Ehi Car Services Limited (NYSE:EHIC)

SHANGHAI, April 9, 2019 /PRNewswire/ -- eHi Car Services Limited ("eHi" or the "Company") (NYSE: EHIC), a leading car rental and car services company in China, today announced the completion of the merger (the "Merger") of the Company with Teamsport Bidco Limited ("Merger Sub"), a wholly-owned subsidiary of Teamsport Parent Limited ("Parent"), pursuant to the previously announced amended and restated agreement and plan of merger (the "Merger Agreement"), dated February 18, 2019, among the Company, Parent and Merger Sub. As a result of the Merger, the Company has ceased to be a publicly traded company and became a direct wholly-owned subsidiary of Parent.

Under the terms of the Merger Agreement, which was approved by the Company's shareholders at an extraordinary general meeting held on April 8, 2019, each Class A common share, par value US$0.001 per share (each, a "Class A Share"), and each Class B common share, par value US$0.001 per share (each, a "Class B Share" and, collectively with the Class A Shares, "Shares" and each, a "Share"), of the Company issued and outstanding immediately prior to the effective time of the Merger, has been cancelled in exchange for the right to receive US$6.125 in cash per Share (the "Per Share Merger Consideration"), without interest and net of any applicable withholding taxes, other than (x) Shares beneficially owned by certain rollover shareholders (the "Rollover Shares") and (y) Shares owned by shareholders who have validly exercised and have not effectively withdrawn or lost their dissenter rights under the Companies Law (2018 Revision) of the Cayman Islands (the "Cayman Islands Companies Law") (the "Dissenting Shares").

Class A Shares represented by American depositary shares of the Company (each representing two Class A Shares) ("ADSs") issued and outstanding immediately prior to the effective time of the Merger have also been cancelled in exchange for the right to receive the Per Share Merger Consideration, and JPMorgan Chase Bank, N.A., in its capacity as the ADS depositary (the "ADS Depositary") and record holder of the Class A Shares represented by ADSs, will distribute to the holders of such ADSs US$12.25 in cash per ADS (the "Per ADS Merger Consideration"), net of the cancellation fee of US$0.05 per ADS, pursuant to the terms of the Deposit Agreement, dated November 17, 2014, among the Company, the ADS Depositary, and the holders and beneficial owners of ADSs issued thereunder, in each case, without interest and net of any applicable withholding taxes.  At the effective time of the Merger, all of the ADSs were canceled and each holder of an ADS issued and outstanding immediately prior to the effective time of the Merger is only entitled to receive the Per ADS Merger Consideration in respect to each such ADS, net of the cancellation fee of US$0.05 per ADS payable pursuant to the terms of the Deposit Agreement, without interest and net of any applicable withholding taxes.

The Rollover Shares were not cancelled and instead continue to exist without interruption, and each represents one validly issued, fully paid and non-assessable ordinary share of the Company, as the surviving company in the Merger. The Dissenting Shares were cancelled at the effective time of the Merger in exchange for the right to receive the fair value of such Shares determined in accordance with the provisions of Section 238 of the Cayman Islands Companies Law.

Shareholders of record as of the effective time of the Merger entitled to the Per Share Merger Consideration will receive a letter of transmittal and instructions on how to surrender their share certificates in exchange for the Per Share Merger Consideration. Shareholders should wait to receive the letter of transmittal before surrendering their share certificates.

ADS holders of record as of immediately prior to the effective time of the Merger who are entitled to the Per ADS Merger Consideration will automatically receive from the ADS Depositary, for each such ADS held by them, the Per ADS Merger Consideration less an ADS cancellation fee of US$0.05 per ADS, without interest and net of any applicable withholding taxes, in exchange for the cancellation of such ADSs. Payment of the net Per ADS Merger Consideration will be made to such ADS holders pursuant to the ADS Deposit Agreement and as soon as practicable after the ADS Depositary receives the merger consideration. ADS holders who hold their ADSs in "street name" through their broker, bank or other nominee will not be required to take any action to receive the net Per ADS Merger Consideration for their ADSs as the ADS Depositary will arrange for the remittance of the net Per ADS Merger Consideration with The Depository Trust Company (the clearance and settlement system for the ADSs) for distribution to the applicable broker, bank or nominee on behalf of such beneficial owners. Any questions concerning the receipt of the Per ADS Merger Consideration from holders who hold ADSs in "street name" should be directed by such holders to their applicable broker, bank or nominee.

