Car Maintenance E-Commerce Platform Tuhu to Debut in Hong Kong
On August 29, Tuhu Car Inc., an e-commerce platform for automobile maintenance, submitted an application for a listing to the Hong Kong Stock Exchange (HKEx). Its co-sponsors are Goldman Sachs, UBS, CICC Capital and BofA Securities.
Tuhu, established in 2011, is one of the online and offline integrated automobile service platforms in China. According to the Tianyancha APP, Tuhu has secured nine rounds of financing so far, and its investors have included CCB International, Qiming Venture Partners, Tencent, Goldman Sachs, Hillhouse Capital, etc. The last financing round took place in October 2019.
Leveraging its customer-centric model and efficient supply chain, Tuhu is able to provide a one-stop, fully digital, on-demand service experience that meets the needs of car owners. It has built an auto service ecosystem consisting of vehicle owners, suppliers, auto service stores and other participants.
According to a report by China Insights Consultancy, Tuhu’s platform is the largest car-owner community assembled by Chinese auto service providers. The company has been expanding its service network and has over 4,200 local stores and over 25,000 partner stores nationwide.
As of June 30, 2022, its flagship app Tuhu and webpage have 86.4 million registered users. During the most recent twelve months ended June 30, 2022, the company had 15.7 million transaction users, an increase of 19.4% year-over-year. It reached 9.0 million average monthly active users in the six months ended June 30, 2022.
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Financially, the company’s prospectus shows that revenues from 2019 to 2021 were 7 billion yuan ($1.01 billion), 8.8 billion yuan and 11.72 billion yuan respectively. Tencent holds more than 21% of shares and is the largest external shareholder. Image Frame Investment (HK) Limited, Joy Capital Management, Sequoia China and FountainVest Partners hold 20.29%, 9.85%, 5.49% and 5.98% respectively.
Tuhu has been actively exploring business opportunities related to new energy vehicles, such as battery maintenance services, and has established cooperation agreements with brands such as Leapmotor and BAIC Arcfox.