GOGOX sold its equity stake for only 1 yuan.
What can one yuan buy? An old popsicle, an ordinary lighter, a steamed bun... It can also acquire the business of a listed company.
Not long ago, GoGoX, known as "the first listed stock of intra-city freight", released an announcement. The company signed a sale and purchase agreement with the independent third party Crestpoint Investment Limited, conditionally agreeing to sell all the share capital of its subsidiary GGEx Holdings Limited to the counterparty at a price of RMB 1.
According to the announcement, the consideration of RMB 1 is mainly determined by the contracting parties after fair consultation and with reference to the above financial data, and will be used as general working capital of the group.
There is also a proposal in the same announcement to change the company's Chinese name from "GoGoX Holdings Limited" to "GOGO Technology", while the English name remains unchanged. After the transaction is completed, the group will no longer operate any business in the Chinese mainland under the "GoGoX" brand, and all its businesses will be concentrated in Hong Kong and other overseas markets under the unified brand "GOGOX".
To put it plainly, the "GoGo" function on many people's mobile phones for cargo transportation and house moving has been completely cut out of the territory of this listed company. Four years ago, it was listed on the Hong Kong Stock Exchange, bearing the title of "the first stock of intra-city freight". At that time, few people would have expected that its mainland business would eventually be traded at such a playful price.
In June 2022, GoGoX (02246.HK) was successfully listed on the Hong Kong stock market, becoming "the first stock of intra-city freight" and obtaining the admission ticket to the capital market ahead of 58.com's Anjuke and Tiane Daojia.
Despite the aura of "the first stock of intra-city freight", GoGoX could not escape the "curse" of the 58.com ecosystem, and its performance in the capital market is quite lamentable.
GoGoX reached its peak on the day of listing, and then started a continuous downward trend, repeatedly hitting new all-time lows. As of October 16, 2026, the company's share price closed at HK$1.12, with a total market value of only about HK$73.94 million, shrinking by more than 99% compared with the market value peak in the early stage of listing.
One yuan, taking over a "negative asset"
According to the information, the buyer Crestpoint Investment Limited is registered in Hong Kong, with its main business being investment holding, and it is wholly owned by Wu Zifeng.
The transaction target is all the issued share capital of GGEx, totaling 2000 ordinary shares, and the RMB 1 consideration will be paid via bank transfer at the time of delivery. Regarding Wu Zifeng, the announcement only states that he is a businessman living in Hong Kong, and there is very little public information available in the market beyond that.
Further investigation shows that GGEx itself is only a shell. It is registered in the British Virgin Islands, and was wholly owned by GoGoX as of the date of the sale and purchase agreement. Through a series of wholly foreign-owned enterprises in China and contractual arrangements, it controls companies including Tianjin 58 Freight, Zhenjiang 58 Supply Chain, Hainan 58 Supply Chain, Hainan 58 Freight, Tianjin GoGo Freight, GoGo Tianjin and Anhui Supida, and undertakes all business operations of the "GoGoX" brand in mainland China.
In the first half of 2024, 2025 and 2026, the company's revenue was RMB 166 million, RMB 132 million and RMB 44.016 million respectively, and the after-tax losses in the same period were RMB 152 million, RMB 79.668 million and RMB 49.259 million respectively. As of the end of June this year, its unaudited net liabilities were about RMB 2.476 million. The revenue is decreasing year by year. Although the loss is narrowing, the money lost in the first half of this year has exceeded the revenue.
In view of the sluggish performance in the mainland market, instead of continuing to invest money and resources, it is better to cut the loss in time. Therefore, this RMB 1 cannot be called the "selling price", and it may only be a nominal number that makes the transaction legally valid.
In fact, the farewell to the mainland business showed signs long ago. In 2025, GoGoX confirmed a goodwill impairment of RMB 61.6 million, on the grounds that the growth of mainland business did not meet expectations, and the management lowered the revenue forecast.
In this year's interim report, the goodwill related to mainland business was impaired by about RMB 46.869 million, due to the continuous intensification of competition, and the revenue and profit growth were lower than the original expectations. With the two impairments combined, the weight of this business on the balance sheet has been almost reduced. When the sale announcement is released, the financial significance is mainly to prevent this part of the loss from being merged into the statements of the listed company.