The Company also announced today that it has requested that trading of its ADSs on the New York Stock Exchange (the "NYSE") be suspended as of the close of trading on April 9, 2019. The Company requested that the NYSE file a Form 25 with the United States Securities and Exchange Commission (the "SEC") notifying the SEC of the delisting of its ADSs on the NYSE and the deregistration of the Company's registered securities. The deregistration will become effective 90 days after the filing of the Form 25 or such shorter period as may be determined by the SEC. The Company intends to suspend its reporting obligations under the United States Securities Exchange Act of 1934, as amended, by filing a Form 15 with the SEC in approximately 10 days. The Company's obligations to file with the SEC certain reports and forms, including Form 20-F and Form 6-K, will be suspended immediately as of the filing date of the Form 15 and will cease once the deregistration becomes effective.

SHANGHAI, April 8, 2019 /PRNewswire/ -- eHi Car Services Limited ("eHi" or the "Company") (NYSE: EHIC), a leading car rental and car services company in China, today announced that at an extraordinary general meeting of shareholders held today, the Company's shareholders voted in favor of, among other things, the proposal to authorize and approve the previously announced agreement and plan of merger (the "Merger Agreement"), dated February 18, 2019, among the Company, Teamsport Parent Limited ("Parent") and Teamsport Bidco Limited ("Merger Sub"), pursuant to which Merger Sub will be merged with and into the Company with the Company continuing as the surviving company (the "Merger"), the plan of merger required to be filed with the Registrar of Companies of the Cayman Islands in connection with the Merger (the "Plan of Merger") and the transactions contemplated by the Merger Agreement and the Plan of Merger, including the Merger.

Approximately 75.60% of the Company's total outstanding ordinary shares, representing approximately 94.42% voting rights of the Company entitled to vote at the extraordinary general meeting, voted in person or by proxy at today's extraordinary general meeting. Of those voting rights, approximately 98.98% were voted in favor of the proposal to authorize and approve the Merger Agreement, the Plan of Merger and any and all transactions contemplated by the Merger Agreement, including the Merger. This represents approximately 93.46% of the total voting power of the Company's shares that are issued and outstanding, and approximately 55.45% of the total number of the Company's Class A common shares, par value US$0.001 per share (each, a "Class A Share"), that are issued and outstanding, that were voted at today's extraordinary general meeting in favor of the proposal to authorize and approve the Merger Agreement and the transactions contemplated by the Merger Agreement, including the Merger.

The parties currently expect to complete the Merger within the month, subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement. If and when completed, the Merger will result in the Company becoming a privately-held company and the American depositary shares of the Company (each representing two Class A Shares) ("ADSs") will no longer be listed on the New York Stock Exchange. In addition, the ADSs and the Class A Shares represented by the ADSs will cease to be registered under Section 12 of the Securities Exchange Act of 1934.

SHANGHAI, March 11, 2019 /PRNewswire/ -- eHi Car Services Limited ("eHi" or the "Company") (NYSE: EHIC), a leading car rental and car services company in China, today announced that it has called an extraordinary general meeting of shareholders (the "EGM") to be held on April 8, 2019 at 10:00 a.m. (Shanghai time), at Unit 12/F, Building No. 5, Guosheng Center, 388 Daduhe Road, Shanghai, 200062, the People's Republic of China. The meeting will be held to consider and vote on, among other matters: the proposal to authorize and approve the previously announced amended and restated agreement and plan of merger (the "Merger Agreement") dated February 18, 2019, among the Company, Teamsport Parent Limited ("Parent"), and Teamsport Bidco Limited ("Merger Sub"), a wholly owned subsidiary of Parent; the plan of merger required to be filed with the Registrar of Companies of the Cayman Islands (the "Plan of Merger"); and the transactions contemplated thereby, including the Merger (as defined below).

Pursuant to the Merger Agreement and the Plan of Merger, at the effective time of the Merger, Merger Sub will merge with and into the Company, with the Company surviving the merger as the surviving company under Cayman Islands law (the "Merger"). If completed, the proposed Merger would result in the Company becoming a privately held company that is wholly owned by affiliates of Mr. Ray Ruiping Zhang, the chairman and chief executive officer of the Company, MBK Partners Fund IV, L.P., The Crawford Group, Inc., Ctrip Investment Holding Ltd., Ocean General Partners Limited and Dongfeng Asset Management Co., Ltd. (collectively, the "Buyer Group").

Following the consummation of the Merger, the American depositary shares of the Company (each representing two Class A common shares, par value US$0.001 per share) ("ADSs") will no longer be listed on the New York Stock Exchange. In addition, the ADSs and the Company's Class A common shares represented by the ADSs will cease to be registered under Section 12 of the Securities Exchange Act of 1934.

