TPG, one of the world’s leading private investment firms, had completed the sale of all the economic interests of China Grand Automotive Services Co. (CGA) to Haitong International New Energy II, a wholly-owned subsidiary of Haitong International Securities Group, and Huge Auto Investment Holdings, a joint venture invested by Haitong International Holdings and an independent co-investor. 

 

CGA is the leading passenger vehicle dealership and automobile services group and the leading passenger vehicle finance leasing provider in China. CGA’s vehicle dealership network covers 23 provinces, municipalities and autonomous regions in China. As of June 30 2014, the company operated a network of 488 outlets, including 402 4S dealerships, for over 50 passenger vehicle brands.

 

TPG has one of the largest investment portfolios and prominent investment track records in China, including past and present investments in leading enterprises such as China International Capital Corporation (CICC), Chindex International (United Family Hospitals), Daphne, HCP Holdings, Lenovo, Li Ning, Phoenix Satellite Television, Shenzhen Development Bank (currently Ping An Bank), UniTrust,  Wumart and Xinyuan Real Estate. 

 

Goldman Sachs is the financial advisor, Cleary Gottlieb Steen & Hamilton LLP is legal advisor, and Fangda Partners is serving as PRC counsel to TPG. King & Wood Mallesons is Haitong's legal advisor.