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China Auto Rental to apply for US$300-mln US IPO

Jan. 19, 2012 (China Knowledge) - China Auto Rental Ltd, a leading car rental firm in China, has submitted an application to the U.S. Securities and Exchange Commission to launch its initial public offering with fundraising of about US$300 million.

U.S.-based financial holding company J.P. Morgan Chase & Co has been assigned as the lead underwriter.

China Auto Rental is expected to become first Chinese auto rental service provider to launch its IPO in the U.S.

According to the prospectus, the company reaped RMB 489.37 million in operating revenue in the first nine months of 2011, and the firm suffered a net loss of RMB 117.63 million in the same period. Total expense for the nine-month period stood at RMB 606.77 million.  

China Auto Rental said it topped the country's auto rental industry by fleet size of 22,000 vehicles at the end of last year.

An analyst said a combined market share of Chinese top five auto rental firms, consisting of China Auto Rental, eHi, Avis, Dazhong and Shouqi, reached only 11% in the country last year, but the combined market share for top five auto rental service providers in the U.S. amounted up to 95%. There is still a huge market in China, the analyst added.

Lenovo Group Ltd<0992>, a leading Chinese PC maker, currently holds a 64.49% stake in China Auto Rental.






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