AutoBeta(AutoBeta.net)02/25 Report--

Yongda announced on February 20th that the company is discussing with the syndicate a possible transaction that could lead to the sale of more than 50 per cent of its auto finance business.

The announcement shows that Yongda is currently engaged in preliminary discussions with the syndicate (a consortium of banks and financial institutions jointly funded by a project) on possible sales, and has not entered into any binding agreement with the syndicate on the possible sale.

Shanghai Yongda Automobile, founded in 1992, is a large group listed on the main board of Hong Kong. The company is mainly engaged in auto sales services, auto financial services, car rental services and other industries. In the field of automobile sales and service, Yongda has set up dozens of auto sales stores in Shanghai, Beijing, Fujian, Shanxi, Zhejiang, Jiangsu, Hainan and other places. acting for BMW, Audi, Infiniti, Porsche, Volvo, Saab, GM, Toyota, Volkswagen and other dozens of well-known automobile brands.

Yongda is the top five car dealer group in China, with revenue of 62.578 billion yuan in 2017 and comprehensive income of 40.307 billion yuan in the first three quarters of 2018, an increase of 10.9 percent over the same period last year. Net profit is 994 million yuan.

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