The transaction has not been completed yet. The highest applicable percentage ratio of this sale is between 25% and 75%, which constitutes a major transaction and requires the approval of a special general meeting of shareholders; the circular to shareholders is expected to be sent on or before November 6. The announcement also reminds that the transaction is subject to the satisfaction of preconditions and may not be completed.
The reasons given by the board of directors are quite pragmatic. The announcement states that from the perspective of strategic planning, the mainland market is no longer the core region of the group. Although the target group can still operate normally, its business scope and geographical coverage do not fully match the group's current priorities. After the sale, the management can focus energy and resources on more strategically meaningful areas.
The announcement also mentions that with a new shareholder of the target group, the counterparty may be in a better position to invest targeted resources, reduce administrative burden and structural complexity, and make the group more flexible. For the acquirer, these companies are still connected to drivers, corporate customers and several freight operation entities. It is not easy for outsiders to calculate their actual value.
From 58 Express to GoGoX
GoGoX is actually a combination of two companies. The mainland half was 58 Express, founded in 2014, which was the core business of 58 Home under 58.com; the other half was GOGOVAN, founded by Lam Kai Yuen in Hong Kong in 2013.
GOGOVAN was originally started by five young Hong Kong people with HK$20,000, and later became one of the most successful startups in Hong Kong. In early 2017, Chen Xiaohua, then CEO of 58 Home, met Lam Kai Yuen by chance, and the two hit it off immediately at their first meeting. The two companies are naturally complementary in geography and business: 58 Express focuses on the mainland and has advantages in the C-end, while GOGOVAN focuses on overseas markets and is familiar with the to-B business.
In August of that year, the two companies completed the merger, and GOGOVAN thus became the first unicorn in Hong Kong. In July 2018, the company obtained a financing of USD 250 million, led by Huaxin Investment, with Cainiao, China-Russia Fund, Qianhai Mother Fund and others participating. In the same year, 58 Express was renamed "GoGoX".
In those years, the intra-city freight market was basically dominated by two players. Data shows that from 2013 to 2018, Lalamove and GoGoX together accounted for about 80% of the market share. The saying "Lalamove in the south, GoGo in the north" spread at that time.
The way to seize the market was very direct, relying on subsidies. From 2018 to 2022, GoGoX's sales and marketing expenses were RMB 524 million, RMB 296 million, RMB 195 million, RMB 335 million and RMB 321 million respectively, and their proportion in the annual revenue dropped all the way from 115.7% to 41.5%. In 2018, the money spent on marketing was more than the revenue of that year. The money was spent, but not many drivers were retained. The previously disclosed data shows that from 2019 to 2021, the number of active drivers on the platform dropped from 272,000 to 214,000.
The change took place after Didi Freight entered the market. In August 2021, when GoGoX submitted its prospectus for the first time, it was written that it was the second largest online intra-city logistics platform in mainland China with a share of 5.5%; when the prospectus was updated in April of the next year, its ranking dropped to the third, and the share became 3.2%. The second place was given to a new competitor.
In December 2023, founder Chen Xiaohua resigned as chairman and executive director, no longer holding any position in the group, and then Lam Kai Yuen took over as chairman.
After that, the mainland business shrank gradually over the years. GoGoX's market share in mainland China dropped from 3.2% at the time of listing to 0.5% in 2025. The number of consignment orders completed on the platform decreased from 32.4 million in 2018 to 14.5 million in 2024. It is more intuitive to look at the accounts over a longer period. As of June 30, 2026, GoGoX's accumulated losses were about RMB 7.804 billion, and the equity attributable to the company's equity holders was only about RMB 75.13 million.
The funds raised in more than ten years have almost been offset by the losses over the years.
It is worth mentioning that GoGoX was listed on the main board of the Hong Kong Stock Exchange on June 24, 2022, with an issue price of HK$21.50 per share. On the first day of listing, its share price once surged to HK$23.15 during trading hours, with a total market value of more than HK$140 billion. However, the share price continued to decline thereafter, falling below HK$1 in September 2023 and becoming a "penny stock".
As of October 16, 2026, the company's share price closed at HK$1.12, with a total market value of only about HK$73.94 million, shrinking by more than 99% compared with the market value peak in the early stage of listing.
