Boston, MA 06/06/2013 (wallstreetpr) – The prices of American Depository Shares of Lentuo International Corp ADR (NYSE:LAS) had surged by 13.63 percent to close at $4.92 per ADR for the end of last trading session on Wednesday. The ADRs of the company had been trading in the range of $4.35 to $5.33 during the day, thereby pushing the company to hit new peaks. The ADRs of Lentuo International Corp ADR (NYSE:LAS) had thus recorded 52 week high price level of $5.33 per ADR and 52 week low price level of $0.75 per ADR.
Lentuo International Corp ADR (NYSE:LAS) with its operations based in Beijing is primarily engaged in the retail sales of automobiles. The company basically operates through its own automobile showrooms and through the franchise dealerships. Lentuo International Corp ADR (NYSE:LAS) also holds an automobile repair shop and a car leasing company under its operations.
Approval for Joint Venture
Beijing Government had recently approved the joint venture deal of Lentuo International Corp ADR (NYSE:LAS) with Itochu Corporation following which the company had filed for business registration of the venture. The joint venture between the two companies is aimed at focusing on expansion of Lentuo International Corp ADR (NYSE:LAS)’s high end car dealership in China.
Lentuo International Corp ADR (NYSE:LAS) had traded at heavy volumes of 361,000 shares on Wednesday, while the average trading volume of the company is at 98,139 shares per day. The automobile retailer presently holds 29.47 million shares outstanding with an institutional ownership of 2 percent.
