Shanghai, Nov. 18, 2014 /PRNewswire/ -- eHi Auto Services Limited ("eHi" or the "Company"), a leading car rental and chauffeur service provider in China (NYSE: EHIC), today announced the pricing of its initial public offering of 10 million American Depositary Shares (ADSs) at a price of $12.00 per ADS. Each ADS represents two Class A ordinary shares of the Company. The ADSs are expected to begin trading on the New York Stock Exchange on November 18, 2014 under the ticker symbol "EHIC."
All 10 million ADSs in the offering are being offered by eHi. The underwriters have been granted an option to purchase up to an additional 1.5 million ADSs within 30 days.
Assuming the underwriters do not exercise their over-allotment option and, prior to the closing of the offering, the Company issues 5,000,000 Class A ordinary shares to Dongfeng Motor Group Asset Management Co., Ltd., 1,666,666 Class A ordinary shares to China Universal Fund Management Co., Ltd., and 1,666,666 Class A ordinary shares to Ctrip.com International, Ltd. at a price of $6.00 per Class A ordinary share (equivalent to $12.00 per ADS) in private placements for aggregate additional proceeds of approximately $50 million, the Company expects to raise a total of $120 million in the offering.
J.P. Morgan Securities LLC and Goldman Sachs (Asia) L.L.C. are acting as joint bookrunners for the offering.
The registration statement relating to the offering has been filed with the U.S. Securities and Exchange Commission (SEC) and has been declared effective by the SEC. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The offering is being made only by means of a prospectus, which is a part of the effective registration statement. Copies of the prospectus relating to the offering may be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY Edison, New Jersey 08837, or by calling 1-866-803-9204 (toll-free within the U.S.); or by calling Goldman Sachs & Co. LLC at 1-201-793-5170.
About eHi Auto Services Limited
eHi Auto Services Limited (NYSE: EHIC) is China's largest chauffeur service provider and second-largest car rental service provider (according to market research firm Frost & Sullivan based on the Company's 2013 revenue share in the Chinese market). With a mission to optimize the allocation of social resources and enhance user experience and value creation through the sharing economy model, eHi is committed to providing comprehensive travel solutions beyond car purchases. In response to China’s growing car rental and chauffeur service markets, eHi stands out with its complementary business model, consumer-oriented corporate culture, broad geographic coverage, efficient vehicle management, leading brand recognition, and continuous technological innovation. eHi is a strategic investment partner of Enterprise Holdings, the world's largest car rental service provider, and an appointed supplier of Ctrip.com, a leading Chinese online travel agency. -- Ctrip.com, a leading Chinese online travel agency.
For more information, please visit eHi’s official website at http://en.1hai.cn.
Safe Harbor Statement
This press release contains forward-looking statements made under the “safe harbor” provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. eHi may also make written or oral forward-looking statements in its reports filed with or furnished to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about eHi’s beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: eHi’s goals and strategies; its future business development, financial condition and results of operations; its ability to achieve and sustain profitability; its heavy reliance on its proprietary technology platform; its ability to compete successfully against current and future competitors; its ability to sustain our growth rates and manage our expansion plan; its ability to dispose used vehicles at desirable prices or timing or through appropriate channels; its ability to raise sufficient capital to fund and expand our operations at a reasonable cost; various government policies on automobile control and purchase restrictions in certain Chinese cities; its ability to enhance our brand recognition and maintain a high level of customer satisfaction; its ability to control the losses resulting from customer violation of traffic rules; and its ability to obtain all of the requisite permits, licenses or making all of the requisite filings or registrations or meeting other regulatory requirements for operating car rentals and car services business in China. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this press release is current as of the date of the press release, and eHi does not undertake any obligation to update such information, except as required under applicable law.
For Investor and Media Inquiries:
China:
eHi Auto Services Limited
Tel: +86 (21) 6468-7000 ext. 8742
Email: ir@ehic.com.cn
Nicholas Manganaro
Ogilvy Financial PR, Beijing
Tel: +86 (10) 8520-6139
Email: ehic@ogilvy.com
United States:
Justin Knapp
Ogilvy Financial PR, United States
Tel: +1 (616) 551-9714
Email: ehic@ogilvy.com