Tuhu Car Service (stock code: 09690) was listed on the Hong Kong Stock Exchange today. The issue price of Tuhu Automobile is HK$28, and the net raised amount is HK$1.081 billion. Tencent, Castrol, Leapmotor, Guoxuan Hi-Tech, and Shanghai Zizhu High-tech Zone are cornerstone investors. The five cornerstone investors brought a total investment of US$100 million.



Among them, Leapmotor and Guoxuan Hi-tech each subscribed for US$30 million, Tencent subscribed for US$25 million, Castrol subscribed for US$10 million, and Shanghai Zizhu High-tech Zone subscribed for US$5 million.

Data shows that Tuhu Car Care is the first non-medical Hong Kong stock cornerstone project that Tencent has participated in within two years.

Analysts believe that Tencent will continue to strongly support Tuhu in terms of traffic and ecosystem construction in the future. As a world-renowned giant in the traditional automobile industry, Castrol's participation in this IPO subscription reflects its recognition of Tuhu Automobile's industry status, profit prospects and competitive advantages.

Leapmotor and Guoxuan High-Tech, respectively representatives of new domestic new energy vehicle forces and leading power battery manufacturers, also participated in the subscription as cornerstone investors.

Tuhu Automobile's opening price was HK$28, which was the same as the issue price; as of now, the company's stock price has increased by 0.71%, and the company's market value is HK$29.665 billion.

With this listing, Tuhu Auto Care has officially become the first Hong Kong-listed company in the independent automotive after-sales service market. Tuhu is also the largest TMTIPO project in Hong Kong since 2023, and the only TMT company with a final fundraising scale of over US$100 million.

Revenue in the first half of the year was 6.5 billion


Tuhu Car Care was founded in Shanghai in 2011. It specializes in tires, engine oil, car maintenance, car beauty, car products, etc., and provides a car care method of online appointment + offline installation.

Tuhu Car Care has reached direct supply or authorized cooperation with brands such as Continental, Dunlop, Pirelli, Goodyear, Bridgestone, Giti, Mobil, Shell, Castrol, Idemitsu, Valvoline, Bosch, Mahler, Champion, 3M, Lovable, VAG, Chaowei, Kangdexin, Johnson & Johnson, Iron General, Philips and other brands.


Tuhu has created a standardized system in the automotive aftermarket and successfully implemented it, ensuring that users can enjoy the same quality of service in every Tuhu car maintenance workshop store, and achieving efficient store operations based on standardized operations. Behind this is Tuhu's systematic capabilities covering the entire industry chain.


Tuhu continues to strengthen the construction of offline stores, and the scale of Tuhu stores continues to grow. As of June 30, 2023, Tuhu's car maintenance store network includes 161 self-operated stores, 4,968 franchised Tuhu car maintenance workshops and 20,013 cooperative stores, covering most prefecture-level cities.

In addition, Tuhu Car Care also continues to make efforts to build its warehousing and logistics system. As of March 31, 2023, Tuhu Car Service operates 39 regional distribution centers (RDC) and 267 front-end distribution centers (FDC) nationwide. As of March 31, 2023, Tuhu's logistics solutions cover more than 300 cities in China. From January to March 2023, Tuhu's regional distribution center supported the reception and transportation of an average of 2.7 million tires and 13.1 million other auto parts per month.

Calculated based on the full-year revenue scale in 2022 and the number of car service stores operating as of the end of March 2023, Tuhu Car Care is the largest independent car service platform in China.

At present, Tuhu Car Care has launched six major new energy vehicle service projects, including power battery repair, charging pile maintenance, beauty, modification, chassis replacement and maintenance. For example, power battery specialization. Tuhu Automobile has reached cooperation with a number of battery manufacturers and established long-term and stable cooperative relationships, including Hive.


As of the end of 2021, Tuhu Car Service has performed power battery maintenance in more than 300 cities in 25 provinces. In 2021, Tuhu Car Service has also become an excellent service provider for three battery companies.

The financial report shows that Tuhu Car Care’s revenue in 2019, 2020, 2021, and 2022 was 7.04 billion yuan, 8.753 billion yuan, 11.724 billion yuan, and 11.547 billion yuan respectively; its gross profits were 523 million yuan, 1.08 billion yuan, 1.87 billion yuan, and 2.27 billion yuan respectively.


Tuhu Car Care's adjusted EBITDA in 2019, 2020, 2021, and 2022 were -840 million yuan, -709 million yuan, -944 million yuan, and -187 million yuan respectively. Tuhu Car Care's adjusted profit in the first quarter of 2023 was 160 million yuan, while the adjusted profit in the same period last year was -116 million yuan.

Tuhu Car Service's revenue in the first half of 2023 was 6.5 billion yuan, an increase of 19.3% from 5.5 billion yuan in the same period last year; gross profit was 1.6 billion yuan, a year-on-year increase of 58.3%, and the overall gross profit margin increased from 18.2% to 24.2%.

During the same period, Tuhu Car Care recorded an adjusted net profit (non-IFRS measurement) of 214 million yuan, and the adjusted net loss (non-IFRS measurement) for the same period in 2022 was 414 million yuan.

As of June 30, 2023, Tuhu's car maintenance account has a cash equivalent balance of more than 5.1 billion yuan (including short-term financial management).

Tencent Joy Sequoia is a shareholder


The executive directors of Tuhu Car Care are Chen Min and Hu Xiaodong; the non-executive directors are Yao Leiwen, and the independent non-executive directors are Ms. Yan Huiping, Feng Wei and Wang Jingbo.

Completed angel round financing in 2012, Series A financing in 2013, and Series B financing in 2014;

In 2015, it completed Series C and Series C+ financing, and in 2016, it completed Series D financing led by Baidu and Goldman Sachs.


In September 2018, Tuhu Automotive completed a new round of financing led by investors and companies such as Tencent, Carlyle Capital, and Sequoia Capital. The total financing amount was approximately US$450 million. CCB International, CICC Qiyuan, and old shareholders Joy Capital, Far Wing Capital, Qiming Venture Partners, Goldman Sachs, CICC Jiazi, Huiqin Capital, etc. participated in the follow-up investment.

Tuhu Automobile raised US$300 million in Series F financing in June 2020, US$276 million in Series F-2 financing in February 2021, and US$127 million in Series F-3 financing in November 2021.


Before the IPO, Tencent held 19.68% of the shares, Joy Capital held 9.11%, Sequoia China held 7.67%, and FountainVest held 5.53%;


Legend Capital holds 3.91% of the shares, Star Capital holds 3.65%, Carlyle Group holds 3.2%, and Qiming Ventures holds 3.16%. Sheng holds 2.46%, CICC holds 2.35%, Hillhouse holds 2.12%, Far East holds 2.11%, Baidu holds 2.04%, and Atom Ventures holds 1.67%;

D1 Capital holds 1.32% of the shares, Skycus China Fund, L.P. holds 1.32% of the shares, Fidelity and MassAve Global hold 0.95% of the shares respectively, Huiqin Capital holds 0.83% of the shares, and GatherFull International Group Limited holds 0.8%;

Yingben holds 0.66%, BCapitalGroup holds 0.64%, FAW holds 0.51%, Shangxin Capital holds 0.51%, Shell holds 0.4%, and Ping An Group holds 0.05%.


After the IPO, Tencent held 18.7% of the shares, Joy Capital held 8.65%, Sequoia China held 7.28%, and FountainVest held 5.26%.