HK Stock Market Move | TUHU-W (09690) rose nearly 6% on plans to acquire 100% equity of Australia's Conti Trade Australia Pty Ltd to advance its international expansion strategy.

TUHU-W (09690) rose nearly 6%, up 4.87% as of press time, at HK$10.76, with a turnover of HK$13.2927 million. On the news front, TUHU-W announced that on September 24, 2026, the buyer (TUHU Car (Hong Kong) Limited, an indirectly wholly-owned subsidiary of the company) entered into a share purchase agreement with the seller (Continental Global Holding Netherlands B.V., a wholly-owned subsidiary of Continental AG), pursuant to which the buyer has conditionally agreed to 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, one of Australia's largest tire, automotive service and repair chains, providing comprehensive one-stop automotive services through 279 stores nationwide. The acquisition is based on an agreed enterprise value of the target group of AUD 403 million (equivalent to approximately HK$2.25 billion), adjusted for the target group's net debt and working capital, resulting in a closing payment currently estimated at approximately AUD 278 million (equivalent to approximately HK$1.55 billion), which is payable in cash at closing and subject to post-closing adjustments. Through the target group's established national retail and service platform in Australia, the company will establish a meaningful operational foothold outside China, thereby advancing its international expansion strategy, consolidating the group's position as a leading automotive service platform, and laying the foundation for further development of its international business footprint.