TUHU-W (09690) plans to acquire Australian auto service chain mycar, shares closed up 11.31%

TUHU-W (09690) announced on September 24, 2026 that its indirectly 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 conditionally acquire the entire issued share capital of the target company Conti Trade Australia Pty Ltd. The target company owns and operates the tire, auto service and repair chain network "mycar Tyre & Auto," which has 279 stores in Australia and is one of the largest tire, auto service and repair chains in Australia. The consideration for this acquisition is based on the agreed enterprise value of the target group of AUD 403 million, equivalent to approximately HKD 2.25 billion. After amount adjustments, the completion payment is expected to be AUD 278 million, equivalent to approximately HKD 1.55 billion. Boosted by the acquisition news, Tuhu Car's share price rose steadily yesterday, with total daily trading volume reaching 4,759,800 shares, closing at HKD 11.42, up 11.31%.