On January 24, documents from the Hong Kong Stock Exchange showed that Tuhu Yangche officially submitted an application for listing hearing to the Hong Kong Stock Exchange, and the joint sponsors were Goldman Sachs, CICC, Bank of America Securities and UBS Group.
Tuhu raises cars
From the listing application documents submitted by Tuhu Yangche, it can be seen that as of September 30, 2021, tuhu Yangche's offline network is composed of direct sales and franchise stores. Among them, 202 are self-operated stores and 3167 are franchise stores. In addition, it has 33,223 partner stores across China. The number of trading users reached 13.9 million. Although it has a huge offline service network, Tuhu Car is still in the stage of crazy money-burning expansion.
Tuhu Car Listing Application Documents
According to its released financial report data, Tuhu Yangche recorded revenue of 7.04 billion yuan and 8.753 billion yuan in 2019 and 2020, gross profit of 523 million yuan and 1.08 billion yuan respectively, and losses attributable to shareholders of 3.428 billion yuan and 3.928 billion yuan, respectively. In the first nine months of 2021, its revenue was 8.441 billion yuan, gross profit was 1.312 billion yuan, and the loss attributable to shareholders reached 4.433 billion yuan. That is to say, in less than three years, the total loss of Tuhu Car has reached a staggering 11.789 billion yuan.
However, with the gradual increase in the popularity of new energy vehicles, the traditional three-part maintenance market based on transmissions, chassis and engines will change. In the increasingly competitive automobile maintenance and repair market, who can seize the huge future market of new energy vehicles will be able to gain a head start in future development. In addition, with the maturity of autonomous driving technology, the demand for car repair and maintenance caused by collisions will gradually decrease in the future, which is another major risk that Tuhu car breeding will face in the future.