The Company's board of directors, acting upon the unanimous recommendation of a special committee of the Company's board of directors composed entirely of independent directors unaffiliated with the Buyer Group or any member of the management of the Company, authorized and approved the Merger Agreement, the Plan of Merger and the transactions contemplated thereby (including the Merger) and resolved to recommend that the Company's shareholders vote FOR, among other things, the proposal to authorize and approve the Merger Agreement, the Plan of Merger and the transactions contemplated thereby (including the Merger).

Shareholders of record at the close of business in the Cayman Islands on March 22, 2019 will be entitled to attend and vote at the EGM. ADS holders as of the close of business in New York City on March 11, 2019 will be entitled to instruct JPMorgan Chase Bank, N.A., in its capacity as the ADS depositary, to vote the Class A common shares represented by their ADSs at the EGM.

Additional information regarding the EGM and the Merger Agreement can be found in the transaction statement on Schedule 13E-3 and the definitive proxy statement attached as Exhibit (a)-(1) thereto, as amended, filed with the U.S. Securities and Exchange Commission (the "SEC"), which can be obtained, along with other filings containing information about the Company, the proposed Merger and related matters, without charge, from the SEC's website (www.sec.gov) or at the SEC's public reference room located at 100 F Street, NE, Room 1580, Washington, D.C. 20549. In addition, copies of these documents can also be obtained, without charge, by contacting the Company at +86 (21) 6468-7000 ext. 8830 or via email at ir@ehic.com.cn.

SHAREHOLDERS AND ADS HOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THESE MATERIALS AND OTHER MATERIALS FILED WITH OR FURNISHED TO THE SEC WHEN THEY BECOME AVAILABLE, AS THEY CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, THE PROPOSED MERGER AND RELATED MATTERS.

The Company and certain of its directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be "participants" in the solicitation of proxies from the Company's shareholders with respect to the proposed Merger. Further information regarding persons who may be deemed participants, including any direct or indirect interests they may have, is set forth in the definitive proxy statement relating to the Merger.

This announcement is neither a solicitation of proxy, an offer to purchase nor a solicitation of an offer to sell any securities and it is not a substitute for any proxy statement or other filings that may be made with the SEC in respect of the proposed Merger.

SHANGHAI, Feb. 19, 2019 /PRNewswire/ -- eHi Car Services Limited ("eHi" or the "Company") (NYSE: EHIC), a leading car rental and car services company in China, today announced that it has entered into an Amended and Restated Agreement and Plan of Merger (the "Amended Merger Agreement") with Teamsport Parent Limited ("Parent") and Teamsport Bidco Limited ("Merger Sub"), a wholly owned subsidiary of Parent, on February 18, 2019. The Amended Merger Agreement amends and restates in its entirety the Agreement and Plan of Merger, dated as of April 6, 2018, among Parent, Merger Sub and the Company (the "Original Merger Agreement").

Under the Amended Merger Agreement, eHi shareholders will receive cash consideration equal to US$6.125 per common share of the Company (each, a "Share") or US$12.25 per American depositary share of the Company (each, an "ADS"), each of which represents two Class A common shares of the Company, other than Rollover Shares (as defined below) and ADSs representing Rollover Shares, as applicable. The cash consideration to be paid to shareholders under the Amended Merger Agreement is approximately 9.25% less than the cash consideration payable under the Original Merger Agreement, and represents a premium of 26.9% over the closing price of US$9.65 per ADS as quoted by the New York Stock Exchange on January 22, 2019, and a premium of 22.9% and 19.2%, respectively, over the 30- and 60- trading day volume-weighted average price per ADS as quoted by the New York Stock Exchange prior to January 22, 2019, the day before a proposal to revise the Original Merger Agreement (the "Revised Proposal") was made to the special committee (the "Special Committee") of eHi's Board of Directors (the "Board") in a letter from Mr. Ray Ruiping Zhang, eHi's Chairman and CEO, dated January 23, 2019.

The Revised Proposal indicated, among other things, that Mr. Zhang, together with other members of the consortium under the Original Merger Agreement, which included, among others, certain affiliates of MBK Partners Fund IV, L.P., The Crawford Group, Inc. and Dongfeng Asset Management Co. Ltd. (collectively, the "Original Buyer Group"), concluded that the transactions provided for in the Original Merger Agreement could not be completed on the contemplated terms and that the Original Buyer Group was prepared to terminate the Original Merger Agreement unless the Special Committee agreed to amend the terms of the Original Merger Agreement.

