AutoChina International Announces an Increase in Registered Capital for its Financial Leasing Company
28 Dicembre 2010 - 2:30PM
Business Wire
AutoChina International Limited (“AutoChina” or the “Company”)
(NASDAQ: AUTC), China’s largest commercial vehicle sales,
servicing, leasing, and support network, today announced that, as
of December 15, 2010, it has increased the registered capital of
its previously announced financial leasing company to 100 million
RMB from 70 million RMB. This change provides AutoChina with
additional flexibility in the future should it choose to further
increase the entity’s registered capital—a change that can now be
made multiple times. AutoChina has also converted the financial
leasing company from a wholly foreign-owned enterprise to a
Chinese-foreign joint venture.
This leasing company, which AutoChina believes to be the first
of its kind in Hebei province, will be used to conduct AutoChina’s
existing commercial vehicle leasing business. The financial leasing
company is directly and wholly owned by AutoChina, and therefore is
not part of the company’s VIE (variable interest entity) holding
structure.
AutoChina also announced that it has converted its existing
wholly foreign-owned enterprise, Hebei Chuanglian Trade Co., Ltd.,
into a financial leasing company and renamed it Chuanglian
Financial Leasing Co. Ltd. This change better aligns AutoChina’s
corporate structure with its core business.
Mr. Yong Hui Li, AutoChina’s Chairman and CEO, stated, “We are
pleased to announce these changes to our corporate structure. The
changes better align our company with the current regulatory
environment in China, and may also lead to greater operational
flexibility going forward.”
About AutoChina International Limited:
AutoChina International Limited is China’s largest commercial
vehicle sales, servicing, leasing, and support network. AutoChina’s
operating subsidiary was founded in 2005 by nationally recognized
Chairman and CEO, Yong Hui Li. The Company owns and operates 246
commercial vehicle financing centers across China; and primarily
provides sales-type leasing and support services for local
customers. The Company’s website is
http://www.autochinaintl.com.
Safe Harbor Statement:
This press release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
about the Company. Forward-looking statements are statements that
are not historical facts. Such forward-looking statements, based
upon the current beliefs and expectations of the Company's
management, are subject to risks and uncertainties, which could
cause actual results to differ from the forward-looking statements.
The following factors, among others, could cause actual results to
meaningfully differ from those set forth in the forward-looking
statements:
- Continued compliance with government
regulations;
- Changing legislation or regulatory
environments;
- Requirements or changes affecting the
businesses in which the Company is engaged;
- Industry trends, including factors
affecting supply and demand;
- Labor and personnel relations;
- Credit risks affecting the Company's
revenue and profitability;
- Changes in the commercial vehicle
industry;
- The Company’s ability to effectively
manage its growth, including implementing effective controls and
procedures and attracting and retaining key management and
personnel;
- Changing interpretations of generally
accepted accounting principles;
- General economic conditions; and
- Other relevant risks detailed in the
Company’s filings with the Securities and Exchange Commission.
The information set forth herein should be read in light of such
risks. The Company does not assume any obligation to update the
information contained in this press release.
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