Davis Polk advised Tencent on its participation in the Series F equity financing round of Tuhu Car Inc. as a lead investor. In connection with the Series F financing, Tuhu also completed a reorganization of its existing legal structure such that its business operations in China are controlled by a new holding company incorporated in the Cayman Islands. Tencent’s investment amount in the Series F round is approximately $155 million.  

Founded in 2011 and headquartered in Shanghai, China, Tuhu provides same-day or next-day automobile after-sales product delivery, installation and car washing services in over 200 cities in China via its website, mobile app, call center and third-party e-commerce platforms. Tencent also participated in the Series E financing round of Tuhu in September of 2018.

The Davis Polk team included partner Miranda So and associate Xi Shi. All members of the Davis Polk team are based in the Hong Kong office.

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