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Stock Market & Financial Investment News

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October 22, 2012
06:08 EDTLASLentuo announces joint venture with Fortune Global 500 company based in Asia
Lentuo International announced that it has signed a joint venture, or JV, agreement with a Fortune Global 500 company based in Asia. The agreement will be effective upon government approval. Under the terms of the agreement, Lentuo and the JV Partner will jointly operate Beijing Lentuo Autong Automobile Trading Co. Ltd., or AT, to expand sales and services in the high-end car segment in China. The JV will focus on the expansion of AT's high-end 4S dealerships across China, starting with the new South Beijing Audi 4S dealership that the Company announced on July 23. The JV will scale up its higher margin repair and maintenance services. The JV Partner will invest RMB300M and take a 40% stake in the JV. With extensive experience in operating and investing in high-end car dealerships across Asia, the JV Partner will also act as a strategic investor to help strengthen AT's management and business operations over the long run.
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