"Che Lai Le" Listed in Hong Kong?

After two submissions, MetaLight Inc. (a.k.a. "MetaLight Technology"), the parent company of China's largest bus travel platform "Che Lai Le", successfully passed its listing hearing on May 16th, advancing its listing process.

According to the prospectus, MetaLight Technology is a data intelligence company specializing in time series data intelligence services in the bus sector.

The company leverages time series data to identify and predict trends, patterns, and fluctuation characteristics over time. For instance, its flagship mobile app "Che Lai Le", launched in 2013, employs big data analysis and AI technology to track bus locations in real-time and predict arrival times, aiding users in efficiently planning their travel schedules.

Currently, this core product offers precise predictions and supports intelligent decision-making for individuals, enterprises, and governments across various application scenarios. If the listing is successful, MetaLight Technology will become the "first smart time series data stock" on the Hong Kong stock market.

Additionally, investors' attention is drawn to the numerous star investors backing MetaLight Technology, including Didi, Alibaba, Hontao Capital, and Lei Jun.

As the valuation of Hong Kong tech stocks soars, can MetaLight Technology's "money-drawing" charm continue to shine post-listing?

Didi and Alibaba's Favored "Time Business": MetaLight Technology Transforms "Waiting Anxiety" into a "Data Gold Mine"

Bus travel has always been the most popular mode of transportation for domestic users. Despite the vast amounts of data involved, few market brands can effectively monetize the "waiting" aspect.

MetaLight Technology is one of these few.

In February 2010, Wuhan MetaLight Technology Co., Ltd., the domestic operating entity of MetaLight Technology Group, was established. The following year, the company introduced its flagship product, the "Che Lai Le" APP, to the market.

By analyzing GPS data authorized by transportation agencies, user query and search history, and data aggregation of buses and users, the product provides real-time bus schedules and accurate estimated arrival times, enhancing the travel experience by reducing waiting time uncertainty and the likelihood of missing buses.

Driven by digital technology, the growth of the internet industry, and shifts in consumer habits, the time series data market in the bus sector has experienced a phased explosion in recent years.

Data from China Insights Consultancy indicates that the annual generation of time series data in China significantly increased from 2.3ZB in 2019 to 11.0ZB in 2023, with a compound annual growth rate of 47.2%. The corresponding time series data service market size grew from 10.9 billion yuan to 31.9 billion yuan. Notably, the time series data market in the bus sector expanded from 0.7 billion yuan to 1.7 billion yuan.

During this period, the "Che Lai Le" APP, as China's largest real-time bus information service platform in terms of urban coverage, significantly grew in customer base, user activity, and revenue.

In terms of user size, China Insights Consultancy data shows that "Che Lai Le" ranked third among China's real-time bus information platforms in 2023, with an average of approximately 25.3 million monthly active users, trailing only Gaode Maps and Baidu Maps.

Regarding urban coverage, "Che Lai Le" was the largest real-time bus information service platform in China that year, covering 274 cities as of December 31, 2024, with a strong presence in third-tier and lower-tier cities. The number of users on the corresponding platform also increased from 264 million at the end of 2023 to 298 million.

Worth mentioning is that as part of its international expansion, "Che Lai Le" began expanding its real-time data coverage to Hong Kong on March 28, 2025.

Perhaps attracted by the unique qualities of "Che Lai Le", or due to continued optimism about the time series data market for travel, MetaLight Technology has received a total of 6 funding rounds since 2013, with investors including Lei Jun, Alibaba, Hontao Capital, and other star investors. The prospectus reveals that before the IPO, Didi Chuxing held a 18.11% stake in MetaLight Technology, making it the largest external investor. Alibaba also invested in 2015 and still holds over 10% of MetaLight Technology's shares. As for Lei Jun's Shunwei Capital, it exited the shareholder ranks on the eve of the IPO.

In May 2024, just before MetaLight Technology submitted its initial IPO application, it completed another round of Series C funding, with new investors such as SilverSnake and Duan Sirui joining.

"Growth Anxiety" Hidden Behind the User Base

The vast user base has not only generated stable advertising revenue for MetaLight Technology but also fostered a closed-loop data effect. User behavior data feeds back into algorithm optimization, further enhancing prediction accuracy, attracting more users, and creating a positive cycle.

At the technical level, as of the end of 2023, MetaLight Technology held 71 software copyrights, 29 patents, and 10 pending patent applications. Over 90% of its R&D team members hold degrees in related fields such as computer engineering and data analysis.

This technological accumulation has enabled it to achieve industry-leading accuracy in bus arrival predictions, making it a partner of numerous urban transportation management departments nationwide.

The prospectus indicates that "Che Lai Le" displays bus routes with 99.5% accuracy and real-time bus locations with 97.8% accuracy. According to China Insights Consultancy data, the company's bus arrival time prediction accuracy is approximately 90.0%, surpassing the industry average.

