Lentuo International Inc. (NYSE:LAS) signed a binding letter of intent to acquire a controlling interest in an Audi dealership in Zhejiang Province on July 12, 2011. The dealership reported revenues of CNY 800 million for the period ended December 31, 2010. Lentuo is negotiating a definitive agreement with the seller, which will contain customary closing conditions such as the completion of financial and legal due diligence. Lentuo expects to complete the acquisition by December 31, 2011.

As of June 13, 2012, the transaction is expected to close in second half of 2012. Dave Gentry of RedChip Companies, Inc. acted as PR advisor for Lentuo International Inc.

Lentuo International Inc. (NYSE:LAS) cancelled the acquisition of a controlling interest in an Audi dealership in Zhejiang Province on December 13, 2012.