The remaining GOGOX, and the growing Lalamove
After divesting the mainland business, the remaining part of GoGoX is still considerable, and it still accounts for the majority of the revenue.
In the first half of this year, the company's total operating revenue was RMB 292.6 million, a decrease of 10.9% compared with the same period of last year. Among them, the revenue from Hong Kong and overseas markets was HK$248.6 million, a decrease of 4.3% compared with last year; the mainland revenue decreased by 35.7%, from the original RMB 68.4 million to the current RMB 44 million. In terms of total revenue, Hong Kong and overseas markets have accounted for 85.0%.
That is to say, the mainland business only accounted for a tiny fraction of the company's total revenue before it was sold.
The company's net loss in the first half of the year was RMB 71.205 million, a decrease of 37.3% compared with the same period of last year; the gross profit margin increased by 1.5 percentage points to 29.9%; the adjusted net loss was RMB 23.858 million, a decrease of 68.0% compared with the same period of last year. After excluding the mainland business, the data in the subsequent statements may look even better.
However, GoGoX does not have a strong capital base. As of the end of June this year, the company's cash and cash equivalents were about RMB 67.94 million, and the net outflow of operating activities in the first half of the year was about RMB 17.18 million. This outflow rate is much slower than the same period of last year, but the cash on hand is indeed very limited.
In 2025, the revenue from the Indian business increased by 12.5%, and the coverage expanded to 25 states; the company stated that it will accelerate the development of high-potential overseas markets in 2026, with a focus on investing in India, and upgrade the application of artificial intelligence tools, intelligent dispatching systems and autonomous driving technology.
Hong Kong remains its core market. According to the data in the prospectus, in the total transaction volume of 2021, the company's share in the Hong Kong market was 50.9%, making it the market leader. Whether it can go through the remaining path relying on Hong Kong and India still needs to be answered by the next few financial reports.
On this track where GoGo is exiting, Lalamove is growing bigger and bigger. Calculated based on the closed-loop freight GTV in 2025, Lalamove's global market share is 53.1%, and its share in mainland China reaches 61%. In 2025, the company's operating revenue reached USD 2.139 billion, with a net profit of USD 447 million. In the same year, GoGoX's share in mainland China was only 0.5%.
Intra-city freight in mainland China has entered a mature stage of stock game, and the competition among leading platforms is becoming increasingly fierce. In order to compete for driver capacity, prices and profit margins are constantly being reduced. For example, Lalamove's comprehensive freight commission rate in the mainland China market has declined for two consecutive years, from 12.2% in 2023 to 10.9% in 2025.
In contrast, the development of intra-city freight in many overseas markets is still at a completely different stage. A large number of small and medium-sized merchants and scattered drivers have not been connected by platforms. In Southeast Asia and Latin America, digital freight platforms are still very scarce matching channels. Therefore, platforms have more room for pricing than in the mainland. Taking Lalamove as an example, the prospectus shows that by 2025, the gross profit margin of the company's overseas market will reach 70.7%, while the gross profit margin of the mainland market is only 48.5%.
Inferred according to this logic, under the background that the competition pattern in the mainland market tends to be solidified, the absolute share of leading players like Lalamove is difficult to shake, and the price war continues. Concentrating limited resources on Hong Kong and high-growth overseas markets is a rational choice for GoGoX in the stage of stock competition.
The intra-city freight business has been favored by many people in the past ten years, and some people have expanded this business by relying on subsidies. At present, there is not much room left for the second echelon. GoGoX's choice to leave the mainland at least shows that it does not intend to consume any more resources here.
There is an interesting point. After the merger of the two companies back then, the mainland 58 Express was renamed "GoGoX", and the name "GoGo" actually came from the Chinese name of GOGOVAN, "GoGo Express", which was brought by the Hong Kong part.
Nine years later, the mainland business was sold to others at a price of one yuan, the remaining part of the company is only Hong Kong and overseas businesses, and the name will be changed to "GOGO Technology". After going around in a big circle, this company has returned to the starting point of GOGOVAN. But this time it has to prove that it can survive in a smaller market.
This article is from the WeChat official account "thecapital" (ID: thecapital), author: Wang Tao, editor: Wuren, published with authorization from 36Kr.