In the past few years, large quantities of investment have poured into motor vehicle leasing enterprises. An analytical report points out that the top five motor vehicle leasing companies currently account for a mere 9% or so of the total motor vehicle leasing market and it is anticipated that their overall share of the market will reach 10-15% of the market in 2014, still a low level of industrial integration. Great opportunities for industrial mergers and integration lie ahead.
Based on our experience, a brief description of several key points that require attention in legal due diligence for acquisitions in the motor vehicle leasing industry follows.
Evolution of legislation
In August 1997, the Ministry of Internal Trade formulated the Provisional Administrative Measures for the Work Associated with the Pilot Motor Vehicle Leasing Project, specifying that motor vehicle leasing is leasing of physical goods and is a leasing method where the objective is to obtain the right to use a motor vehicle, with the lessor providing such services as motor vehicle use, tax, insurance, maintenance and parts, etc., during the lease term.
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Li Jie is a senior associate at Concord & Partners
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