Tuhu Car

Tuhu Car (途虎养车) is a Chinese automotive maintenance service platform that listed on the Hong Kong Stock Exchange on September 26, 2023 at HK$28 per share — a market cap of HK$22.75 billion — becoming the first stock of China's independent auto after-sales service market . Its investor story is unusually long: Liu Erhai's Joy Capital backed it from the Series A and waited a full decade to the IPO, holding 9.11% at listing as the second-largest institutional shareholder behind Tencent ; along the way Liu strongly supported founder Chen Min's 2016 pivot to a heavily operated offline "Tuhu workshop store" model, arguing the bet would be an absolute success at 3,000–5,000 stores . The earliest institutional check, though, came from Atomic VC — founding partner Feng Yiming met Chen Min when both firm and startup were only in their second year — a position that ultimately returned over 100x, per 暗涌Waves .