SHANGHAI, November 18, 2014 /PRNewswire/ -- eHi Car Services Limited ("eHi" or the "Company") (NYSE: EHIC), a leading car rentals and car services provider in China, today announced that its initial public offering of 10,000,000 American depositary shares (the "ADSs"), each representing two Class A common shares of the Company, was priced at $12.00 per ADS. The ADSs will begin trading on the New York Stock Exchange on November 18, 2014 under the ticker symbol "EHIC."
All of the 10,000,000 ADSs in the offering are offered by eHi. The underwriters have been granted a 30-day over-allotment option to purchase up to an additional 1,500,000 ADSs from eHi.
The Company expects to receive gross proceeds of approximately $120.0 million from the offering at closing, assuming the underwriters do not exercise their option to purchase additional ADSs, and additional gross proceeds of approximately $50.0 million from the issuance of 5,000,000 Class A common shares to Dongfeng Asset Management Co. Ltd., 1,666,666 Class A common shares to China Universal Asset Management Co., Ltd., and 1,666,666 Class A common shares to Ctrip at $6.00 per Class A common share (equivalent to $12.00 per ADS) in private placements concurrent with the closing of the offering.
J.P. Morgan Securities LLC and Goldman Sachs (Asia) L.L.C. acted as joint book runners for the offering.
eHi's registration statement relating to the offering has been filed with, and declared effective by, the United States Securities and Exchange Commission (the "SEC"). This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The offering of the securities is made only by means of a prospectus forming a part of the effective registration statement. A copy of the prospectus relating to the offering may be obtained by contacting J.P. Morgan Securities LLC, attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or telephone: 1-866-803-9204 (toll-free within the United States); or by calling Goldman, Sachs & Co. at 1-201-793-5170.
About eHi Car Services Limited
eHi Car Services Limited (NYSE: EHIC) is China's No. 1 car services provider and No. 2 car rentals provider in terms of market share by revenues in 2013, according to Frost & Sullivan. The Company's mission is to provide comprehensive mobility solutions as an alternative to car ownership by best utilizing existing resources and sharing economy to create optimal value. eHi distinguishes itself in China's fast-growing car rental and car services market through its complementary business model, customer-centric corporate culture, broad geographic coverage, efficient fleet management, leading brand name, and commitment to technological innovation. eHi is the exclusive strategic partner in China of Enterprise, the largest car rental company in the world, and is the designated and preferred business partner of Ctrip, a leader in the online travel agency industry in China. For more information regarding eHi, please visit 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, please contact:
In China:
eHi Car Services Limited
Tel: +86 (21) 6468-7000 ext. 8742
E-Mail: ir@ehic.com.cn
Mr. Nicholas Manganaro
Ogilvy Financial, Beijing
Tel: +86 (10) 8520-6139
E-mail: ehic@ogilvy.com
In the U.S.:
Mr. Justin Knapp
Ogilvy Financial, U.S.
Tel: +1 (616) 551-9714
E-mail: ehic@ogilvy.com
