TUHU Car surges on plan to buy automotive service network in Australia

By Reuters News

** Shares of automotive products and services provider TUHU Car Inc 9690.HK jump 6% to HK$10.88, on track for the biggest one-day pct gain since June 29

** Stock hit the highest point since September 21, after falling for six straight sessions

** TUHU says its unit has agreed to buy the entire Conti Trade Australia Pty from a unit of tire manufacturer Continental AG CONG.DE for an estimated A$278.33 million ($195.81 million), a deal to be payable in cash subject to a post-completion adjustment

** Conti Trade owns "mycar Tyre & Auto" network, with enterprise value of A$403 million. It is one of Australia's largest tire, automotive service, and repair chains, providing one-stop automotive services through 279 stores nationwide

** YTD, TUHU stock down 33.2%, benchmark Hang Seng Index .HSI down 3.3%

($1 = 1.4215 Australian dollars)

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