Tuhu files for U.S. ADS offering as HK$8.7B auto service firm pursues dual listing

Tuhu Car Inc. confidentially filed a draft Form F-1 with the U.S. Securities and Exchange Commission for an American depositary shares offering, the Hong Kong-listed auto service company said Monday.

The company also submitted filings with relevant Chinese regulators for the proposed overseas listing, Tuhu said in a stock exchange announcement. The Cayman Islands-incorporated firm, which trades in Hong Kong under stock code 9690, said key terms including the number of ADSs and price range have not been determined.

The proposed offering remains subject to regulatory review and market conditions and may not proceed, the company said. Tuhu operates under a weighted voting rights structure with dual-class shares, giving key beneficiaries significant influence over shareholder resolutions.

A successful U.S. listing would give Tuhu access to deeper capital markets and a broader investor base at a time when Chinese companies are testing cross-border fundraising channels. The company's Hong Kong-listed shares have a market capitalization of about HK$8.7 billion ($1.1 billion). The stock carries a Hold rating from analysts with a consensus price target of HK$15, according to TipRanks data, and has a technical sentiment signal of Sell. Average daily trading volume stands at about 1.18 million shares.

The confidential filing comes as a growing number of Hong Kong-listed Chinese companies explore U.S. listings to tap deeper pools of capital. Tuhu did not disclose a timeline for the offering or name underwriters.

The filing signals Tuhu's confidence in navigating cross-border regulatory requirements as it seeks a dual listing. Investors will watch for the company to disclose pricing terms and a target listing date in subsequent filings.

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