This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Lentuo Enters Into Strategic Partnership With China Orient Asset Management To Finance Expansion Of Pre-Owned Car Business

BEIJING, March 12, 2014 /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 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 China, and its extensive local market knowledge, to help Lentuo build and geographically expand its pre-owned car business throughout China.

As a first step, Orient Tiantong will finance the conversion of an existing new car showroom in South Beijing 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 China. 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 China. 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 Beijing. Lentuo operates 12 franchise dealerships, 10 automobile showrooms, one automobile repair shops and one car leasing company.

About 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.

1 of 2

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,213.01 -75.62 -0.41%
S&P 500 2,105.91 -11.48 -0.54%
NASDAQ 4,976.2050 -31.8910 -0.64%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs