Leidi.com Lei Jianping September 14
Tuhu Automobile (stock code: 9690.HK) launched its IPO today.
Tuhu Automobile plans to offer 40,617,100 shares globally (subject to the exercise of the offering volume adjustment right and over-allotment option), of which 36,555,300 offering shares will be sold internationally (subject to reallocation and subject to the offering volume adjustment right and the over-allotment option). Subject to the exercise of the over-allotment option), the remaining 4,061,800 Offer Shares will be offered for sale in Hong Kong (subject to reallocation and subject to the exercise of the offering volume adjustment option).
Tuhu Automobile's issuance range is from HK$28 to HK$31, with a maximum fund-raising of HK$1.259 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, Shanghai Zizhu High-tech Zone subscribed for US$5 million, Leapmotor and Guoxuan Hi-Tech each subscribed for US$30 million, Tencent subscribed for US$25 million, and Castrol subscribed for US$10 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 are representatives of new domestic new energy vehicle forces and leading power battery manufacturers respectively. They also participated in the subscription as cornerstone investors.
Tuhu Automobile Care is expected to begin listing and trading on the Stock Exchange on September 26, 2023 (Tuesday), with the stock code 9690 and a board lot of 100 shares.
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.
As of June 30, 2023, the number of registered users of Tuhu Car Ownership reached 104.8 million, and in the twelve months ended on June 30, 2023, the number of transaction users increased by 18 million.
In the first half of 2023, the average monthly active users of Tuhu Car Ownership were 9.9 million. In June 2022, the repurchase rate of Tuhu Car Ownership was 61.6%. In the 12 months ended June 30, 2023, the revenue contribution rate from repurchase customers was 51%.
As of June 30, 2023, Tuhu Car Service's store network includes 161 self-operated stores, 4,968 franchised Tuhu factory stores and 20,013 cooperative stores.
The financial report shows that Tuhu Car Care’s revenue in 2019, 2020, 2021, and 2022 were 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, and 1.87 billion yuan respectively. yuan, 2.27 billion yuan.
Tuhu Automobile's revenue in the first quarter of 2023 was 3.265 billion yuan, compared with 2.969 billion yuan in the same period last year; gross profit was 790 million yuan, compared with 533 million yuan in the same period last year; operating loss was 2.51 million yuan, compared with 2.969 billion yuan in the same period last year. Loss of 261 million yuan; loss during the period was 279 million yuan, compared with 610 million yuan during the same period last year.
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 March 31, 2023, Tuhu Automobile maintained cash and cash equivalents of 2.816 billion yuan.
Tencent Joy Sequoia is a shareholder
Tuhu Car Care has received multiple financings since its establishment, including:
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 Yue Yu 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, Chen Min held 10.86% of the shares, Hu Xiaodong held 3.26%, Tencent held 19.61%, Joy Capital held 9.07%, Sequoia China held 7.64%, FountainVest held 5.51%, and Jun United Capital holds 3.89% of the shares and Star Capital holds 3.64%;
The Carlyle Group holds 3.19%, Qiming Ventures holds 3.12%, Goldman Sachs holds 2.45%, CICC holds 2.34%, Hillhouse holds 2.11%, and Far East holds 2.1% , Baidu holds 2.03% of the shares, and Atomic Venture Capital holds 1.67%;
D1Capital holds 1.31% of the shares, Skycus China Fund, LP holds 1.32% of the shares, Fidelity and MassAve Global hold 0.94% of the shares respectively, Huiqin Capital holds 0.83% of the shares, and Gather Full International Group Limited holds 0.8%;
Yingben holds 0.66%, B Capital Group holds 0.64%, FAW holds 0.51%, Shangxin Capital holds 0.51%, Shell holds 0.4%, and Ping An Group holds 0.05%.
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