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ZHONGSHENG GROUP HOLDINGS LIMITED

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Zhongsheng Shares Gain on Deal to Acquire Mercedes-Benz Distributor in China

07/02/2021 | 01:14am EDT

By Clarence Leong

Zhongsheng Group Holdings Ltd.'s shares traded higher after the car dealer announced plans to acquire a Mercedes-Benz distributor in China in a cash-and-share deal worth US$1.3 billion.

Zhongsheng's Hong Kong-listed stock rose 8.9% to HK$70.35 by midday Friday, on track to close at an all-time high, and taking year-to-date gains to 27%.

Dalian-based Zhongsheng said late Thursday it had entered into a deal to acquire Zung Fu China, a major dealer of Mercedes-Benz in southern and western China, from a unit of conglomerate Jardine Matheson Holdings Ltd.

Zhongsheng plans to fund the cash payment portion of the deal via internal resources and bank financing. It will also grant shares to a unit of Jardine Matheson, the company's second-largest shareholder.

Jardine Matheson said the deal would help it consolidate its investment in the car dealership sector and "position its Chinese mainland business for growth in a dynamic environment, operating with the advantage of scale."

Bocom International on Friday raised its target price for Zhongsheng to HK$106.50 from HK$99.50, while keeping its buy rating. "Zung Fu China's high earnings quality suggests a decent new car sales margin and strong cost control, which we expect to further fuel earnings growth," the brokerage said.

Write to Clarence Leong at clarence.leong@wsj.com

(END) Dow Jones Newswires

07-02-21 0113ET

Stocks mentioned in the article
ChangeLast1st jan.
JARDINE MATHESON HOLDINGS LIMITED -1.30% 50.78 End-of-day quote.-9.32%
ZHONGSHENG GROUP HOLDINGS LIMITED 3.51% 62 End-of-day quote.12.22%
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07/01ZHONGSHENG : to Buy Entire Stake in Car Dealership
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Analyst Recommendations on ZHONGSHENG GROUP HOLDINGS LIMITED
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Financials
Sales 2021 190 B 29 333 M 29 333 M
Net income 2021 7 778 M 1 203 M 1 203 M
Net Debt 2021 12 971 M 2 006 M 2 006 M
P/E ratio 2021 15,8x
Yield 2021 1,25%
Capitalization 122 B 18 816 M 18 815 M
EV / Sales 2021 0,71x
EV / Sales 2022 0,57x
Nbr of Employees 33 201
Free-Float 25,2%
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Mean consensus BUY
Number of Analysts 22
Last Close Price 51,49 CNY
Average target price 77,67 CNY
Spread / Average Target 50,8%
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Managers and Directors
Guo Qiang Li President, Chief Executive Officer & Vice Chairman
Ning Yu Joint Chief Financial Officer
Yi Huang Chairman
Jin Jun Shen Independent Non-Executive Director
Wei Ying Independent Non-Executive Director