December 18，China Car Rental(00699.HK) Announcement Display，The holding company of Shenzhou Private Car was changed from the original UCAR Technology to China United Technology Co., Ltd. (hereinafter referred to as "China United")。The latter regardless of business records，In terms of equity structure，Both are more in line with the requirements of mainland companies applying for listing。

This also makes Shenzhou Private Car’s intention to go public in the mainland obvious，The relevant person in charge of the company did not deny this when interviewed by a reporter from China Business News，But I can only say that this intention exists，There are no relevant plans to announce yet。

In the opinion of industry insiders，Compared to other competitors，China Private Car’s B2C model can ensure a very reasonable cost structure，And currently enjoys “exclusive” policy benefits，But this model will also face scale bottlenecks on the other hand，In this case，The rapid growth period is the best time window for Shenzhou Special Vehicle to be launched，Can provide the capital market with a more attractive "story"。

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For China Private Car，This move is just a replacement of the “shell” used in the mainland capital market，Others have not changed。

The operation method is as shown in the announcement，All shareholders of UCAR plan to acquire China United’s domestically registered equity，And transfer all its private car business to the latter。After reorganization is completed，The actual shareholding ratio of all original shareholders remains unchanged，China United will replace UCAR Technology as the 188bet online sports betting new holding company，Control all private car services of China Private Car。

Industrial and commercial information display，The legal representative of China United is the Chairman and CEO of China Car Rental Board of Directors、Lu Zhengyao, Chairman of China Private Car，Established in June 2002，The registered capital was changed to 653 on December 14, 2015.USD 670,000，Business scope includes software technology development、Technical services, etc.。Compared to UCAR Technology established in 2014，The former can better meet the requirements of companies applying for listing "opening time is more than 3 years"，And the survival conditions of making profits in the last three consecutive years;On the other hand，It also avoids the parts of UCAR Technology that have overseas structures that are not suitable for domestic listing。

“The valuation of the A-share market is higher，This is also the main reason why China Private Car is listed in China。” China Merchants Securities (Hong Kong) analyst Hao Yunfan told reporters，This is also in line with the current trend of Chinese concept stocks returning to A-shares。

In the opinion of Cai Jianming, a transportation industry researcher at CIC Consulting，Always，China Car Rental has been very active in seeking financing，For Shenzhou Car Rental, which adopts a heavy asset model，The total amount of funds is more important。

September 2014，China Car Rental, established in 2007, is listed in Hong Kong，Since then, the "high debt" has begun to be alleviated，As of December 31, 2014，China Car Rental’s fiscal year debt ratio is 37%，Significantly lower than 62% in 2013。

Meanwhile，China Private Car is also constantly seeking capital support，July 1, 2015，The Shenzhou special car was completed less than half a year after it was launched2.US$500 million Series A financing;Afterwards，5 more completed.USD 500 million Series B financing，The company’s valuation has since increased to 35.USD 500 million。

Although the above-mentioned person in charge did not respond to the specific launch plan of China Private Car，But the industry expects it to be implemented as early as 2016，In Hao Yunfan’s opinion，“Now China Private Car is in a period of 188bet online sports betting rapid growth，Listing at this time will give the capital market a relatively large room for imagination，It will be more beneficial to the valuation。" Roland Berger pointed out in the "China Private Car Market Analysis Report" previously released，January to August 2015，The average monthly growth rate of orders for China Private Car is as high as 62%，Far exceeding Didi’s 13% and Uber’s 19%。

Different choices under different modes

Compared to competitors，China Private Car, which relies on car rental business, can be regarded as a "laojianghu" that "debuted" relatively late。January 2015，China Car Rental cooperates with UCAR Technology，Provide driving services to customers under the joint brand of "UCAR China Private Car"。

As Hao Yunfan said，For China Car Rental’s business and profit territory，China Special Car is a very important chess piece，So at that time Credit Suisse issued a research report saying，In view of the strong pull of China’s private car business，Upgraded the company's stock rating to "outperform" from "neutral"。

Despite high expectations，But the market China Private Car has entered is already fiercely competitive，Before，Didi and Kuaidi have launched private car services for half a year，The "money burning" war has caused smoke everywhere in the private car market，And after this，Didi、Kuaida’s “strong alliance”，Yidao Yongche, which was previously at a competitive disadvantage, is introducing "financiers"。

China’s Uber, which has “lost too much”, also said it would announce Series B financing after Christmas。