Under the terms of the Original Merger Agreement, either the Company or Parent could terminate the Original Merger Agreement if the merger contemplated by the Original Merger Agreement had not been completed by October 6, 2018.

In the Revised Proposal, Mr. Zhang indicated to the Special Committee that members of the Original Buyer Group were in discussions with representatives of the competing buyer consortium (the "Ocean Link Consortium") comprising Ocean Imagination L.P. ("Ocean Link"), Ctrip Investment Holdings Ltd. ("Ctrip") and certain of their affiliates, regarding the terms on which the members of the Ocean Link Consortium might agree to withdraw their competing proposal to acquire all of the shares of eHi not owned by them, and to join with certain members of the Original Buyer Group to form an updated consortium. In addition, in the Revised Proposal, Mr. Zhang indicated that, assuming an agreement could be reached between certain members of the Original Buyer Group and the Ocean Link Consortium:

Mr. Zhang, certain affiliates of MBK Partners Fund IV, L.P., The Crawford Group, Inc., and Dongfeng Asset Management Co. Ltd. would be prepared to join and form an updated consortium with certain members of the Ocean Link Consortium (the "Updated Buyer Group");
members of the Ocean Link Consortium would contribute their Shares and ADSs to an affiliate of Parent as rollover equity;
certain affiliates of MBK Partners Fund IV, L.P. together with The Crawford Group would significantly increase their existing equity commitments, and Ocean Link would provide an additional equity commitment, to fund the cash consideration to be paid in the merger contemplated under the Revised Proposal, as a result of which the transactions contemplated under the Revised Proposal would be financed entirely through equity capital, in the form of cash contributions and rollover equity, and therefore no debt financing would be required; and
the changes to the composition of the Original Buyer Group and the terms of the Revised Proposal would provide increased closing certainty to all parties and a substantial benefit to the unaffiliated security holders of eHi.
The Special Committee evaluated the Revised Proposal with the assistance of its financial and legal advisors, and negotiated the Amended Merger Agreement. The Board of Directors of the Company duly considered and determined that the entry into the Amended Merger Agreement was in the best interests of the Company and its shareholders. The determination of the Board was made after receiving the unanimous recommendation of the Special Committee, which is composed solely of independent and unaffiliated directors and worked closely with its independent financial and legal advisors to determine whether such transaction was in the best interests of the Company and its unaffiliated shareholders. In making these determinations, the Board and the Special Committee also considered the alternative of remaining a standalone public company.

Concurrently with the execution of the Amended Merger Agreement, the members of the Updated Buyer Group, comprising certain affiliates of MBK Partners Fund IV, L.P., Ctrip, Ocean Link, Mr. Zhang, The Crawford Group, Inc. and Dongfeng Asset Management Co. Ltd., entered into an Amended and Restated Interim Investors Agreement, an Amended and Restated Contribution and Support Agreement ("Amended Contribution and Support Agreement"), and various other ancillary agreements, pursuant to which, among other things:

the members of the Updated Buyer Group agreed to work together exclusively to implement and consummate the transactions contemplated by the Amended Merger Agreement, including the Merger (as defined below), and use their reasonable best efforts to cause the transactions contemplated by the Amended Merger Agreement to be consummated as promptly as practicable following the date of the Amended Merger Agreement;
members of the Ocean Link Consortium agreed to withdraw, and cease all discussions, negotiations and agreements with respect to, their competing offer; and
certain existing shareholders of the Company, including L & L Horizon, LLC, an affiliate of Mr. Zhang, The Crawford Group, ICG Holdings 1, LLC, ICG Holdings 2, LLC, Dongfeng Asset Management Co. Ltd., Ctrip and CDH Car Rental Service Limited (collectively, the "Rollover Shareholders"), agreed (i) to vote all of their respective Shares in favor of the authorization and approval of the Amended Merger Agreement and the Merger (and against any competing proposal) and (ii) to contribute their respective Shares in exchange for newly issued shares of Holdco.
Upon the terms and subject to the conditions of the Amended Merger Agreement, at the effective time of the merger (the "Effective Time"), Merger Sub will merge with and into the Company, with the Company surviving the merger as the surviving company (the "Surviving Company") under Cayman Islands law (the "Merger"), and each Share issued and outstanding immediately prior to the Effective Time will be cancelled and cease to exist in exchange for the right to receive cash consideration equal to US$6.125 per Share, and each ADS issued and outstanding immediately prior to the Effective Time will be cancelled and cease to exist in exchange for the right to receive cash consideration of US$12.25 per ADS, in each case, without interest and net of any applicable withholding taxes, except for (i) certain Shares (the "Rollover Shares") held by the Rollover Shareholders, (ii) Shares (including Shares represented by ADSs) held immediately prior to the Effective Time by Parent, the Company or any of their subsidiaries or by the Company's ADS depositary and reserved for future issuance under the Company's share incentive plan, which Shares will be cancelled without payment of any consideration, and (iii) Shares held by holders who have validly exercised and not effectively withdrawn or lost their rights to dissent from the Merger in accordance with Section 238 of the Companies Law of the Cayman Islands, which Shares will be cancelled at the Effective Time of the Merger for the right to receive the fair value of such Shares determined in accordance with the provisions of Section 238 of the Companies Law of the Cayman Islands. The Rollover Shares will not be cancelled at the Effective Time and will continue as ordinary shares of the Surviving Company.

