Qiming Venture Partners' portfolio company Tuhu Car, China's leading one-stop car service platform, successfully listed on the Hong Kong Stock Exchange. The issue price of Tuhu Car (SEHK:9690) was HK$28 per share, representing a market capitalization of about HK$ Billion 22.75.
As an early investor, Qiming invested in Tuhu Car's Series B, C and E rounds since 2014. The successful IPO today is also the seventh IPO that Qiming has welcomed since 2023.
Founded in 2011, Tuhu Car has become China's leading car service platform integrating both online and offline operations. Utilizing a customer-centric model and strong supply chain, Tuhu Car provides digitalized on-demand customer experience and cater to the diverse needs of car owners, building a full-service platform comprised of car owners, suppliers, service stores and others.
As of the first half of 2023, Tuhu Car has more than 100 million registered online users, with an average MAU over 10 million, making it the largest car owner community gathered by automotive service providers in China. In addition, Tuhu Car has more than 5,100 Tuhu Car stores and over 20,000 cooperative stores, covering most prefecture-level cities in China.
Chen Min, Founder and CEO of Tuhu Car, said, "This year marks the twelfth anniversary of Tuhu Car's establishment, and we are proud to have been a part of and witnessed the remarkable growth of China's auto service market. The IPO is a fresh beginning for us. Moving forward, we are committed to delivering more and better products and services, driven by a genuine and open mindset, as well as a practical approach."
Duane Kuang, Founding Managing Partner of Qiming Venture Partners said, "As early as 2014, Qiming was impressed by Tuhu Car's growing user base with its excellent user experience and novel marketing strategies. Tuhu Car team's outstanding execution and keen market insights have given us full confidence in the company's growth. IPO is an important corporate milestone, and we look forward to Tuhu Car expanding more service offerings and offline presence and achieving further growth after the IPO."
