According to CNA, Hotai Leasing (和運租車), a Hotai Motor (和泰車) affiliate, plans to move from Taiwan's Emerging Stock Board to a full TWSE listing in early August. Chairman Liu Yuan-sen forecasts revenue could reach NT$30 billion this year, with Taiwan core-business profit growing by a double-digit percentage, even as analysts project overall profit growth of only about 6%.
What is Hotai Leasing's revenue outlook and Taiwan business growth this year?
According to CNA, Chairman Liu Yuan-sen (劉源森) of Hotai Leasing (和運租車) — an affiliate of Hotai Motor (和泰車) — forecasts that full-year revenue could grow slightly over last year and reach as much as NT$30 billion (E3). The company projects its Taiwan core business will see profit grow by a double-digit percentage this year (E4).
That outlook is notably more optimistic than the estimate from analysts (法人) cited in the same CNA report, who forecast overall company profit growth of only about 6% this year (E11) — roughly half the low end of a "double-digit" range applied to the Taiwan business alone.
How has Hotai Leasing's profitability trended, and what did Q1 2026 show?
CNA reported the company's earnings per share (EPS) for 2023 through 2025, along with its first-quarter 2026 figure:
| Period | EPS (NT$) |
|---|
| 2023 | 5.92 |
| 2024 | 5.14 |
| 2025 | 4.61 |
| Q1 2026 | 1.30 |
The figures show EPS declining in each of the three full years reported — from 5.92 in 2023 to 5.14 in 2024 and 4.61 in 2025 (E9). The most recent data point, Q1 2026 EPS of 1.30, is the only in-year figure disclosed in the report (E10).
What is the timeline, price, and fundraising size of the listing move?
CNA reported that Hotai Leasing is planning to shift from Taiwan's Emerging Stock Board to a full Taiwan Stock Exchange (TWSE) listing in early August (E1). Key terms disclosed in the report:
| Item | Figure |
|---|
| Planned listing timing | Early August |
| Tentative offering price | NT$42 per share |
| Total funds to be raised | NT$3.56 billion |
| Listing application capital | Approx. NT$1.925 billion |
According to CNA, the NT$3.56 billion raised is intended to strengthen working capital, lower the company's debt ratio, and expand its shareholder base to boost stock liquidity (E5). The listing application capital was reported at approximately NT$1.925 billion (E8).
How large are Hotai Leasing's core rental fleet and iRent membership base?
CNA reported that Hotai Leasing's long-term rental car fleet comprises 40,000 vehicles, with contracts mostly running three-year terms (E6). Separately, the company's unstaffed car-sharing brand, iRent, has surpassed 2 million members, according to the same report (E7).
What this means
Taken together, the figures CNA reported point to a gap between Hotai Leasing's own targets and outside forecasts around the same listing event. The chairman's projection of double-digit profit growth for the Taiwan core business (E4) and a revenue target of up to NT$30 billion (E3) sit alongside a more conservative analyst estimate of about 6% overall profit growth (E11). That divergence appears against a backdrop of EPS that declined for three straight years — from 5.92 in 2023 to 4.61 in 2025 (E9) — before the Q1 2026 print of 1.30 (E10). The NT$3.56 billion the company plans to raise in the listing is explicitly earmarked, per CNA, for lowering the debt ratio and expanding the shareholder base (E5), against a reported listing-application capital base of NT$1.925 billion (E8) — context that sits alongside the scale of the underlying operating assets: a 40,000-vehicle long-term rental fleet and an iRent membership base of over 2 million (E6, E7).