Per reporter: Dong Tianyi Per reporter Per editor: Sun Lei
On January 24, China's digital automotive aftermarket service provider Tuhu Yangcheng officially submitted an application for listing hearing on the Hong Kong Stock Exchange, with goldman Sachs, CICC, Bank of America Securities and UBS Group as joint sponsors.
Image source: Tuhu Car Prospectus
According to public information, Tuhu Car was founded in 2011, and its main business includes tires, oil, car maintenance, car beauty, car products, etc., providing users with online reservation and offline installation of automotive aftermarket services.
According to the prospectus information, Tuhu's annual revenue has been rising in recent years, from 7.04 billion yuan in 2019, an increase of 24.3% to 8.753 billion yuan in 2020. As of September 30, 2021, Tuhu's total revenue was RMB8,442 million, an increase of 41.8% over the same period last year, and in terms of gross profit, as of 2019, 2020, and as of September 30, 2020 and September 30, 2021, Tuhu's gross profit was RMB523.4 million, RMB1.1 billion, RMB795.4 million and RMB1.3 billion, respectively.
According to the prospectus, as of September 30, 2021, Tuhu ranked first in the number of stores of all domestic auto service providers. Among them, The Tuhu factory store network includes 202 self-operated stores and 3167 franchise stores (managed by 1538 franchisees). At the same time, Tuhu Also has a large number of cooperative stores to provide installation and maintenance services for its online products. As of September 30, 2021, tuhu has 33,223 cooperative stores, covering most prefecture-level cities in China.
As of September 30, 2021, Tuhu Operates a total of 42 Regional Distribution Centers (RDCs) and 374 Front End Distribution Centers (FCCs). As of September 30, 2021, Tuhu's logistics solutions have covered more than 300 cities in China, supporting the receipt and delivery of an average of 2.6 million tires and 10.5 million other auto parts per month.
According to the China Insight Consulting Report, Tuhu's monthly active users reached 10 million in September 2021, making the company's platform the largest community of car owners gathered by Chinese auto service providers; Tuhu Also has China's largest database of auto parts, which covers 239 brands, more than 44,000 models, and the matching accuracy rate is 99.94%; in addition, Tuhu Yangche's self-developed store and technology management system Blue Tiger also ranks first in China in terms of daily active users.
As of the IPO, Tuhu Has completed a total of 16 rounds of financing from A to F, including Tencent, Sequoia Capital, CICC Qiyuan, Joy Capital, Goldman Sachs, etc., with a total financing amount of more than 9 billion yuan.
For the use of the funds raised after the listing, Tuhu Yangche said in the prospectus that it will be used to improve supply chain capabilities, technology research and development, expand store networks, and invest in new energy vehicle related services. Among them, Tuhu Said it will cooperate with new energy vehicle brands to jointly explore new business opportunities.
Some analysts believe that Tuhu Car or rely on its online platform and offline store network to provide supporting services for new energy vehicle brands that do not have maintenance capabilities. In October 2021, Tuhu Yangche has signed a strategic cooperation agreement with Jihu Automobile to provide the latter with a one-stop after-sales service ecosystem for new energy car owners.
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