Tuhu Car

Tuhu Car is an automotive maintenance service platform that went public on the Hong Kong Stock Exchange in September 2023, priced at HK$28 per share for a market cap of HK$22.746 billion . The company operates a chain of "Tuhu Factory Stores" — over 5,129 across more than 300 cities as of 2023, plus more than 20,000 partner installation stores — with services spanning tires, maintenance, and car film installation . Its model was described by investor Liu Erhai as a "bilateral reconstruction" combining user-side demand with supply chain and service-side infrastructure, starting from tires but expanding into the broader aftermarket . The business proved capital-intensive and slow to scale: CEO Chen Min's 2016 pivot to offline stores required solving training, supply chain, and operational challenges, with Liu noting that reaching 3,000–5,000 locations would be the threshold for definitive success . Joy Capital held 9.11% at IPO, making it the second-largest institutional shareholder after Tencent , while Atom Ventures — the first backer, dating to 2013 — reportedly saw returns exceeding 100x .