi is expected to list on the Main Board of the Hong Kong Stock Exchange on July 10, raising a total of HK$1.191 billion.

Prior to the public offering, Ruqi's cornerstone investors include Guangzhou Automobile Industry, Pony.ai, WeRide and Voyager.

Founded in 2019, Ruqi operates businesses that include ride-hailing services, technology services, and fleet sales and maintenance that provide full support for drivers and capacity franchisees.

The platform has more than 23.8 million registered users and has realized gross revenues of more than 2.1 billion yuan in 2023.