HomeChinaQiming Venture Partners' Portfolio Company Tuhu Car Listed on Hong Kong Stock...

Qiming Venture Partners’ Portfolio Company Tuhu Car Listed on Hong Kong Stock Exchange

Qiming Venture Partners

Qiming Venture Partners‘ portfolio company Tuhu Car, a Chinese one-stop car service platform, listed on the Hong Kong Stock Exchange.

The issue price of Tuhu Car (SEHK:9690) was HK$28 per share, representing a market capitalization of about HK$ Billion 22.75.

Founded in 2011 and led by Chen Min, CEO, Tuhu Car has become China’s leading car service platform integrating both online and offline operations. Utilizing a customer-centric model and solid supply chain, Tuhu Car provides digitalized on-demand customer experience and cater to the diverse needs of car owners, building a full-service platform comprised of car owners, suppliers, service stores and others.

As of the first half of 2023, Tuhu Car has more than 100 million registered online users, with an average MAU over 10 million. In addition, the company has more than 5,100 Tuhu Car stores and over 20,000 cooperative stores, covering most prefecture-level cities in China.

As an early investor, Qiming invested in Tuhu Car’s Series B, C and E rounds since 2014.

Commenting on the listing, Duane Kuang, Founding Managing Partner of Qiming Venture Partners, said, “As early as 2014, Qiming was impressed by Tuhu Car’s growing user base with its excellent user experience and novel marketing strategies. Tuhu Car team’s outstanding execution and keen market insights have given us full confidence in the company’s growth. IPO is an important corporate milestone, and we look forward to Tuhu Car expanding more service offerings and offline presence and achieving further growth after the IPO.” 

Founded in 2006, Qiming Venture Partners is a Chinese venture capital firm with offices in Shanghai, Beijing, Suzhou, Hong Kong, Seattle, Boston, and the San Francisco Bay Area.

Currently, the firm’s manages eleven US Dollar funds and seven RMB funds with $9.5 billion in capital raised. Since its establishment, they have invested in outstanding companies in the Technology and Consumer (T&C) and Healthcare industries at the early and growth stages.

The firm have backed over 530 fast-growing and innovative companies. Over 200 portfolio companies have achieved exits through IPOs at the NYSE, NASDAQ, HKEX, Shanghai Stock Exchange, or Shenzhen Stock Exchange, or through M&A or by other means. There are also over 70 portfolio companies that have achieved unicorn status.

Notable Qiming’s portfolio companies include Xiaomi (SEHK:1810), Meituan (SEHK:3690), Bilibili (NASDAQ:BILI, SEHK:9626), Zhihu (NYSE: ZH, SEHK: 2390), Roborock (SHSE:688169), Gan & Lee Pharmaceuticals (SHSE: 603087), Tigermed (SZSE:300347, SEHK:3347), Zai Lab(NASDAQ:ZLAB, SEHK:9688), CanSino Biologics (SEHK:6185, SHSE:688185), Schrödinger (NASDAQ:SDGR), APT Medical (SHSE:688617), New Horizon Health (SEHK:6606), Venus MedTech (SEHK:2500), Sanyou Medical (SHSE:688085), AmoyDx (SZSE:300685), Berry Genomics (SZSE:000710), SinocellTech (SHSE: 688520), Yuanxin Technology, Caidya, Belief BioMed, WeRide, Biren Technology, and UBTech, among many others.