This is not a paywall.

Register for free to continue reading.

The news sucks. But your reading experience doesn't have to. Help us improve that for you by registering for free.

Please create a password or click to receive a login link.

Please enter your password or get a login link if you’ve forgotten

Open Sesame! Thanks for registering.

First Thing, Daily Maverick's flagship newsletter

Join the 230 000 South Africans who read First Thing newsletter.

We'd like our readers to start paying for Daily Maverick

More specifically, we'd like those who can afford to pay to start paying. What it comes down to is whether or not you value Daily Maverick. Think of us in terms of your daily cappuccino from your favourite coffee shop. It costs around R35. That’s R1,050 per month on frothy milk. Don’t get us wrong, we’re almost exclusively fuelled by coffee. BUT maybe R200 of that R1,050 could go to the journalism that’s fighting for the country?

We don’t dictate how much we’d like our readers to contribute. After all, how much you value our work is subjective (and frankly, every amount helps). At R200, you get it back in Uber Eats and ride vouchers every month, but that’s just a suggestion. A little less than a week’s worth of cappuccinos.

We can't survive on hope and our own determination. Our country is going to be considerably worse off if we don’t have a strong, sustainable news media. If you’re rejigging your budgets, and it comes to choosing between frothy milk and Daily Maverick, we hope you might reconsider that cappuccino.

We need your help. And we’re not ashamed to ask for it.

Our mission is to Defend Truth. Join Maverick Insider.

Support Daily Maverick→
Payment options

Tencent-Backed Tuhu to Move Planned U.S. IPO to Hong Ko...

Defend Truth

International Finance

Tencent-Backed Tuhu to Move Planned U.S. IPO to Hong Kong

People wearing protective masks walk past signage for Hong Kong Exchanges & Clearing Ltd. (HKEX) displayed at the Exchange Square complex in Hong Kong, China, on Wednesday, Aug. 19, 2020. HKEX posted a 1% gain in profit, benefiting from a spate of high-profile Chinese stock listings and a pick up in trading as the pandemic and political tensions stoked volatility. Photographer: Roy Liu/Bloomberg
By Bloomberg
07 Jan 2022 0

A Chinese online car-services platform backed by investors including Goldman Sachs Group Inc. and Tencent Holdings Ltd. is shifting its proposed initial public offering to Hong Kong from the U.S., people with knowledge of the matter said. 

The startup, which is formally known as Shanghai Lantu Information Technology Holding Ltd., is working with China International Capital Corp. and Goldman Sachs on the offering that could raise $300 million to $400 million this year, the people said, asking not to be identified as the information is private.

Deliberations are ongoing, and details such as timing and size could change, the people said. Representatives for Tuhu said they weren’t aware of a listing plan. Goldman Sachs and CICC declined to comment.

Tuhu joins a slew of Chinese companies that are choosing to list in the Asian financial hub instead of the U.S. after Beijing cracked down on overseas listings over data security concerns and American regulators started pushing for better risk disclosures. Lalamove, a logistics firm, and Meicai, which connects restaurants with vegetable producers, are among those rerouting their IPOs to Hong Kong, Bloomberg News has reported.

Subtle Word Choice in China IPO Rules Revives Hong Kong Hope

Started in Shanghai in 2011, Tuhu has become one of the major players in China’s highly fragmented automotive after-market sector. Its online platform offers services such as tire and battery replacement, as well as refurbishment, according to its website. In an interview last year, founder Chen Min expected 2021 revenue to jump at least 50% from 10 billion yuan ($1.6 billion) in the previous 12 months.

Tuhu raised $450 million in 2018 in a funding round led by investors including Tencent, Carlyle Group Inc. and Sequoia Capital, according to a company statement. It also counts Baidu Inc. among its early backers. The company was seeking a valuation of $4 billion earlier this year, Bloomberg News reported at the time.


Comments - share your knowledge and experience

Please note you must be a Maverick Insider to comment. Sign up here or sign in if you are already an Insider.

Everybody has an opinion but not everyone has the knowledge and the experience to contribute meaningfully to a discussion. That’s what we want from our members. Help us learn with your expertise and insights on articles that we publish. We encourage different, respectful viewpoints to further our understanding of the world. View our comments policy here.

No Comments, yet

Please peer review 3 community comments before your comment can be posted