(Yicai Global) Dec. 30 -- Ruqi Mobility, the ride-hailing unit of GAC Group, is preparing for an initial public offering, according to the general manager of the Chinese auto giant.

Ruqi is speeding up the commercialization of robotaxis and advancing IPO-related preparations, Feng Xingya said today at the Guangzhou International Automobile Exhibition, China Securities News reported. The number of Ruqi users has exceeded 16 million, he added.

Launched in June 2019, Ruqi’s business encompasses taxis, ride-hailing, car services, chauffeurs, and robotaxis in regions such as the Guangdong-Hong Kong-Macao Greater Bay Area and the city of Changsha in Hunan province.

Earlier this month, rumors said Ruqi may go public in Hong Kong next year with Agricultural Bank of China and China International Capital as sponsors.

Ruqi raised more than CNY1 billion (USD143.8 million) in a Series A financing round in April, becoming the first Chinese ride-hailing platform to secure investment from two self-driving startups, WeRide and Pony.ai.

The company’s investors also include Tencent Holdings and Guangzhou Industrial Investment and Capital Operation.

Editor: Futura Costaglione