9 On the 26th of the month, "Tuhu Auto," an investee company backed by Yuhe Chenkun-managed fund-of-funds and invested in by Joy Capital, was listed on the Hong Kong Stock Exchange under the stock code: 9690.HK.

Founded in 2011, Tuhu Auto is China's leading integrated online-and-offline automotive service platform. With a customer-centric approach and an efficient supply chain, it delivers digital, on-demand service experiences that cater to car owners' diverse product and service needs—ultimately building a vibrant automotive service ecosystem connecting car owners, suppliers, automotive service outlets, and other key stakeholders.

Tuhu Auto brings together fragmented automotive service needs into an integrated online-and-offline car care platform, serving most of the passenger vehicle models currently available in China. The platform caters to a wide range of automotive services, from tire and chassis component replacements to comprehensive offerings like car maintenance, repairs, and detailing. Compared to the traditional offline auto service model, which heavily relies on localized customer demands, Tuhu significantly enhances user engagement and interaction.

According to a report by ZhiShi Consulting, as of the first half of 2023, Tuhu Auto’s flagship app, "Tuhu Auto," and its online platform boasted over 100 million registered users. Among them, the number of active transaction users surged to 18 million in the past 12 months. Tuhu Auto has also become the largest community of car owners in China, bringing together leading automotive service providers. Meanwhile, as the company continues to expand its service network, Tuhu now operates 5,129 Tuhu Workshop stores nationwide, along with more than 20,000 partner outlets covering most prefecture-level cities across the country. Additionally, data from ZhiShi Consulting reveals that China’s automotive services market reached 1.2 trillion yuan in 2022 and is projected to grow to 1.9 trillion yuan by 2027. As an essential component of daily life and mobility, automotive services exhibit resilience against economic cycles while maintaining steady growth.

The funds raised from this IPO will not only continue to support initiatives such as enhancing supply-chain capabilities, expanding the store network and franchisee base, and driving research and development, but will also be allocated to investments related to automotive services for new-energy vehicle owners, as well as funding tools and equipment tailored for these services.