Daimler AG and Lei Shing Hong Ltd. foster further their longstanding and successful cooperation with an investment by Daimler in LSH. Daimler acquires a minority interest of 15% in LSH, which is responsible for the Mercedes-Benz retail business of Lei Shing Hong Group. The transaction has been concluded after approval of the relevant antitrust authorities. The two parties have agreed to treat the details of the transaction confidentially.
”With this transaction we affirm our long and successful cooperation with Lei Shing Hong. At the same time, we strengthen our Mercedes-Benz dealer network and meet the challenges in the coming years together with Lei Shing Hong,” said Bodo Uebber, Member of the Board of Management of Daimler AG responsible for Finance & Controlling and Daimler Financial Services. “ Furthermore, with our engagement, we support the sustainable growth of our sales partners.”
Lei Shing Hong Group, headquartered in Hong Kong, is one of the world’s biggest dealer groups for Mercedes-Benz cars. The company collaborates with Mercedes-Benz for many decades and currently operates about 200 sales and services centers with focus in Asia and Australia. Since 2015, LSH has expanded its international presence and now is also present in Europe with facilities in Germany and Great Britain.
K S Gan, Group Managing Director of Lei Shing Hong: “Lei Shing Hong Group welcomes Daimler’s investment in LSH. We both share a common vision and passion. This investment by Daimler brings the existing relationship and cooperation to a new height. LSH, as an international group, will continue with its tradition of excelling in customer services and business management practices in its Mercedes-Benz business.”
“Together with our excellent sales partners, we are optimizing our potential in China, the world’s largest sales market for Mercedes-Benz. The longstanding and successful relationship with our partners is the cornerstone of this success,” said Hubertus Troska, Member of the Board of Management of Daimler AG responsible for Daimler Greater China. “Lei Shing Hong’s business focus used to be in Asia. Having witnessed the impressive performance in LSH’s Asian markets, we highly welcome the international expansion of LSH’s retail business to Europe and other parts of the world.”
Daimler’s investment is a strategically important step for both parties, with the aim of bringing one of the world’s biggest dealer groups for Mercedes-Benz cars to a new era and to other markets. Till Conrad, who heads the sales department in the Overseas region at Mercedes-Benz so far, will assume the responsibility for the business as CEO at LSH as of August this year.
Source: Daimler AG