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China Auto Rental Holding Inc. to offer 11 Million ADS

(People's Daily Online)

11:30, April 23, 2012

China Auto Rental Holdings Inc. (NASDAQ: CARH), a leading car rental company in China, expects to offer 11 million American Depositary Shares (ADS) at a price between $10.50 and $12.50.

The company estimates that it will receive net proceeds of approximately US$112.5 million from this offering after deducting the underwriting discounts, commissions and estimated offering expenses. China Auto Rental plans to spend US$90.0 million received from this offering for vehicle acquisition to further expand their rental fleet.

The services of China Auto Rental include short-term rentals, long-term rentals and leasing. As of December 31, 2011, China Auto Rental had a customer base of over 450,000. Their fleet is comprised of 25,845 vehicles in 520 service locations covering 66 cities in all provinces of China.

“China's car rental industry dates back to the Beijing Asian Games in 1990, when it was launched to cater to the transportation needs of foreign reporters and the employees of foreign diplomatic missions,” according to the Study of Automotive Landscape 2025 by Roland Berger. China Auto Rental derives revenues primarily from short-term car rentals. In the study, short-term chauffeured car rental services are almost unique to China and currently account for about 12% of the industry.

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