If and when completed, the Merger will result in the Company becoming a privately-held company that is 100% owned by Parent, which will be beneficially owned by the Updated Buyer Group. In addition, the Merger will result in the Company's ADSs no longer being listed on the New York Stock Exchange and the ADSs and the Company's Class A common shares represented by the ADSs no longer being registered under Section 12 of the Securities Exchange Act of 1934.

The closing of the Merger is currently expected to occur during the first or second quarter of 2019, and is subject to the satisfaction or waiver of the closing conditions set forth in the Amended Merger Agreement, including receipt of requisite approval of the shareholders of the Company. The Amended Merger Agreement and the Merger must be authorized and approved by (i) a shareholders' special resolution approved by the affirmative vote of holders of Shares representing at least two-thirds of the voting power of the Shares present and voting in person or by proxy as a single class at an extraordinary general meeting of the Company's shareholders, (ii) a shareholders' resolution approved by the affirmative vote of holders of Shares representing a majority of the aggregate voting power of the Shares and (iii) a shareholders' resolution approved by the affirmative vote of holders of a majority of the total outstanding Class A common shares of the Company.

Under the terms of the Amended Contribution and Support Agreement, the Rollover Shareholders have agreed to vote all of their respective Shares in favor of the authorization and approval of the Amended Merger Agreement and the Merger. As of the date of the Amended Merger Agreement, the Rollover Shareholders beneficially own in the aggregate Shares and ADSs which represent in aggregate approximately 47.70% of the issued and outstanding common shares of the Company and 77.96% of the outstanding voting power of the Company.

Concurrently with the execution of the Amended Merger Agreement, the Company, certain members of the Original Buyer Group, and members of the Ocean Link Consortium entered into a Global Settlement Agreement pursuant to which each of the parties thereto has agreed to withdraw and release its existing claims against each other party thereto in connection with its existing disputes in the courts of the Cayman Islands and in arbitration in Hong Kong, other than certain reserved costs claims, and subject to the consummation of the Merger, to withdraw and release such reserved costs claims.

SHANGHAI, Dec. 7, 2018 /PRNewswire/ -- eHi Car Services Limited ("eHi" or the "Company") (NYSE: EHIC), a leading car rental and car services provider in China, today announced that the Company has entered into a US$195 million syndicated loan facility agreement.

This loan facility agreement provides a US$195 million credit line to the Company, including an initial facility of US$180 million and a greenshoe facility of US$15 million, which has received written commitments for a full subscription. The loan facilities have a three-year term and will be repaid in installments. The interest margin is priced at 350 basis points per annum over LIBOR up to and including the date falling 12 months after the first utilization date and 400 basis point per annum after the date falling 12 months after the first utilization date. Deutsche Bank AG, Singapore Branch is acting as the original mandated lead arranger of the loan facilities. The proceeds of the loan facilities will be used for repaying the amounts outstanding pursuant to the Company's senior unsecured notes due December 2018 and other general corporate purposes of the Company.

SHANGHAI, Aug. 23, 2018 /PRNewswire/ -- Ctrip.com International, Ltd. (CTRP), the largest online travel company in China and second largest in the world ("Ctrip"), and the consortium of  Ocean Imagination L.P. ("Ocean Link"), Ctrip Investment Holdings Ltd. and other investors (the "Ocean Link Consortium"), today announced that it has won the arbitration initiated by eHi Car Services Limited ("eHi") and Crawford Group, Inc. ("Crawford") relating to Ocean Link's purchase of shares in eHi. The arbitration award is final. With the dispute over Ocean Link's share ownership resolved, the Ocean Link Consortium confirms its over 33% voting power in eHi, which represents a blocking vote for approving the take-private transaction at eHi's EGM.

