Bitauto Closes Investment from AutoTrader, Appoints New Director

Bitauto, 11/19/12

Beijing-based automotive website firm Bitauto (NYSE: BITA) today announced that the previously announced private transaction between certain existing pre-IPO shareholders and AutoTrader Group, as well as Bitauto's senior management team, was consummated on November 17, 2012. Upon the consummation of the transaction, AutoTrader Group beneficially owns an approximately 21.8% stake in the company. Concurrently, certain members of Bitauto's senior management team increased their ownership through the purchase of an approximately 2.4% stake in the company.

In connection with the consummation of the transaction, the company appointed Dallas S. Clement, the executive vice president and chief financial officer of AutoTrader Group, to its Board of Directors, effective November 17, 2012. Concurrently, Rong Lu has resigned from the company's Board of Directors, effective November 17, 2012.

Editor's Note: For more background on this topic, please see "AutoTrader Group Takes Stake in Bitauto" MD 11/02/12 issue.

Keywords: Dallas Clement Rong Lu Internet investment Bitauto BITA AutoTrader automobile vertical portal HR

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