Cao Cao Chuxing (02643): Hangzhou Youxing plans to acquire 100% of Ulxing Technology's shares for 225 million yuan

According to the Zhitong Finance App, Cao Cao Chuxing (02643) announced that on December 30, 2025 (after the trading period), Hangzhou Youxing, a consolidated subsidiary of the company, signed a Jidi share acquisition agreement with (i) Zhejiang Jidi, and (ii) entered into a Mercedes-Benz Travel share acquisition agreement with Mercedes-Benz Travel and Geely Holdings. According to these agreements, Hangzhou Youxing agreed to acquire 50% of Ulster Technology's shares from Zhejiang Jidi and Mercedes-Benz Travel respectively, with a total cash consideration of RMB 225 million. After the acquisition is completed, Ulstar Technology will become a wholly-owned subsidiary of Hangzhou Youxing.

According to the announcement, Ulster Technology operates under the “Brilliant Travel” brand and provides luxury travel experiences, including business limousine services, long-term full-time driver services, travel services for branded events, airport transfers, and intercity travel with professional butler services. The acquisition strengthened the Group's core travel platform by balancing online car-hailing services with high-end concierge services. By incorporating business limousines and luxury vehicles into the service system, the Group will be able to expand its high-end travel product line, enrich the platform's model configuration, and attract a wider range of middle and high-end customer groups, thereby increasing the overall customer unit price and user life cycle value of the platform. Enterprise services are an important part of the Group's business. They have the characteristics of stable demand, high average prices, and high average gross margin per unit. Ulstar Technology's rich enterprise customer resources have brought cross-selling opportunities, helping the Group to rapidly expand its enterprise customer base, consolidate its enterprise-side business, improve operational efficiency, improve data integration, and enhance long-term profitability. At the same time, the synergy between enterprise and individual customer groups can drive two-way traffic and value transformation, thereby increasing customer loyalty. Furthermore, Ulster Technology has a complete luxury vehicle operation system, high-end customer resources, and a mature concierge and vehicle management system in Hong Kong, which provides a solid platform for the Group's international layout, thus supporting its global expansion strategy.