This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Lentuo International Receives Beijing Government Approval For Its Joint Venture With Itochu

BEIJING, June 5, 2013 /PRNewswire/ -- Lentuo International Inc. (NYSE: LAS) ("Lentuo" or the "Company"), a leading non-state-owned automobile retailer headquartered in Beijing, today announced that it has received approval from the Beijing government for its joint venture ("JV") with Itochu Corporation. The approval was granted by the Beijing Municipal Commission of Commerce ("BMCC") in May, 2013.

The BMCC, a department under the Beijing Municipal Government, handles all work related to foreign direct investment within Beijing. Its main duties include examining and approving the acquisition of domestic enterprises as well as the establishment of joint ventures involving foreign investors. Following the approval, the Company has begun filing for the JV's business registration.

The JV 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 construction of which was announced by the Company in November, 2012. The JV will also scale up its higher margin repair and maintenance services. 

Itochu will invest RMB300 million and take a 40% stake in the JV. Having successfully built its subsidiary Yanase into the largest Mercedes dealership in Japan, and with its extensive experience in operating and investing in high-end car dealerships across Asia, Itochu will also act as a strategic investor to help Lentuo strengthen its management and business operations over the long run.

"We are very pleased that the Beijing Municipal Commission of Commerce has approved the joint venture with Itochu," commented Mr. Hetong Guo, Founder and Chairman of Lentuo. "The approval marks the most critical step in the series of government approvals we must first obtain before operations can begin."

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.64 0.00%
FB $118.57 0.00%
GOOG $698.21 0.00%
TSLA $241.80 0.00%
YHOO $36.53 0.00%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs