【Epoch Times News】QuickDog Ride-Hailing Holdings Limited (QuickDog Ride-Hailing) recently announced the sale of its mainland China business and exit from the mainland market at a price of 1 Chinese yuan. Data shows that since its listing in Hong Kong four years ago, the market value of QuickDog Ride-Hailing has evaporated by billions of Hong Kong dollars. Industry experts believe that facing intense competition and continuous losses, QuickDog Ride-Hailing can no longer sustain its operations.
On October 16, QuickDog Ride-Hailing released a notice titled “（1）Major Transaction Disposal of a Subsidiary and (2) Proposed Change of Company Name.” The announcement stated, “On October 16, 2026 (after trading hours), the Company entered into a sale and purchase agreement with the buyer, under which, the Company conditionally agreed to sell and the buyer conditionally agreed to purchase the Sale Shares (i.e., the entire issued share capital of the Target Company) for a consideration of RMB 1.00.” At the same time, “Upon completion of the transaction, the Target Company will no longer be a subsidiary of the Company.” GGEx Holdings Limited owns 100% of the equity of the Target Group, namely China QuickDog Ride-Hailing Group Limited.
According to a report by “The Paper” on October 19, the buyer Crestpoint Investment Limited is a company registered and primarily engaged in investment holding in Hong Kong, fully owned by Hong Kong businessman Wu Zifeng.
This sale involves QuickDog Ride-Hailing’s main operating entity in mainland China, wholly owned by QuickDog Ride-Hailing. The announcement indicates that the Target Company controls multiple enterprises, including Tianjin Wuba Shipping Service Co., Ltd., Tianjin QuickDog Shipping Service Co., Ltd., through China QuickDog Ride-Hailing Group Limited and related domestic entities holding or controlling through contractual arrangements. The main businesses include logistics delivery solutions and technical services.
QuickDog Ride-Hailing’s announcement also states, “The Board recommends changing the Company’s Chinese name from QuickDog Ride-Hailing Holdings Limited to GOGO Technology (Proposal for Changing Company Name). The Company’s English name will remain unchanged.” The “change of company name will not affect any rights of the shareholders and the trading of shares on the stock exchange.”
As reported by “Beijing Business Daily” on October 19, after withdrawing from the mainland China market, QuickDog Ride-Hailing will shift its focus to Hong Kong and other overseas markets, operating under the brand “GOGOX” in those markets. Meanwhile, it will no longer operate any business in mainland China under the “QuickDog Ride-Hailing” brand.
The report indicates that the main reason for QuickDog Ride-Hailing’s exit from the mainland market is its continued business contraction, losses, and the absolute advantage of Hong Kong and overseas business in terms of total revenue.
According to QuickDog Ride-Hailing’s Mid-Year Report 2026 released on September 30, “For the six months ended June 30, 2026, the Group recorded total revenue of RMB 292.6 million, a decrease of 10.9% compared to the same period last year. Revenue from Hong Kong and overseas markets was RMB 248.6 million, down 4.3% from RMB 259.9 million in the same period of 2025. At the same time, revenue from the mainland China market shrank by 35.7%, from RMB 68.4 million in the first half of 2025 to RMB 44.0 million in the first half of 2026.” Currently, Hong Kong and overseas business accounts for 85.0% of the total revenue. Additionally, fierce competition in the industry has eroded QuickDog Ride-Hailing’s market share.
“The Paper” stated that from the revenue structure perspective, QuickDog Ride-Hailing’s operational focus has gradually shifted towards overseas. From 2023 to the first half of 2026, the revenue share from Hong Kong and overseas business increased from 62% to 85%.
Express industry expert Zhao Xiaomin analyzed to the newspaper, “Unfortunately, QuickDog Ride-Hailing has seldom taken aggressive strategic actions since its listing, failing to maintain competitiveness, leading to a significant setback.” Particularly in the service industry, the lack of market presence implies an inability to survive.
Public records show that QuickDog Ride-Hailing, formerly known as 58 Speed Runner since 2014, was officially renamed “QuickDog Ride-Hailing” in 2018, and listed on the Hong Kong Stock Exchange on June 24, 2022, becoming the first mainland same-city freight transport platform to be listed. The company primarily connects shippers and truck drivers through a digital platform, providing same-city freight transport services for individuals and corporate clients, including platform services, enterprise logistics services, and value-added services. Data shows that since its listing in Hong Kong, QuickDog Ride-Hailing has consistently failed to achieve annual profitability.
QuickDog Ride-Hailing’s financial reports in recent years show that from 2022 to 2025, the company’s operating income was approximately RMB 773 million, RMB 753 million, RMB 660 million, and RMB 671 million, with year-on-year growth rates of 17%, -2.6%, -12.3%, and 1.6%, respectively. The accumulated losses over the four years totaled more than RMB 2.6 billion.
According to the announcement for the “Major Transaction Disposal of a Subsidiary and Proposal to Change Company Name,” “The unaudited net liabilities of the Target Group as of June 30, 2026, amounted to approximately RMB 2,476,000; and the unaudited comprehensive financial statements recorded a net loss of approximately RMB 49,259,000 for the six months ended June 30, 2026.”
When QuickDog Ride-Hailing debuted on the main board of the Hong Kong Stock Exchange on June 24, 2022, the IPO price was HK$21.50 per share. On the first day of trading, the stock surged to a high of HK$23.15, with a total market value exceeding HK$14 billion. As of the Hong Kong stock market close on October 19, QuickDog Ride-Hailing’s total market value was HK$73.9438 million. In four years, QuickDog Ride-Hailing’s Hong Kong stock valuation has evaporated by over a hundred billion Hong Kong dollars.