Executive Summary

Valuation

Zhongsheng - Growth Opportunity

Zhongsheng – Company Background

Earnings Outlook and Review

Operating Comparison

China Auto Distribution Industry

New-Car Industry

Second-Hand Car Industry

Car Service Industry

Car Finance Industry

Appendix 1 - Model Launch Line-up for Zhongsheng's Key Brands

Appendix 2 - Price Points of Zhongsheng's Key Brands (by Model)

Appendix 3 - Profile of Major China Auto Dealer Groups