CICC: Initiate coverage of Cao Cao Mobility (02643.HK) with an "outperform" rating and a target price of HK$70.

According to the cnYES Finance APP, CICC has released a research report stating that it has initiated coverage on Cao Cao Mobility (02643.HK) for the first time, giving it an "outperform" rating and a target price of 70 Hong Kong dollars. The market believes that it is difficult for small and medium-sized ride-hailing platforms to be profitable. However, the bank believes that with sufficient supply, the platform can reduce driver-passenger subsidies and improve efficiency to achieve UE optimization.