Chinese ride-sharing company UCAR has been approved to list on the New Third Board, the National Equities Exchange and Quotations (NEEQ) announced on July 13.

The company has raised a total of RMB 5.809 billion in three rounds of funding, including an investment round of RMB 3.68 billion in March and two investment rounds after submitting an application to the NEEQ in April. The company is now worth RMB 36.9 billion.

The company’s 2015 financial results released in April show that revenue jumped from RMB 614,700 in 2014 to RMB 1.744 billion in 2015 and net loss increased from RMB 48.6097 million in 2014 to RMB 3.723 billion. Revenue from its chauffeured service hiked from RMB 457,000 in 2014 to RMB 1.74 billion in 2015, and the share of this income in total income also increased from 74.42% in 2014 to 99.87% in 2015.

From June to December last year, the average income per booking was over 80 yuan and the operational profit margin per car per day was 35%. Salary paid to drivers constituted 34% of net income, fuel costs 20% and car rental costs 10%. It is estimated that the company would report    a net loss of RMB 1.5 billion this year but will begin to return a profit in 2017 to the tune of RMB 3 billion, and profit is expected to go up from then.

The company revealed that the average net revenue per booking in Q1 2016 was 41.7 yuan and the average cost per booking decreased to 65.11 yuan. The average booking volume per day grew by about six times from 37, 600 in Q1 2015 to 260,300 in Q1 2016. (Translated by Claire)