Jan 25, 2022 08:07 PM

Tencent-Backed Car Maintenance Startup Eyes Hong Kong Listing

What’s new: Shanghai-based car maintenance startup and auto parts distributor Tuhu Car Inc. has filed for an IPO in Hong Kong.

The Goldman Sachs and Tencent-backed firm is seeking new funding to expand its business as increased demand fails to arrest the growth of its losses.

Tuhu plans to use money raised from the IPO to help automate its distribution centers through the use of robots, build more warehouses, and develop technologies for data wrangling, the firm said in a preliminary prospectus published Monday.

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