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Monday, 22 February 2016, 18:26 HKT/SGT

Source: China Yongda Automobiles Services Holdings Limited
Yongda Auto Signs Strategic Cooperation Agreement with Samsung Group

HONG KONG, Feb 22, 2016 - (ACN Newswire) - China Yongda Automobiles Services Holdings Limited ("Yongda Auto" or "Company") (Stock Code: 3669.HK), a leading passenger vehicle retailer and comprehensive service provider in China, is pleased to announce that, the Company entered into a strategic cooperation agreement with Samsung Group, one of the biggest multinational companies in South Korea, in Shanghai on 19 February 2016. Both parties will strategically cooperate on areas mainly include automobile insurance services, products agency, and enterprises vehicle rental.

Yongda Auto and Samsung Group signed the comprehensive strategic cooperation agreement in Shanghai (Left: Mr. Seungpyo Hong , CEO of Samsung Property & Casualty Insurance Company (China), Ltd., Mr. Xu Yue, Director and President of China Yongda Automobiles Services Holdings Limited, Mr. Sungjun Kang , Consul of Consulate General of the Republic of Korea, Mr. Cong Shi , B2B director of Samsung Electronics Eastern China)

Samsung Group is one of the Fortune Global 500, which has worldwide leadership positions in insurance, electronic products, construction and heavy industry. Adhering to the rapid expansion of China-South Korea free trade area and formal effective of the China-Korea Free Trade Agreement (CKFTA), the commercial intercourses between China and South Korea continue to grow. Yongda Auto and Samsung Group will jointly expand business channels, complement each other's advantages by resources sharing, and effectively deepen cooperation on the areas below.

Automobile Insurance Services
Yongda Auto and Samsung Life Insurance will deepen cooperation based on the original new vehicle insurance services, comprehensively launch the renewal of insurance services; and both parties will further increase brand loyalty by means of technological superiority of big data analytics. In addition, both parties will explore the Internet insurance services, jointly launch the innovation projects including time-sharing insurance, providing professional and convenient automobile insurance services to car owners with affordable and personalized solutions.

Products Agency
Yongda Auto has acquired the authorization to sell all the series of Samsung Electronics' products, which allows its 4S stores to provide product experience and sales services of Samsung Electronics' products.

Enterprises Vehicle Rental
As a leading automobile renting enterprise in China, the automobile rental corporation under Yongda Auto reached an agreement with Samsung Group and the other China-based Korean-invested enterprises, which allows Yongda Auto to preferentially provide long rent, short rent and shuttle bus services to those Korean enterprises.

Besides, Yongda Auto and Samsung Group will cooperate on internet finance and mobile payment. Meanwhile, the VIP clients of Yongda Auto could enjoy the value-added services that provided by the Shilla Duty Free Shop, a subordinate organization of Samsung Group and the most representative duty-free store in South Korea.

Yongda Auto aspires to upgrade the current automobile sales service level, to offer a superior automobile life service to a cluster of customers. The strategic cooperation between Yongda Auto and Samsung Group, is considered as a transnational, multi-industry and cross-regional combined efforts. Both parties will proactively develop and optimize the cooperation. Meanwhile, the cooperation will result in a positive contribution to accelerate the economic and trade development between China and South Korea. In the future, the elements of Samsung will become one part of Yongda "Auto Life", continually render leading and superior services to car owners in China.

CHOW Tsz Lung / Sharyn LAU/ Stefanie PAN
Tel: (852) 3183 0232 /  3183 0266 /  3183 0264
Fax: (852) 2583 9138
E-mail: yongda@prasia.net

Topic: Press release summary
Source: China Yongda Automobiles Services Holdings Limited

Sectors: Automotive, Daily News
From the Asia Corporate News Network

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