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Tuhu to Acquire Australia's Largest Auto Service Chain mycar for A$278M
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Tuhu Car (09690.HK) announced on September 24, 2026, that its indirect wholly-owned subsidiary TUHU Car (Hong Kong) Limited has entered into a share purchase agreement with Continental Global Holding Netherlands B.V., a wholly-owned subsidiary of Continental AG, to acquire all issued shares of Conti Trade Australia Pty Ltd. Conti Trade Australia owns and operates the 'mycar Tyre & Auto' network, Australia's largest tire and auto service chain with 279 stores nationwide. The acquisition is based on an enterprise value of A$403 million (approximately HK$2.25 billion), with an estimated cash payment at closing of approximately A$278 million (about HK$1.55 billion), subject to adjustments for net debt and working capital. Tuhu Car, which operates an online-to-offline automotive service platform primarily in China, stated the acquisition provides a strategic opportunity to establish a scaled direct presence in the Australian automotive service market, diversify geographically, and expand its international footprint. The company believes the target's network, customer base, and experienced team complement Tuhu's capabilities in digital customer acquisition, procurement, supply chain management, technology, and large-scale automotive service operations.
Source report
Hong Kong, September 24, 2026 — Tuhu Car (09690.HK) announced today that its indirect wholly-owned subsidiary, TUHU Car (Hong Kong) Limited, has entered into a share purchase agreement with Continental Global Holding Netherlands B.V., a wholly-owned subsidiary of Continental AG, to acquire all issued shares of Conti Trade Australia Pty Ltd.
Key Transaction Details
- Target Company: Conti Trade Australia Pty Ltd, which owns and operates the "mycar Tyre & Auto" network
- Network Size: 279 stores across Australia
- Enterprise Value: AUD 403 million (approximately HKD 2.25 billion)
- Estimated Closing Payment: Approximately AUD 278 million (approximately HKD 1.55 billion), subject to adjustments for net debt and working capital
- Payment Method: Cash at closing, with post-closing adjustments possible
About the Target
The target group operates one of Australia's largest chains of tyre, automotive service, and repair outlets under the "mycar Tyre & Auto" brand. It provides comprehensive one-stop automotive services through a nationwide network of 279 self-operated stores, serving a diverse customer base with tyre sales, vehicle maintenance, and general repair services.
Strategic Rationale
Tuhu Car, which primarily provides automotive services in China through an integrated online-to-offline platform, stated that the acquisition represents a strategic opportunity to:
- Establish a scaled direct presence in the Australian automotive service market
- Achieve geographic diversification and expand its international footprint
- Leverage complementary strengths between the target group's established network, customer base, and experienced workforce, and Tuhu's capabilities in digital customer acquisition, procurement, supply chain management, technology, and large-scale automotive service operations
Expected Benefits
The company believes the acquisition will enable it to:
- (a) Build a meaningful operational presence outside China through the target's established national retail and service platform, advancing its international expansion strategy and strengthening its position as a leading automotive service platform
- (b) Enhance digital and operational capabilities by deploying expertise in digital store management, workflow optimization, inventory management, and other technology-driven initiatives across the target group, improving customer experience and store-level productivity in Australia
- (c) Expand and strengthen capabilities in standardized workshop operations, technical training, and electric vehicle repair services, while positioning the company to capitalize on Australia's growing EV adoption
- (d) Leverage procurement scale, global sourcing relationships, and supply chain capabilities across a larger operational platform to broaden product offerings and enhance automotive service delivery in Australia
About Continental AG
Continental AG is listed on the Frankfurt Stock Exchange (ticker: CON) and is a leading tyre manufacturer and industry expert.
Source
智通财经Neutral / independent
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Tuhu Car acquires Australian mycar chain for A$278M in first cross-border auto aftermarket deal