On August 16, 2018, the sole arbitrator issued an award dismissing the entirety of eHi's and Crawford's claims against Ocean Link's affiliate CDH Car Rental Service Limited ("CDH Car"). In this award, the arbitrator has ruled that CDH Car was not required to issue a first offer notice prior to its transfer of shares to Ocean and that, as a result, CDH Car was not in breach of the Investors' Rights Agreement in relation to shares of eHi, dated December 11, 2013 (the "IRA"). The arbitrator also ordered eHi and Crawford to pay CDH Car's costs of the arbitration.

On May 17, 2018, eHi and Crawford submitted a notice of arbitration with the Hong Kong International Arbitration Centre against CDH Car, claiming that transfer of eHi shares held by CDH Car to Ocean Link was in breach of various terms of the IRA, including the right of first offer in the IRA in favor of Ctrip and Crawford.

Ocean Link currently beneficially owns (i) 538,764 Class A Common Shares (including 438,764 Class A Common Shares represented by 219,382 ADSs), and (ii) 8,599,211 Class B Common Shares. Ctrip beneficially owns (i) 4,300,000 Class A Common Shares, and (ii) 15,168,193 Class B Common Shares. Holders of Class A Common Shares are entitled to one vote per share, while holders of Class B Common Shares are entitled to ten votes per share. Accordingly, the Class A Common Shares and the Class B Common Shares beneficially owned by the Ocean Link Consortium altogether represent over 33% of the aggregate voting power of the total outstanding Common Shares of eHi.

SHANGHAI, July 2, 2018 /PRNewswire/ -- eHi Car Services Limited ("eHi" or the "Company") (EHIC), a leading car rental and car services company in China, today announced that on June 29, 2018, the Financial Services Division of the Grand Court of the Cayman Islands (the "Court") issued a final judgment in which the Court dismissed and struck out in its totality a winding up petition previously filed by Ctrip Investment Holdings Ltd. ("Ctrip") after determining that the complaints of misconduct made by Ctrip were "unsustainable," "factually incapable of proof "and "wholly unmeritorious."

In rendering its judgment, the Court adopted the Company's assessment that Ctrip's petition arose "from the cynical and abusive presentation of a winding-up petition" and further stated that, "far from seeking to advance a class remedy on behalf of shareholders, [Ctrip] was seeking to advance its own individual commercial interests."

The judgment of the Court relates to Ctrip's attempt to impede the consummation of the transactions contemplated by the previously announced definitive Agreement and Plan of Merger (the "Merger Agreement"), dated April 6, 2018, among the Company, Teamsport Parent Limited ("Parent") and Teamsport Bidco Limited ("Merger Sub"), a wholly owned subsidiary of Parent. Parent and Merger Sub are affiliated with a buyer consortium (the "Buyer Group") that includes affiliates of Mr. Ray Ruiping Zhang (the Chairman of the Board and Chief Executive Officer of the Company), The Crawford Group, Inc., Dongfeng Asset Management, MBK Partners, Baring Private Equity Asia and Redstone Capital.

Pursuant to the Merger Agreement and subject to the satisfaction or, if permissible, waiver of all of the conditions to closing set forth in the Merger Agreement, Parent will acquire all of the outstanding common shares of the Company (each, a "Share"), including Shares represented by American depositary shares of the Company (each, an "ADS"), each of which represents two Class A common shares of the Company, through the merger of Merger Sub with and into the Company (the "Merger"), with the Company continuing as the surviving company after the Merger as a wholly owned subsidiary of Parent. In connection with the Merger, each of the holders of Shares and ADSs other than Parent, Merger Sub or members of the Buyer Group, will receive cash consideration of US$6.75 per Share or US$13.50 per ADS, without interest and net of any applicable withholding taxes, in respect of their Shares and ADSs, as applicable, which will be canceled in the Merger.

