Changes in Hong Kong stocks | Cao Cao Chuxing (02643) closed up nearly 10% WAIC explains that the repurchase amount of trusted RoboTaxi exceeded HK$30 million this month

The Zhitong Finance App learned that Cao Cao Travel (02643) fluctuated higher throughout the day. By the close, it had risen 9.72% to HK$15.46, with a turnover of HK$96.776 million.

According to the news, at this year's World Artificial Intelligence Conference, Professor Joseph Siffakis, the chief scientific adviser of the Cao Chuxing Artificial Intelligence Innovation Center and Turing Award winner, delivered a video speech and systematically explained the three basic principles that must be followed to achieve a trustworthy Robotaxi: construction is safety, system collaboration, and operation guarantee. Combining this theory, Cao Cao Chuxing further proposed the “Trusted Robotaxi Capability System” to create large-scale commercial operation solutions with the three capabilities of trusted vehicles, trusted operation guarantee, and trusted operation systems. In terms of trusted vehicles, the company has launched the first natively developed Robotaxi in China. It uses a vehicle-grade multi-redundancy architecture design, and the key systems have reached the ISO 26262 ASIL-D functional safety level.

It is worth mentioning that the company has continued to increase share repurchases recently. Since July, a total of 5 repurchases have been carried out, totaling about 2,031,800 shares, and the cumulative repurchase amount exceeds HK$30 million. According to the Citigroup report, Cao Cao Travel's management said that the company's gross profit and net profit initially achieved year-on-year improvements in the first half of the year, and the core online car-hailing business continued to outperform the industry, and it is expected that the growth rate will continue to exceed twice the industry average throughout the year. The bank believes that while the core business continues to improve profitability, AI applications and Robox strategy are becoming important driving forces for Cao Cao's future growth.