Asian Tech Press (Jan 24) -- Tencent-backed online auto-services platform TUHU Car Inc. filed for listing on the Hong Kong Stock Exchange on Monday.

The joint sponsors of the IPO are Goldman Sachs, CICC, BofA Securities and UBS Group.

Public information shows that Tuhu entered the Chinese auto aftermarket in 2011 by providing tire repair and replacement services for car owners.

According to the listing application, as of September 30, 2021, the network of Tuhu Workshop stores includes 202 self-operated stores and 3,167 franchised Tuhu Workshop stores. In addition, the company has 33,223 partner stores across China.

However, with the rise of new energy vehicles, especially electric vehicles, it means that the engine and transmission maintenance items that need to be performed regularly on traditional fuel vehicles will no longer exist. This business is also the main source of revenue for companies in the current automotive aftermarket, including Tuhu.

Tuhu also mentioned in its application that "the popularity of self-driving vehicles and car sharing may reduce the need for repair and maintenance."