Tuhu Car Files Confidential F-1 for US Dual Listing, Launches Up to HK$1.5 Billion Buyback

Tuhu Car (Tuhu Yangche) has confidentially submitted an F-1 registration statement to the U.S. Securities and Exchange Commission to start a dual listing process in the United States, and on the same day announced a share buyback plan of up to HK$1.5 billion, according to Jiemian News. The company said it aims to leverage its existing listing platform while expanding investor coverage and improving liquidity. As of the June 29 close, Tuhu’s shares were at HK$12.64, giving it a market capitalization of about HK$10.4 billion, versus an IPO price of HK$28 and a first-day market cap of about HK$24.0 billion when it listed in Hong Kong in 2023. Under the buyback plan, Tuhu will repurchase and cancel at least 50 million shares in the open market by the end of July 2028, with total repurchases capped at HK$1.5 billion. Jiemian News cited the company’s 2025 results showing revenue of RMB 16.462 billion, up 11.5% year-on-year, with stores rising to 8,008 after a net increase of 1,134. Gross profit was RMB 4.0 billion and gross margin fell to 24.1% from 25.4%, while operating profit declined 23.8% to RMB 250 million. The report also said Tuhu had 162 million registered users, 28.4 million transacting users, and a 65% annual repurchase rate. The article noted that Tuhu’s tire and chassis parts business gross margin fell to 14.1% in 2025 amid intensified price competition, and that in July 2025 a court ruled that JD’s “Zhenhu Price” campaign constituted commercial disparagement and ordered compensation of RMB 5 million.