Relying on its technological leadership in outstanding time series data intelligence services and the network effect of its user base, MetaLight Technology has become a leading enterprise in the domestic bus field's time series data service sector, ranking stably in the top three with a market share of 10.2%. In addition to the Che Lai Le App, its products also encompass a big data platform for buses, a customized bus platform, and a power trading system.

In terms of its business model, MetaLight Technology's revenue primarily depends on mobile advertising (accounting for over 98%) and data technology services.

Data shows that MetaLight Technology's revenue has increased annually from 135 million yuan in 2022 to 206 million yuan in 2024. Correspondingly, gross profit increased from 98.8 million yuan to 157 million yuan, and gross profit margin rose from 73% to 76.4%.

Specifically, mobile advertising, the primary revenue source, saw its revenue contribution rate further increase from 85.2% to 98.0%. In contrast, the performance of providing data analysis products and services to enterprises and governments through a subscription model has been mediocre.

The differentiated performance of the business structure not only highlights that the platform's vast user base is the core driver behind MetaLight Technology's stable revenue growth over the past three years but also reveals that the company still has a long way to go in fundamentally resolving the issue of over-reliance on advertising revenue through the dual-wheel drive model of "traffic monetization + B-end services".

Especially as the risks of user growth bottlenecks and intensifying competition become increasingly prominent. Currently, giants such as Gaode Maps and Baidu Maps have incorporated real-time bus functions into their core services, while locally government-led digital systems (such as Shanghai Bus and Suzhou Real-time Bus) are also diverting users.

Moreover, despite stable revenue, the company's actual profitability is somewhat fragile.

Data shows that the company's adjusted net profit increased from 9.81 million yuan to 54.22 million yuan during this period, but its actual net profit remains in the red: annual profit losses expanded from 20.04 million yuan in 2022 to 26.14 million yuan in 2024, with corresponding annual profit rates of -14.8%, -11.6%, and -12%, respectively. Clearly, if the company's advertising revenue growth slows down in the future, profit pressure will further intensify.

Surrounded by Gaode and Baidu, and Facing Intense Competition from Vertical Competitors! How Can MetaLight Technology Break the Impasse?

It is promising to note that the intelligent transportation data service industry in which MetaLight Technology operates is still in a period of rapid development.

According to China Insights Consultancy forecasts, China's time series data service market size will grow from 31.9 billion yuan in 2023 to 94.6 billion yuan in 2028, with a compound annual growth rate of 24.3%. Among them, the bus sector's time series data market size is expected to increase from 1.7 billion yuan in 2023 to 3.9 billion yuan in 2028, with a compound annual growth rate of 18%.

At the policy level, documents such as the "Outline for Building a Powerful Transportation Nation" and the "Opinions on Continuously Promoting Urban Renewal Actions" clearly support the construction of smart cities and intelligent transportation, providing policy dividends for industry development.

Of course, a sunrise industry is bound to face competition. MetaLight Technology must contend with pressure from both integrated platforms and vertical competitors.

In the bus sector, Gaode Maps and Baidu Maps, with their diversified services including navigation and ride-hailing, collectively occupy over 30% of the market share, slightly edging out MetaLight Technology. These platforms can easily leverage their traffic advantages and ecological synergy to form a dimensionality reduction attack on "Che Lai Le". For example, Gaode Maps embeds real-time bus functions into its navigation services, enabling users to obtain information without separately downloading the APP, thereby directly diverting users from "Che Lai Le".

In the vertical field, MetaLight Technology must navigate intense competition from rivals like "Palmtop Bus" and "Che Dao Na". These platforms compete for market share through differentiated services (such as customized bus route planning and precise real-time bus advertising placement). For instance, "Palmtop Bus" cooperates deeply with local transportation departments to provide exclusive route data. If MetaLight Technology aims to widen the gap with its competitors, it needs stronger G-end authorization and B-end customer advantages.

To secure more opportunities, according to the disclosure, the net proceeds from its IPO will be primarily used to enhance technological capabilities, boost sales and marketing efforts to increase market share and brand awareness, recruit new talent, and for other general purposes.

Conclusion

Conceptually, MetaLight Technology undoubtedly possesses scarcity attributes. However, once listed, the company will inevitably face the dual tests of valuation rationality and growth sustainability.

Its long-term value will hinge on its ability to realize large-scale monetization of data assets. As the intelligent transportation industry shifts from "equipment investment" to "data operation", enterprises with time series data processing capabilities will become more competitive.

If MetaLight Technology can maintain its advantages in the bus sector while successfully expanding into new scenarios such as power and logistics, and unlock a second growth curve through data factor trading, it is expected to occupy a more prominent position in the smart time series data race. Conversely, if it over-relies on advertising revenue and lags behind in technological iteration, it may become a mere traffic appendage of integrated platforms.