On April 13, 2018, following the approval of the Merger Agreement by the Board, Ctrip filed a petition and a summons for injunctive relief to the Court. Ctrip's lawsuit sought, among other things, to permanently enjoin the Company from relying upon (and to void) the resolutions of the Company's board of directors (the "Board") approving the Merger Agreement and to direct the special committee of the Board (the "Special Committee"), which was authorized by the Board to exclusively evaluate and negotiate the terms of the Buyer Group's "going private" proposal and any other competing or alternative offer, to review the preliminary, non-binding offer made by Ocean Link Partners Limited on April 2, 2018 (the "Ocean Link Proposal") for the purchase of all outstanding Shares, including Shares represented by ADSs, and submit its recommendations to the Board. Ctrip and certain of its affiliates have entered into a consortium agreement acting in concert with Ocean Imagination L.P., pursuant to which the various parties thereto including agreed to form a competing consortium (the "Ctrip Consortium") and cooperate to pursue the acquisition transaction contemplated by the Ocean Link Proposal and against any competing transaction, including the Merger.

Immediately after the Court issued its final judgment against Ctrip, in which the Court found that Ctrip's "attack on the validity of the Board's decision to enter into the Merger Agreement was clearly hopeless" and its claim that the Board's decisions were driven by improper motives was "wholly unmeritorious," members of the Ctrip Consortium submitted a revised non-binding proposal, which was made despite the Ctrip Consortium's failure to sufficiently demonstrate an ability to consummate the original Ocean Link Proposal.

Commenting on the revised unsolicited, non-binding offer and the Court ruling, the Company said: "The Special Committee, which is composed of independent directors, has been reviewing the previous offer from the Ctrip Consortium and will continue its review in light of the revised proposal.  However, the decision to make this proposal immediately after the Court threw out Ctrip's frivolous lawsuit and censured its behavior calls into question the true motives of Ctrip and the Ctrip Consortium."

The Company also noted that claims made by the members of the Ctrip Consortium that it holds 33.2% of the outstanding voting power of the Company are misleading in light of the ongoing legal proceedings relating to the validity of the prior transfer of Shares to members of the Ctrip Consortium that the Company and members of the Buyer Group are vigorously pursuing. The Company believes that the ongoing legal proceedings will result in another favorable judgment for the Company, which will cause the Ctrip Consortium's actual voting power to be considerably lower than the Ctrip Consortium's misleading claims.

As of the time of this release, the Buyer Group beneficially owns approximately 37.5% of the outstanding voting power of the Company, and the Buyer Group's members have agreed in writing to vote all of their Shares in favor of the Merger and against any competing transaction, including the Ctrip Proposal.

The Board and the Special Committee remain committed to acting in the best interests of the Company and its unaffiliated shareholders. The Special Committee continues to evaluate the revised proposal from the Ctrip Consortium, but as of this time has not determined that any proposal from the Ctrip Consortium is, or could reasonably be expected to result in, a superior proposal to the Merger in accordance with the requirements of the Merger Agreement. The Special Committee had considered the initial Ocean Link Proposal before unanimously recommending that the Board approve and authorize the Company to enter into the Merger Agreement with the Buyer Group, after giving due consideration to a variety of factors, including price, committed financing, completed due diligence and the terms of the fully negotiated and executable transaction documents.

Further details relating to the Board and the Special Committee's consideration of the Merger Agreement, the Merger, and related transactions, as well as the proposals of the Ctrip Consortium, are set forth in an amended transaction statement on Schedule 13E-3 (the "Transaction Statement") filed with the United States Securities and Exchange Commission (the "SEC") by the Company and certain filing persons in connection with the Merger, and the exhibits to the Transaction Statement, including the preliminary proxy statement (the "Preliminary Proxy Statement"). SHAREHOLDERS, ADS HOLDERS AND OTHER INVESTORS ARE URGED TO READ THESE MATERIALS AND OTHER MATERIALS FILED WITH OR FURNISHED TO THE SEC CAREFULLY WHEN THEY BECOME AVAILABLE, AS THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER, THE COMPANY, THE OTHER PARTIES TO THE MERGER AGREEMENT, AND RELATED MATTERS.

SHANGHAI, April 30, 2018 /PRNewswire/ -- Ocean Link Partners Limited ("Ocean Link"), a private equity firm dedicated to investing in travel-related industries in China, is providing an update on the progress of its non-binding proposal to acquire all outstanding common shares of eHi Car Services Limited ("eHi" or the "Company").

On April 2, 2018, Ocean Link submitted a non-binding proposal to purchase all outstanding common shares (the "Shares") of eHi in a going-private transaction (the "Acquisition"). The proposed purchase price for each American depositary share of the Company ("ADS", each representing two Shares) is US$14.5, or US$7.25 per Class A or Class B share, in cash. This price is US$1 per ADS higher than the price offered in the Agreement and Plan of Merger announced by eHi on April 6, 2018.

