Tencent-backed car services platform Tuhu files for Hong Kong listing, with source saying it aims to raise US$400 million
- Tuhu Car has shifted its listing plan from the US to Hong Kong and aims to raise about US$400 million: source
- Start-up was founded by Chen Min in Shanghai in 2011 and offers a wide range of car services, from tyres and batteries to replacement parts
Tencent Holdings-backed vehicle services platform Tuhu Car has filed for a listing on the Hong Kong stock exchange, becoming the latest in a long line of Chinese companies to shift listing plans from the US to Hong Kong amid rising geopolitical tensions.
The mainland Chinese car services provider submitted application documents on Monday, which were posted on the stock exchange’s website, without revealing the size or likely timeframe of the initial public offering.
Tuhu had initially wanted to list in New York but changed its plan to Hong Kong, and is seeking to raise about US$400 million, a person familiar with the situation told the Post, declining to be identified as the information is not public.
The listing would be a boost for Hong Kong, which has dropped to tenth in the worldwide IPO league table in the first half this year, after claiming the top spot seven times in the past 13 years.
Many US-listed Chinese firms have opted for a secondary listing or even a primary listing in Hong Kong due to an increasingly tense relationship between Washington and Beijing, while a number of new listings have been shifted from the US to Hong Kong.
The start-up was founded by Chen Min in Shanghai in 2011 and offers a wide range of services online and in stores for car owners ranging from tyres, battery and chassis replacement parts to other car maintenance and repair services, the filings said.