Hong Kong, Sept 27, 2023 – (ACN Newswire via SeaPRwire.com) – On September 26, Legend Capital’s portfolio company, TUHU Car (9690.HK), was successfully listed on the main board of the Hong Kong Stock Exchange.
Founded in 2011, TUHU Car is a leading integrated online and offline platform for automotive service in China. By providing a digitalized and on-demand service experience underpinned by the customer-centric model and streamlined supply chain, TUHU Car directly addresses car owners’ diverse product and service needs, creating an automotive service platform consisting of car owners, suppliers, automotive service stores and other participants. TUHU Car’s platform serves most of the passenger vehicle models sold in China, fulfilling a wide spectrum of automotive service demands ranging from tires and chassis parts replacement to auto maintenance, repair, detailing, and more. By providing sporadic automotive service demands onto one platform, customer engagement is significantly increased as compared to the traditional offline automotive service model that is highly dependent on localized service demands.
According to the CIC Report, as of the first half of 2023, TUHU Car had more than 100 million registered users on their flagship “TuHu Automotive Service” app and online interfaces. The company had over 18 million transacting users in the last twelve months ended June 30 2023. With the growing service network, TUHU Car has 5,129 TUHU Workshops and over 20,000 partner stores across China, covering a majority of prefecture-level cities and making the company’s platform the largest car owner community amassed by automotive service providers in China. According to the CIC Report, China’s automotive service market reached RMB1.2 trillion in 2022 and is expected to reach RMB1.9 trillion in 2027. As a necessity for daily life and travel, automobile services have the characteristics of recession-resilient and steadily growing.
Legend Capital has long supported TUHU Car’s development as one of the company’s early investors. Legend Capital exclusively invested in TUHU Car’s Series A financing in 2014 and subsequently made additional investments in the company in its multiple rounds of financing from 2014 to 2020.
China’s automotive service market was still in an extremely early stage when Legend Capital initially invested in TUHU Car. At the beginning of the investment cooperation, TUHU Car only had 27 employees, with its office set up in a warehouse and 50 offline partner stores, and the model of “online order + offline installation” pioneered by TUHU Car had just started in Shanghai. After the investment, Legend Capital assisted the company in completing subsequent multiple rounds of financing and provided support and assistance in strategic planning, management operations, team incentives, and business resources, accompanying the company to grow into a leading integrated online and offline platform for automotive service in China.
As a valuable partner of TUHU Car, Legend Capital would like to congratulate the company sincerely: “Congratulations to TUHU Car and its team on the successful listing. Legend Capital has long been focusing on the empowerment of technology and Internet technology in traditional industries. China’s automotive service market has huge room for development, and TUHU Car has demonstrated a high growth rate in its business after years of development and accumulation. Over the nine years of investment cooperation between Legend Capital and TUHU Car, a deep friendship has been established between us. We are inspired by the company’s management team for the relentless efforts in leading TUHU Car towards success and continuously creating value, and we also greatly admire the TUHU Car team for seizing the opportunity to cut into the automotive service market from Internet applications in the early stages of industry development and achieving rapid growth of the company. The listing is believed to enhance TUHU Car’s brand and supply chain advantages further, continuously solidifying the company’s leading position in the industry.”
About Legend Capital
Founded in 2001, Legend Capital is a leading VC&PE investor focusing on the early-stage and growth-stage opportunities in China, with offices across Beijing, Shanghai, Shenzhen, Hong Kong, and Seoul, Korea.
It currently manages USD and RMB funds of over US$10 billion in commitments, and has invested in around 600 companies, covering technology, healthcare, consumer, enterprise service and intelligent manufacturing sectors. Rooted in China, Legend Capital participated in the rise of many world-leading companies by solid investment coverage and systematic post-investment value-add. Over the years, Legend Capital has also become a widely recognized name in bridging key resources in China and overseas through cross-border activities, and a valuable partner to Chinese and overseas investors.
Legend Capital values long-term sustainable investment and incorporates ESG into its long-term development strategy. As a UNPRI signatory since November 2019, Legend Capital is among the first group of top VC/PE firms in China to join the initiative.
The article is distributed by Ever Bloom (HK) Communications Consultants Group Limited on behalf of Legend Capital.
For further information, please contact:
Ms. Orianna Ou / Ms. Arina He
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