On August 18, Chinese ride-hailing platform OnTime submitted its prospectus to the Hong Kong stock exchange, as reported by Chinese news site Sina. Initially co-founded in 2019 by Chinese automaker GAC Group and tech giant Tencent, OnTime offers ride-hailing and Robotaxi services, AI data and model solutions, as well as high-definition (HD) maps within the Chinese market. Apart from GAC Group and Tencent, OnTime is also backed by autonomous driving solution provider Pony.ai and asset management and investment company SPARX Group, among others. According to data from the company’s prospectus, OnTime’s total revenue for 2020, 2021, and 2022 reached RMB 400 million ($55 million), RMB 1.014 billion ($139 million), and RMB 1.368 billion ($187 million) respectively. [Sina, in Chinese]
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