However，In terms of attitude toward listing，Compared to other opponents, it’s hard to say，China Special Car has shown a relatively clear attitude this time。

October 2015，Uber CEO Travis Kalanick publicly stated，Uber is still several years away from going public;But before that，A confidential document disclosed by Reuters and not approved by Uber shows that the company may IPO in 2017;The same goes for Didi Kuaidi，Previously, the saying that "the listing plan will be put on the agenda after the merger" spread like wildfire，However, in a recent interview at the Second World Internet Conference, Cheng Wei, 188bet sports betting app download CEO of Didi Kuaidi, stated that Didi has no plans to go public in the short term。

In the opinion of Analysys International analyst Zhang Xu，Currently among these companies，Only Shenzhou Private Car is at a more appropriate time to go on the market，“Didi Kuaidi’s imagined urban transportation layout has not yet been completed，Dependent on further capital investment;Uber has suffered larger losses in China，Still in the stage of conquering the city。”For both，There is no relatively stable and certain profit expectation。

Based on Cheng Wei’s words，“Now is not the time to make money，The team has a sense of crisis，Now is the stage where Didi is constantly nurturing and developing its business，The private car business is still growing。”

"This is the difference in mode，Didi Kuaidi is a large-scale platform，In order to maintain user scale，Many product lines will be derived，Only when income is generated from different business layouts，The scale effect will be realized。"Hao Yunfan pointed out，But it’s not the time to harvest yet。

As opposed to，China Private Car is not taking the "large-scale" route。As understood，The vehicles of China Private Car are rented from China Car Rental，The driver is an employee of a third-party labor service company，Only the platform and operations are placed within the Shenzhou Private Car framework。"This ensures a more reasonable cost structure，And it is positioned in a high-end market，Profitability is clearer。" Hao Yunfan said。

The above-mentioned Roland Berger report pointed out，China Private Car attracts many people with stronger spending power、Users with higher security requirements。Data display，More than half of China Private Car’s customers are between 25 and 35 years old，33.6% of users have a monthly income of more than 1.20,000 yuan，60.9% exceeds 5,000 yuan，Belongs to the rising middle class of society，Is the future middle class。

In Zhang Xu’s opinion，Because the B2C model can ensure unified and ultimate service，Operation costs are relatively high，So it is aimed at middle and high-end people，P2P private cars are aimed at those price-sensitive users，This forms a "complementary" market。

The high-end positioning strategy ensures the pricing power of China Private Car，It also ensures that it competes on a different "track" with Didi Kuaidi, which has a larger market share。"Now you have entered the private car 2.0 era，The market has changed from fighting for low prices to fighting for services，"The above person in charge said，Although subsidies to consumers will continue，But the subsidy method will change，For example, the recently launched “30 seconds no car compensation” etc.。

More important，Judging from the “New Regulations for Private Cars” released in October，China Private Car now clearly has the policy “advantage”。Among them，Although the legal status of private cars has been clarified，But about the vehicle attributes、Scrap age、Made mandatory regulations on driver qualifications，Especially it is clear that "private cars are not allowed to be used as special cars"。“Recently introduced policies exclude private cars，China Private Car, which operates by leasing vehicles, has successfully avoided such policy risks。"Cai Jianming said。

High point realization of existing resources

Although many industry insiders said，Based on the current situation，China Private Car is the only private car company suitable for listing，But through which channel it will be listed，The valuation is still uncertain。

A-shares are likely to face IPO queue problems，But there is still a backdoor、There is a faster way such as the New Third Board or the Strategic Emerging Board that will be officially launched in Shanghai in 2016。

Valuation has reached 23 billion yuan，Valuation has reached 23 billion yuan。The post-IPO valuation is still unclear。But it chooses to be listed in the country，The intention may be to allow customers to better recognize the business model and investment value of China Private Car，Thus obtaining a higher valuation，Conducive to the reflection of company value and better shareholder returns。

Hao Yunfan thinks，The future is for China Private Car，The biggest uncertainty comes from policy，It will have an impact on the stock price of listed companies。

On the other hand, there are more competitors，In Cai Jianming’s opinion，188bet app Competition in the private car sector will become more intense in the future，Except the current Didi Kuaidi、Uber etc.，Some traditional taxi companies are also eager to try the private car industry。

An industry insider said，No matter from the perspective of its own asset-heavy model，Looking at market competition。Seize the "first share" of special car，For China Private Car，It is more like a wiser choice to monetize existing resources at a high point。