Quhuo Limited announced a strategic partnership with Topliquidity Management Limited to accelerate the tokenization of real‑world assets and the use of stablecoins for cross‑border settlements in its growing vehicle export business. The collaboration, announced on November 13, 2025, will explore smart‑contract‑based trade agreements to reduce manual labor costs and increase transaction transparency for international vehicle exports.
Quhuo’s financial profile underscores the significance of the partnership. The company’s market capitalization was $1.23 million at the time of the announcement, and it has recently completed a 1‑for‑90 reverse ADS split effective August 25, 2025, pending regulatory approval. In addition, Quhuo disclosed a $50 million at‑the‑market equity offering, reflecting a need to strengthen its balance sheet amid a “WEAK” financial health rating. These moves suggest that the blockchain initiative is part of a broader effort to diversify revenue streams and improve financial resilience.
The vehicle export segment, launched in 2023, has shown rapid growth, with first‑half 2024 revenue increasing 389% year‑over‑year and a gross profit margin of 5.1% versus 1.7% in 2023. By leveraging blockchain, Quhuo aims to streamline cross‑border payments, reduce settlement times, and lower currency‑conversion costs, thereby enhancing competitiveness in the new‑energy vehicle export market. CEO Leslie Yu emphasized that “digitalization is a key driver of long‑term growth,” positioning the partnership as a proactive step toward future market dynamics.
The partnership will enable Quhuo to issue tokenized representations of vehicles, use stablecoins for settlements where USD access is limited, and deploy smart contracts to automate trade agreements. These capabilities are expected to cut transaction costs, improve auditability, and provide more flexible payment options for international buyers. The initiative aligns with Quhuo’s broader strategy to move beyond low‑margin on‑demand delivery services and capitalize on high‑margin vehicle exports.
Execution risks remain significant. Regulatory compliance across multiple jurisdictions, integration complexity with existing systems, and reliance on Topliquidity’s advisory expertise could delay or limit the rollout. The partnership is framed as an exploratory phase, with no definitive launch date, indicating that the benefits will materialize over the long term rather than immediately.
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