Tuhu Car, a Tencent-backed automotive service platform, marked its debut on the Hong Kong Stock Exchange on Tuesday, with shares priced at HK$28 (26.18 yuan, US$3.58) each, generating HK$ 1.08 billion in funds.
This places Tuhu's market capitalization at over HK$24 billion, solidifying its position as the first independent Hong Kong-listed after-sales service provider in the automotive sector.
Tuhu, originally focused on tire sales, now links car owners, parts suppliers, and service providers. As of June 30, it operates 161 self-owned stores, 4,968 franchised stores, and 20,013 cooperative outlets. In H1 2023, Tuhu reported a 19.3 percent year-on-year revenue surge, totaling 6.5 billion yuan. Notable cornerstone investors in Tuhu's IPO include Tencent, Jia Shi Duo, Lingpao Automobile, Guoxuan High-Tech, and Shanghai Zizhu High-Tech Zone.