GOGOX to exit mainland China logistics market after years of losses

GOGOX, the Hong Kong-listed logistics platform, has reached a conditional agreement to sell its mainland China business, Kuaigou Dache, for a nominal sum of RMB1. The decision follows years of financial underperformance in the region, where the business recorded a net loss of RMB49.3 million on RMB44 million in revenue during the first half of 2026.

Kuaigou Dache struggled to maintain market share against dominant competitors such as Lalamove and Didi Freight. By 2025, industry estimates placed Kuaigou’s market share at approximately 0.5% of the mainland online intra-city logistics sector, a significant decline from its position years prior. Analysts suggest the platform failed to achieve the network density required to retain drivers and shippers, despite heavy capital expenditure on marketing and operational subsidies.

While the mainland operations will continue under new ownership, GOGOX intends to rebrand as GOGO Technology and consolidate its resources toward its more profitable segments in Hong Kong, Singapore, South Korea, India, and Vietnam. These regions currently account for 85% of the company's total revenue.

The divestment marks the end of a long-term, capital-intensive battle for the Chinese freight market. GOGOX officials cited unsustainable competition and stagnant regional growth as the primary drivers for the strategic withdrawal from mainland operations.