AsianFin--Geely-backed Cao Cao Mobility Limited has submitted an initial public offering (IPO) application to the Hong Kong Stock Exchange, with joint sponsors including Huatai International, Agricultural Bank of China International, and GF Securities (Hong Kong). Cao Cao Mobility was created by Geely Holding Group in 2015, with its headquarters located in Suzhou. Cao Cao Mobility's revenue increased from 7.2 billion yuan in 2021 to 10.7 billion yuan (US$ 1.48 billion) in 2023, with a gross profit margin rising to 5.8% in 2023. The adjusted EBITDA margin for the fourth quarter of 2023 stood at 5.0%.