1. Friday May 25, 2018
      Home > BUSINESS

      China Grand Auto in talks with Sanroad

      2012-02-13 14:33 China Daily     Web Editor: Zhang Chan comment
      A total of 1,500 Audi cars were delivered to China Grand Auto in Urumqi for leasing in March 2011. [Photo/China Daily]

      A total of 1,500 Audi cars were delivered to China Grand Auto in Urumqi for leasing in March 2011. [Photo/China Daily]

      China Grand Auto, the second-largest domestic car dealer measured by revenues, is eyeing an acquisition that is still under negotiations.

      The distributor has been in talks with Sanroad to buy the second-largest auto sales company in Sichuan province for about 1.4 billion yuan, according to local media reports.

      The deal hasn't been finalized as both sides are declining to talk publicly about it.

      China Grand Auto sold more than 410,000 vehicles last year and reaped over 63 billion yuan in revenues, according to its Website. The dealer operates nearly 400 4S shops (authorized franchises offer sales, spare parts, services and surveys) across the country.

      A success story in the energy and real estate sectors, its parent company, Xinjiang Guanghui Industry Investment Group Co Ltd based in Urumqi, got into auto sales and services in 2001 and expanded rapidly by acquiring leading local dealerships in the Guangxi Zhuang autonomous region and Henan province.

      China Grand Auto was registered in Guilin, Guangxi in 2006 and grew into a sizable group by taking over dealerships in various provinces and cities such as Hebei, Anhui, Gansu and Chongqing.

      It is seeking an initial public offering to finance future acquisitions and expansions. The company is backed by the US private investment firm, TPG, which owns 42 percent shares while Xinjiang Guanghui is the biggest shareholder.

      China Grand Auto has just a small margin of revenues less than the Shanghai-listed Pang Da Automobile Trade Co. If the acquisition of Sanroad succeeds, it could become the top car dealer in the nation.

      Domestic auto dealers are fragmented and a trend has developed for successful dealerships to expand through mergers and acquisitions, analysts said.

      According to statistics of the China Automobile Dealer Association, the top 100 dealerships in China account for just 21 percent of market share.

      A guideline issued by the Ministry of Commerce last December called for more consolidation with a target in 2015 to have three to five large dealerships that hold revenues of over 100 billion yuan and 30 regional dealers with revenues of over 10 billion yuan.

      The top-ranked 100 dealers should account for at least 30 percent of the market share by then, the document said.

      The luxury car dealership China Zhengtong Auto Services Holding Ltd that ranks just No 20 in the industry, acquired the ninth-biggest domestic auto dealer - SCAS Investment Co Ltd - for 5.5 billion yuan last September, marking the largest acquisition in recent years.

      Additionally the Hong Kong-listed Zhengtong had succeeded with three smaller takeovers last year at a combined payment of up to 534 million yuan.

      Comments (0)

      Copyright ©1999-2011 Chinanews.com. All rights reserved.
      Reproduction in whole or in part without permission is prohibited.

      主站蜘蛛池模板: 国产亚洲精品a在线观看| 亚洲欧洲国产综合AV无码久久| 国产精品二区三区免费播放心| 精品无码人妻一区二区免费蜜桃| 免费人成在线观看播放a| 亚洲国产最大av| 国产成A人亚洲精V品无码| 免费人成年轻人电影| 成人奭片免费观看| 99精品视频免费观看| 在线免费播放一级毛片| 瑟瑟网站免费网站入口| 99999久久久久久亚洲| 久久久久亚洲av无码专区| 亚洲女同成av人片在线观看| 亚洲 无码 在线 专区| 日韩特黄特色大片免费视频| 无码av免费毛片一区二区| 96免费精品视频在线观看| 国精产品一区一区三区免费视频| 搜日本一区二区三区免费高清视频| 亚洲欧洲无码AV不卡在线| 亚洲无mate20pro麻豆| tom影院亚洲国产一区二区| 在线电影你懂的亚洲| 亚洲AV无码一区二区二三区软件| 日本亚洲国产一区二区三区| 亚洲JIZZJIZZ中国少妇中文| 国产一区二区三区在线观看免费| 免费鲁丝片一级在线观看| 最近免费中文字幕大全视频 | 卡一卡二卡三在线入口免费| 无码精品A∨在线观看免费| 亚欧在线精品免费观看一区| 2021在线永久免费视频| 黄色成人免费网站| 18禁止观看免费私人影院| 永久免费av无码不卡在线观看| 国产妇乱子伦视频免费| 国产桃色在线成免费视频| 毛片免费观看网站|