China's Tuhu Car shines in Hong Kong debut

TUHU Car

26/09/2023 09:00

** Shares of China's online and offline platform for
automotive service Tuhu Car Inc  9690.HK  trade as high as
HK$29.80 in Hong Kong trading debut on Tuesday 
    ** Shares up 6.4% from the initial public offering (IPO)
price of HK$28 apiece
    ** Co, backed by Tencent  0700.HK , Carlyle Group and
Sequoia China, raised HK$1.19 bln ($152.2 mln) in its IPO by
pricing its shares at the low end of the range flagged to
investors last week
    ** Shanghai-based co sold 42.44 mln shares in the IPO after
an adjustment option was exercised to increase the size of the
deal from its original 40.61 mln shares
    ** The international tranche of Tuhu's IPO was 2.3 times
oversubscribed, while retail demand was 2.7 times the number of
shares on offer; proceed will be used to enhance supply-chain
capabilities and for technology research and development
    ** Hang Seng Commerce & Industry Index  .HSNC  eases 1.3%
and Hang Seng Consumption Index  .HSCGSI  down 1.6%
    ** Hang Seng Composite Index  .HSCI  and Hang Seng Index
 .HSI  both decline 1.4%



($1 = 7.8195 Hong Kong dollars)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))