GOGOX has reached a conditional agreement to sell its mainland China operations, known as Kuaigou Dache, for a symbolic price of ¥1. The deal, which requires shareholder approval, involves the sale of the subsidiary GGEx Holdings and a planned rebranding of the parent company to GOGO Technology.
The mainland China business has faced significant financial challenges. In the first half of 2026, the division generated ¥44 million in revenue but recorded a net loss of ¥49.3 million. The unit also reported net liabilities of ¥2.48 million, prompting the parent company to exit the market to focus on Hong Kong and international operations.
Kuaigou Dache struggled to compete with larger rivals in the Chinese intra-city logistics market. By 2021, the company held a 3.2% market share by transaction value, which fell to an estimated 0.5% by 2025. In contrast, its main competitor, Lalamove, saw its market share grow to 61% during the same period, while Didi Freight captured 12.4%.
The company's history dates back to the 2017 merger between 58 Suyun and the Hong Kong-based GOGOVAN, which rebranded as Kuaigou Dache in 2018. Despite heavy investment in sales and marketing, including spending ¥524 million in 2018 alone, the platform failed to achieve the network density required to compete effectively against Lalamove, Didi Freight, and Manbang.
GOGOX currently generates 85% of its total revenue from markets outside mainland China, including Hong Kong, Singapore, South Korea, India, and Vietnam. However, revenue from these regions declined by 4.3% year-on-year in the first half of 2026 as the company continues to face competition from regional players like Porter and GrabExpress.
