After repeatedly denying the listing rumors, Tuhu Yangche submitted a listing application.
On January 24, the car maintenance e-commerce platform "Tuhu Car" submitted a listing application on the Hong Kong Stock Exchange, and the co-sponsors were Goldman Sachs, CICC, Bank of America Securities and UBS Group.
According to the application, in the first three quarters of 2021, Tuhu's revenue was 8.44 billion yuan, gross profit was 1.31 billion yuan, and adjusted net loss was 9.02 billion yuan. In 2019 and 2020, its revenue was 7.04 billion yuan and 8.75 billion yuan, gross profit was 520 million yuan and 1.08 billion yuan, and adjusted net loss was 1.04 billion yuan and 970 million yuan, respectively.
As of December 31, 2020, Tuhu Auto ranked first in the number of stores and auto service revenue in China's independent automotive aftermarket, and it accounted for 0.9% of the market share in China's automotive service sector.
According to the application, Tuhu Bery began its business operations in 2011 and has conducted 16 rounds of financing from 2013 to 2021. In 2020, the number of its service stores will reach the first place among all automotive service providers in China. The main business entity of Tuhu Car is Shanghai Tutu Information Technology Co., Ltd., which mainly provides consumers with a variety of car services from tire and chassis parts replacement to car maintenance, repair, beauty and so on, and integrates the original scattered and localized car service needs into the digital platform.
In terms of operations, the application shows that as of September 30, 2021, Tuhu Has about 72.8 million registered users. There were approximately 13.9 million trading users in the 12 months prior to September 30, 2021, an increase of 35.6% from approximately 10.3 million in the previous period.
In terms of offline stores, Tuhu's car workshop store network includes 202 self-operated stores and 3167 franchised Tuhu workshop stores (managed by 1538 franchisees). In addition, it has 33,223 partner stores across China.
In terms of supply chain construction, Tuhu has developed a comprehensive automotive service technical support system around the automotive service industry, covering a big data platform for parts matching, warehouse management system, order management system, store management system, technical support management system, etc. Tuhu quoted a consulting report as saying that it has the largest and most accurate auto parts database in China, covering 239 brands, more than 44,000 models, and the matching accuracy is as high as 99.94%.
In addition, in terms of logistics, Tuhu said that as of September 30, 2021, it has built 42 regional distribution centers and 374 front-end distribution centers.
For the purpose of fundraising, Tuhu said that it will be used to enhance supply chain capabilities, research and development, expand store network and franchisee base, and invest in new energy vehicle services.
It is worth noting that the rise of new energy vehicles is both an opportunity and a challenge for independent automotive after-sales service platforms such as Tuhu. In its application, Tuhu said it was exploring business opportunities related to new energy vehicles, such as battery repair services, and had established strategic business cooperation with Zero Run Automobile and BAIC Jihu.
However, the impact of new energy vehicles is also obvious. As far as maintenance services are concerned, the maintenance cycle of fuel vehicles is generally 5,000 to 10,000 kilometers, while electric vehicles are generally 20,000 kilometers. At the same time, because electric vehicles do not have engines, gearboxes, etc., the maintenance content is much less than that of fuel vehicles, which means that the unit price of passengers has dropped significantly; as far as maintenance services are concerned, new energy vehicle companies generally choose to build their own after-sales service system, leaving opportunities for independent after-sales enterprises or will be reduced.