[For immediate release]
LSS Leasing forms collaborative platform with Brilliance China and 58.com
Hong Kong, 6 June 2017 - Sun Hung Kai & Co. Limited (SEHK: 86) (the "Company", together with its subsidiaries, the "Group") announced that LSS Financial Leasing (Shanghai) Limited ("LSS Leasing"), the Company's 40% joint venture, will launch a new strategic collaborative platform together with its shareholders, Brilliance China Group, 58.com through its "58 Car"(58車) and "58 Suyun"(58速運) units.
The platform, "58 Car internet vehicle purchase platform"(58車互聯網一站式購車平台), draws on the expertise of all the partners to offer a total solution to entrepreneurial drivers entering the on-demand delivery business.
This platform for car financing will integrate financing solutions offered by LSS Leasing, the on-demand delivery platform under "58 Suyun" with the "58 Car" car service platform as the core, as well as the logistic support from Brilliance China's dealership network. "Big data" collected through the high volume of online applications in will be used to create demand for vehicle purchases, financing, and other new business opportunities. This platform should significantly lower the drivers' threshold to join the "58 Suyun" platform, thus encouraging social entrepreneurship in the markets they operate in.
Group Executive Chairman Mr Lee Seng Huang said, "We are encouraged by the performance of LSS Leasing to date and excited by the opportunities ahead as it forays into the consumer auto finance market. This innovative new platform that connects the strength and network of our partners reflects the Group's approach to our investments and businesses. "
At the same time, LSS Leasing has also announced a second round capital raising, with strong support from the Group. LSS Leasing commenced business in January 2016, initially focusing on corporate auto leasing products and services, is already generating a profit in its first year. The capital increase will enable LSS Leasing to expand into new segments and broaden its reach.
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About Sun Hung Kai & Co. Limited
Sun Hung Kai & Co. Limited is an investment and finance firm with a focus on Greater China.
Since its foundation in 1969, the Group has owned and operated market-leading businesses in financial services, striving to generate long-term capital growth for its shareholders. Leveraging on its heritage and operational experience, the Group invests across a diverse yet complementary portfolio of investment and finance businesses. Through on-line platforms as well as an extensive branch and office network across Hong Kong and Mainland China, the finance business provides funding solutions to individuals, small businesses and corporates.
The Group currently has about HK$18 billion* in shareholders' equity. It is the major shareholder of leading consumer finance firm United Asia Finance Limited and a substantial shareholder of Sun Hung Kai Financial Group Limited.
*As of 31 December 2016.
For more information about Sun Hung Kai & Co. Limited (SEHK: 86), please visit its website at www.shkco.com.
For enquiries, please contact:
Nancy Chen (852) 3748 2823 [email protected]
06/06/2017 Dissemination of a Marketing Press Release, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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