March 12, 2014
/PRNewswire/ -- Lentuo International Inc. (NYSE: LAS) ("Lentuo" or the "Company"), a leading non-state-owned automobile retailer headquartered in
, today announced that it has signed a strategic agreement with China Orient Tiantong Capital Management Ltd. ("Orient Tiantong"), a subsidiary of China Orient Asset Management Corporation, a major state-owned financial asset management company.
Orient Tiantong's experienced management team will leverage the vast financial resources of China Orient Asset Management Corporation, its branches in 26 cities across
, and its extensive local market knowledge, to help Lentuo build and geographically expand its pre-owned car business throughout
As a first step, Orient Tiantong will finance the conversion of an existing new car showroom in
into a fully integrated pre-owned car flagship store for mid-to-high end cars that was announced on
February 18, 2014
, and provide ongoing working capital for its operations.
Subsequently, as the business expands to capitalize on the rapid growth in the pre-owned car market, Orient Tiantong will finance the building of pre-owned car flagship stores in cities across
. Priority will initially be given to cities where Orient Tiantong already has a presence and will be able to contribute in an additional way by providing strong local connections and market knowledge.
Mr. Hetong Guo, Founder and Chairman of Lentuo International commented, "We are extremely pleased to have found such a strong financial partner who believes in our long-term strategy for the pre-owned car market in
. By combining Orient Tiantong's robust financial capabilities, local market knowledge and contacts with our operational expertise, advanced equipment, and solid reputation, we believe we are strongly positioned to build a highly professional and successful pre-owned car business."
About Lentuo International Inc.
Lentuo is a leading non-state-owned automobile retailer headquartered in
. Lentuo operates 12 franchise dealerships, 10 automobile showrooms, one automobile repair shops and one car leasing company.
China Orient Asset Management Corporation
China Orient Asset Management Corporation is a major state-owned financial asset management companies approved by the State Council, and registered with the State Administration for Industry and Commerce as a wholly state-owned financial institution. China Orient Tiantong Capital Management Ltd. is a subsidiary of China Orient Asset Management Corporation. It was founded on
August 2, 2013
and has an established management team with extensive fund management and project financing experience.
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "going forward," "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.