Lentuo International Inc was incorporated in the Cayman Islands on September 9, 2009. The Company completed an initial public offering on December 15, 2020. The Company is engaged in the sales of new and leased automobiles and the provision of automobile repair and maintenance services, and to a lesser extent, the provision of automobile leasing services. The sale of new automobiles and provision of automobile repair and maintenance services are provided through dealerships which operate under the terms of non-exclusive franchise agreements with specific automobile manufacturers. The Company does not conduct any substantive operations on its own but instead conducts its business operations through its variable interest entities which are all located in the PRC. It operates through seven reportable segments corresponding to the dealerships that offer and service seven different brands of vehicles, including Audi, FAW-Volkswagen, FAW-Mazda, Shanghai-Volkswagen, Toyota, Chang An-Mazda and GAC-Honda. Its competitors in the local Beijing market include Beijing Automobile Repair Company, Beijing Tengda Automobile Sales & Service Co., Ltd. and Beijing Yuntong Group. The Company is subject to a wide range of environmental laws and regulations in China.