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China’s on-demand food delivery leader Quhuo filed for Nasdaq IPO

On-demand food delivery rider Quhuo, China. Photo: quhuo.cn. Sketched by the Pan Pacific Agency.

BEIJING, JUn 22, 2020, CIW. The top player in China’s on-demand food delivery solution market, with a market share exceeding the total of the next top four combined, Quhuo applied to list their ADSs on the Nasdaq Global Market, under the symbol “QH,” China Internet Watch reported.

Quhuo revenues increased by 12.6% from RMB348.7 million in the three months ended March 31, 2019 to RMB392.6 million (US$56.4 million) in the three months ended March 31, 2020, primarily due to the increase in revenues generated from our on-demand food delivery solutions as a result of their continued market penetration and expansion, partially offset by the impact of the recent COVID-19 pandemic.

Revenues from on-demand food delivery solutions increased by 13.4% from RMB343.2 million in the three months ended March 31, 2019 to RMB389.3 million (US$55.9 million) in the three months ended March 31, 2020.

The increase was primarily driven by the increase in the average monthly delivery orders fulfilled by delivery riders on the platform from approximately 13.9 million in the three months ended March 31, 2019 to approximately 16.9 million in the three months ended March 31, 2020.

Revenues from shared-bike maintenance solutions decreased by 48.9% from RMB4.3 million in the three months ended March 31, 2019 to RMB2.2 million (US$0.3 million) in the three months ended March 31, 2020.

Revenues from ride-hailing solutions decreased by 26.5% from RMB1.2 million in the three months ended March 31, 2019 to RMB0.9 million (US$0.1 million) in the three months ended March 31, 2020.

Revenues from housekeeping solutions and other services were nil and RMB0.2 million (US$36,000) in the three months ended March 31, 2019 and 2020, respectively.

Quhuo’s gross profit decreased by 52.4% from RMB23.3 million in Q1 2019 to RMB11.1 million (US$1.6 million) in Q1 2020. The gross profit margin decreased from 6.7%.

The operating loss decreased by 61.0% from RMB49.0 million in Q1 2019 to RMB19.1 million (US$2.7 million) in Q1 2020. Their net loss decreased by 53.5% from RMB46.4 million to RMB21.6 million (US$3.1 million) in Q1 2020.

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