Key Developments: Lentuo International Inc (LAS)
5.14USD
19 Jun 2013
$0.02 (+0.39%)
$5.12
$5.18
$5.29
$4.96
50,512
72,722
$5.33
$0.75
Latest Key Developments (Source: Significant Developments)
Lentuo International Inc Reports Beijing Government Approval for Joint Venture with Itochu Corp- Wireless News
Wireless News reported that Lentuo International Inc announced that it has received approval from the Beijing government for its joint venture with Itochu Corp. The joint venture will focus on the expansion of Lentuo's high-end car dealerships across China, starting with the new Audi 4S dealership located in southern Beijing. The joint venture will also scale up its repair and maintenance services. Itochu will invest RMB 300 million and take a 40% stake in the joint venture. Full Article
Lentuo International Inc Announces Agreements Signed With Three Subsidiaries Of FAW Group
Lentuo International Inc announced that the Company has signed a general framework agreement with First Automobile Finance Co., Ltd. (FAF), a subsidiary of FAW Group. Under this agreement, FAF and Lentuo will share resources and cooperate in providing customer financing, auto insurance as well as other financial services. The Company also signed two comprehensive cooperation agreements with FAW Auto Finance Co., Ltd. (FAW-AF), a wholly owned subsidiary of FAF, and Saneguard Auto Insurance Co., Ltd. (Sanegard), a subsidiary of FAF. These agreements cover a range of services which will enable Lentuo to expand its service offering, improve its competitive position and strengthen its brand. Lentuo is the first automobile retailer in China to sign such an agreement with FAW-AF. Full Article
Lentuo International Inc To Enter Automobile Insurance Market Through Strategic Partnership
Lentuo International Inc announced that it has entered a strategic partnership with a consortium of automobile manufacturers, dealerships, and insurance brokers to form Saneguard Automobile Insurance Co., Ltd. (Saneguard), an insurance provider in the People's Republic of China. Saneguard will be established by FAW Finance Co., Ltd.; FAW Car Co., Ltd.; Changchun FAW Fuwei Automobile Components Co., Ltd.; Tianjin FAW Xiali Automobile Co. Ltd.; FAWER Automotive Parts Limited Co.; Jilin Yian Insurance Brokers Ltd.; and four automobile dealership groups, including Lentuo. Approval for the formation of Saneguard was issued by the China Insurance Regulatory Commission (CIRC). CIRC is expected to provide final approval for Saneguard to commence operations in the second half of 2012. Lentuo has contributed CNY11.25 million ($1.8 million) of the total registered capital of CNY500 million ($79.4 million) for a 2.25% stake in Saneguard. Full Article
Lentuo International Inc Reaffirms FY 2011 Revenue Guidance
Lentuo International Inc announced that the Company is reaffirming its previously issued fiscal 2011 revenue guidance of approximately RMB3.3 billion to RMB3.6 billion ($517.4 million to $564.4 million). According to I/B/E/S Estimates, analysts were expecting the Company to report revenues of $543 million for fiscal 2011. Full Article
Lentuo International Inc Completes Acquisition Of Toyota Dealership In Zhejiang Province
Lentuo International Inc announced that it has completed the acquisition of the 50% controlling interest of a Toyota dealership, in Zhejiang Province, People's Republic of China. The title of the 50% controlling interest was transferred to Lentuo and officially registered in October 2011. Lentuo acquired a 50% controlling interest in the dealership for a purchase price of RMB28.5 million (USD4.4 million) in cash. The dealership sold 1,036 vehicles, serviced 14,182 vehicles, and generated RMB203 million (USD31.4 million) in revenues during fiscal 2010. The Company expects the dealership to contribute RMB32 million to 38 million (USD5.0 to USD5.9 million) in revenues to Lentuo for the fiscal year ending December 31, 2011. Full Article
Lentuo International Inc Issues Q3 2011 Revenue Guidance; Lowers FY 2011 Revenue Guidance
Lentuo International Inc announced that for third quarter of 2011, it expects revenue to be approximately RMB740-RMB760 million ($115.6 million to $118.8 million), representing a year-over-year decrease of approximately 21.8% to 19.6%. The Company also announced that due to the challenges resulting from the effects of the Beijing traffic congestion control measures, the Company is adjusting its fiscal 2011 revenues to approximately RMB3.3 to RMB3.6 billion ($510.1 million to $557.0 million). Full Article
Lentuo International Inc Announces Appointment of Chief Financial Officer
Lentuo International Inc announced that it has appointed Jianping Chen as its Chief Financial Officer, effective August 15, 2011. In her role, Ms. Chen will oversee the Company's finance and reporting functions. Full Article
Lentuo International Inc Announces Two New Dealership Acquisitions
Lentuo International Inc announced that it has completed the acquisition of Huizhou FAW-Volkswagen Sales and Service Ltd. Co. (Huizhou FAW-VW) and signed a binding Letter of Intent (LOI) to acquire 100% equity interest of Beijing Hexinshuntong Automobile Sales and Service Ltd. Co. (Beijing Mazda). Huizhou FAW-VW was acquired for a cash purchase price of RMB 85 million ($13 million). The expected purchase price for the acquisition of Beijing Mazda is RMB 43 million ($7 million). The Company expects to complete the acquisition of Beijing Mazda by August 2011. Full Article
Lentuo International Inc Issues FY 2011 Revenue Guidance Above Analysts' Estimates; Announces Letter Of Intent To Acquire Audi Dealership
Lentuo International Inc announced that for fiscal 2011, it expects to generate total revenues of RMB 3.5 billion to RMB 4.0 billion, or USD541 million to USD618 million. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of USD479 million for fiscal 2011. The Company also announced that it has signed a binding Letter of Intent (LOI) to acquire a controlling interest in an Audi dealership in Zhejiang Province, People's Republic of China. The dealership sold 1,800 vehicles and generated RMB 800 million ($124 million) in revenues during 2010. Lentuo is negotiating a definitive agreement with the seller, which will contain customary closing conditions such as the completion of financial and legal due diligence. The Company expects to complete the acquisition by December 31, 2011. Full Article
Lentuo International Inc Announces Resignation Of CFO
Lentuo International Inc announced the resignation of its Chief Financial Officer (CFO), Ping Yu, for personal reasons, effective July 7, 2011. Full Article
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