Lentuo Intl (NYSE:LAS) ($3.10) – a leading non-state-owned automobile retailer headquartered in Beijing, Bitauto Holdings(NYSE:BITA) ($89.04) – , a leading provider of Internet content and marketing services for China’s fast-growing automotive industry, and Youxinpai (Beijing) Information Technology Co., Ltd. (“UXIN”), a leading professional auto auction service provider in China, today announced,
that senior management attended a ceremony in Beijing marking the signing of the joint venture (“JV”) agreement.
The ceremony was presided over by Mr. William Bin Li, Chairman and Chief Executive Officer of Bitauto, Mr. Chris Kun Dai, Chairman and Chief Executive Officer of UXIN, and Mr. Hetong Guo, Founder and Chairman of Lentuo International. Mr. Lei Luo, Vice-General Secretary of CADA was also in attendance and delivered congratulatory remarks.
The establishment of the JV is moving rapidly and smoothly. The partners expect the JV to be officially registered by the end of September 2014 and are cooperating actively to begin operations before the end of December 2014.
The joint venture, which will originally be centered on Beijing and gradually expand to other cities, will integrate the resources of each partner to build the largest Online-to-Offline platform exclusively focused on high-end pre-owned cars in China. Lentuo will own 60% of the joint venture with Bitauto and UXIN each holding 20%.