Boston, MA 06/03/2013 (wallstreetpr) – Lentuo International Inc ADR (NYSE:LAS) had recently surged in share prices by 12.08 percent after opening at $3.89 per share on Friday. The shares of the company had closed at $4.36 per share, $0.47 higher than the previous closing price on Thursday. The shares of Lentuo International Inc ADR (NYSE:LAS) had been trading in the range of $3.89 to $4.62 per share during the day, with the American Depository Shares hitting new 52 week high price levels. The 52 week low price level for the company is at $0.75 per share.
Lentuo International Inc ADR (NYSE:LAS) with its operations based in Beijing is involved in the automobile retail sales. The company operates through its six franchise dealerships, 10 automobile showrooms, one automobile repair shop and one car leasing company in the Beijing metropolitan area. The Chief Financial Officer of Lentuo International Inc ADR (NYSE:LAS), Jianping Chen was recently appointed to a strategic leadership role in the ongoing joint venture project of the company with Itochu Corporation.
In this role, she is expected to take part in the establishment of the joint venture and its operations, which is presently in the completion stage of government approval. This joint venture is expected to be a major growth driver for Lentuo International Inc ADR (NYSE:LAS) which is presently looking out to expand into higher end car segment in China.
Lentuo International Inc ADR (NYSE:LAS) presently has 29.47 million shares outstanding in the market with 2 percent of institutional ownership.
