Lentuo International Inc. (NYSE: LAS) (“Lentuo” or the “Company”), the largest non-state-owned automobile retailer in Beijing, China as measured by new vehicle sales revenues in 2009, today announced that it has priced its initial public offering of 6,500,000 American Depositary Shares (“ADSs”), each representing two ordinary shares of the Company, at US$8.00 per ADS, with a total offering size of US$52 million, assuming no exercise of the over-allotment option. The ADSs will begin trading on the New York Stock Exchange on December 10, 2010 under the symbol “LAS.”
The underwriters have been granted a 30-day option to purchase up to 975,000 additional ADSs from the Company to cover over-allotments.
Cowen and Company, LLC, and HSBC Securities (USA) Inc. acted as joint book-runners and Macquarie Capital (USA) Inc. acted as the co-manager for the offering.
Lentuo’s registration statement relating to the initial public offering has been declared effective by the United States Securities and Exchange Commission. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful under the securities laws of any such state or jurisdiction.
The offering of the securities is made only by means of a prospectus forming a part of the effective registration statement. A copy of the prospectus relating to the offering may be obtained by contacting Cowen and Company, LLC c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus Department, phone: +1-631-274-2806, and fax: +1-631-254-7140; or by contacting HSBC Securities (USA) Inc., 452 Fifth Avenue, New York, NY, 10018, Attn: Prospectus Department, phone: +1-212-525-4116, and fax: +1-646-366-3038, or emailing
About Lentuo International Inc.
Lentuo is the largest non-state-owned automobile retailer in Beijing, China as measured by new vehicle sales revenues in 2009, according to the China Automobile Dealers Association (“CADA”). Lentuo operates six franchise dealerships, ten automobile showrooms, one automobile repair shop and one car leasing company in Beijing, the largest new passenger vehicle market among all cities in China. Three of Lentuo’s six dealerships are among the leading dealerships in China for their respective brands, as measured by the volume of new vehicle sales by individual dealership.