China Zhengtong Auto Service Holdings Co., Ltd. (the “Company” or “Zhengtong Auto”, together with its subsidiaries, collectively the “Group”) is China's leading 4S dealership group under Xiamen Guomao Holding Group Co., Ltd. (“Guomao Holdings”), dedicated to selling luxury and ultra-luxury brand cars, such as Porsche, Mercedes-Benz, BMW, Audi, Jaguar Land Rover, Volvo, Hongqi, etc. The Group also engages in the distribution business of high-end brands such as FAW Volkswagen, Buick, Dongfeng Nissan, FAW Toyota and Dongfeng Honda. The Group has carried out forward-looking business network strategies in developed regions and provinces with rapidly developing economies in China, laying a solid foundation for the Group's rapid growth in the future. As of December 31, 2022, the Group has 109 operating outlets in 38 cities in 17 provinces and municipalities directly under the Central Government, covering not only wealthy first-tier developed cities and regions, but also effectively expanding to second- and third-tier cities and regions where automobile penetration is low but growing rapidly. In 2022, the Group opened a new Porsche Center in Dalian City, Liaoning Province. The number of Porsche brand outlets reached 6. The relationship with Porsche brand manufacturers was further strengthened, and profitability was also improved. With the original intention of building the “Smile Zhengtong” service brand, the Group has always been committed to providing customers with the best automobile sales and after-sales service. The Group provides customers with a full range of automobile purchase and use solutions, and the implementation of a “customer-centric business philosophy” has promoted the Group's long-term relationships with customers. The Group is also continuously strengthening the automotive aftermarket to provide customers with high-quality and efficient after-sales service. The Group's supply chain logistics, insurance agency, financial leasing and other businesses also usefully complement the Group's automobile sales and after-sales business.
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