Shares of TUHU-W (09690) jumped close to 6% during trading in Hong Kong, with the stock last seen up 4.87% at HK$10.76, and turnover reaching HK$13.29 million.
In an exchange filing, TUHU-W announced that on September 24, 2026, its indirect wholly-owned subsidiary TUHU Car (Hong Kong) Limited, acting as the buyer, entered into a share purchase agreement with Continental Global Holding Netherlands B.V., a wholly-owned unit of Continental AG, to conditionally acquire the entire issued share capital of the target company, Conti Trade Australia Pty Ltd.
The target company owns and operates the "mycar Tyre & Auto" network, which counts itself among Australia's largest tire, automotive service, and repair chains, delivering comprehensive one-stop vehicle care through 279 stores nationwide.
The acquisition is based on an agreed enterprise value of A$403 million for the target group, equivalent to roughly HK$2.25 billion. After adjustments for the target group's net debt and working capital, the estimated closing payment currently stands at about A$278 million, comparable to HK$1.55 billion, to be settled in cash upon closing and subject to post-closing adjustments.
Through the target group's established nationwide retail and service platform in Australia, TUHU-W aims to set up a meaningful operational foothold beyond mainland China, advancing its international expansion strategy. This move is expected to strengthen the group's position as a leading automotive service platform and lay the groundwork for further development of its global business footprint.
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