Strategic Acquisition and ExpansionLentuo has entered into an agreement with a Honda dealership in Tianjin to acquire 60% of the interest of the dealer. This acquisition demonstrates the Company’s proactive response to strong demand for automobiles in China and is in line with Lentuo’s business development strategy to expand its 4S dealership network into surrounding areas of Beijing. We believe that the acquisition will enhance Lentuo’s targeted market positioning. Pending completion of the acquisition, we expect not only to have a controlling interest in the Tianjin dealership but to gain a powerful strategic ally who will serve as the junior partner in this joint venture. The junior partner will be committed to helping Lentuo expand into Tianjin, a major metropolitan market, in a rapid and cost-effective manner. We expect to close this transaction within the second quarter of 2011.
CORRECTING And REPLACING Lentuo International Inc. Announces Fourth Quarter And Fiscal Year 2010 Financial Results
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