On April 4, 2018, a Purchase and Voting Agreement was made between Ocean Link and CDH Venture Partners II, L.P. ("CDH") to transfer to Ocean Link control over 538,764 Class A Common Shares (including 438,764 Class A Common Shares in the form of 219,382 ADSs), and 8,599,211 Class B Common Shares of eHi (the "eHi Shares"). This transaction has closed.

On April 6, 2018, a Consortium Agreement was made between Ocean Link and Ctrip Investment Holding Ltd. ("Ctrip", together with Ocean Link, the "Ocean Link Consortium").

Ctrip holds 4,300,000 Class A Common Shares, and 15,168,193 Class B Common Shares of eHi as of March 31, 2017. Collectively, the Ocean Link Consortium holds 4,838,764 Class A Common Shares and 23,767,404 Class B Common Shares. The Ocean Link Consortium is confident that sufficient voting power has been gathered to veto any opposing take-private transaction that is not in the best interest of eHi's shareholders.

Recently the Ocean Link Consortium presented a petition and an injunction to the Cayman Islands Grand Court. The main purposes of this Court filing are to restrain the reliance upon, and declare void, resolutions passed at a meeting of the Board of eHi dated April 6, 2018 in relation to the bid by the Management Consortium, and to direct the Special Committee to diligently consider the offer by the Ocean Link Consortium.

The Ocean Link Consortium encourages other existing shareholders, including management shareholders, to join the Ocean Link Consortium or to support its higher price offer.

SHANGHAI, April 16, 2018 /PRNewswire/ -- eHi Car Services Limited ("eHi" or the "Company") (EHIC), a leading car rental and car services company in China, today issued the following statement regarding eHi's previously announced definitive Agreement and Plan of Merger (the "Merger Agreement") with the Teamsport consortium, which includes eHi's Chairman and CEO Ray Ruiping Zhang, certain affiliates of MBK Partners Fund IV, L.P., certain affiliates of Baring Private Equity Asia Limited, Redstone Capital Management (Cayman) Limited, The Crawford Group, Inc. and Dongfeng Asset Management Co. Ltd.

The Board of Directors of the Company duly considered and determined that the entry into the Merger Agreement was in the best interests of the Company and its shareholders.  The determination of the Board was made after receiving the unanimous recommendation of the Special Committee, which is composed solely of independent and unaffiliated directors and worked closely with its independent financial and legal advisors to determine whether such transaction was in the best interests of the Company and its unaffiliated shareholders.  In making these determinations, the Board and the Special Committee also considered the preliminary, non-binding proposal for an alternative transaction made by Ocean Link Partners Limited on April 2, 2018 and the alternative of remaining a standalone public company.

The cash consideration of US$13.50 per American depositary share that will be paid to the unaffiliated shareholders by the Teamsport consortium represents a 15.4% premium over the closing price of US$11.70 per ADS on November 24, 2017, the last trading day prior to the Company's announcement on November 27, 2017 that it had received a non-binding "going private" proposal.  It also represents a premium of 20.8% and 22.8%, respectively, over the Company's 30- and 60- trading day volume-weighted average price to November 24, 2017.

In recommending the Teamsport transaction, the Special Committee determined that it was the superior and only actionable offer that met the Special Committee's requirements, including having a fair price, committed financing, completed due diligence and fully negotiated transaction documents.

Duff & Phelps LLC is serving as the financial advisor to the Special Committee, Fenwick & West LLP is serving as U.S. legal counsel to the Special Committee and Maples and Calder (Hong Kong) LLP is serving as Cayman Islands legal counsel to the Special Committee.

SHANGHAI, April 6, 2018 /PRNewswire/ -- eHi Car Services Limited ("eHi" or the "Company") (NYSE: EHIC), a leading car rental and car services company in China, today announced that it has entered into a definitive Agreement and Plan of Merger (the "Merger Agreement") with Teamsport Parent Limited ("Parent") and Teamsport Bidco Limited ("Merger Sub"), a wholly owned subsidiary of Parent.

Pursuant to the Merger Agreement, Parent will acquire the Company for cash consideration equal to US$6.75 per common share of the Company (each, a "Share") or US$13.50 in cash per American depositary share of the Company (each, an "ADS"), each of which represents two Class A common shares of the Company, other than Rollover Shares (as defined below) and ADSs representing Rollover Shares, as applicable.  This represents a 15.4% premium over the closing price of US$11.70 per ADS as quoted by the NYSE on November 24, 2017, and a premium of 20.8% and 22.8%, respectively, over the Company's 30- and 60- trading day volume-weighted average price as quoted by the NYSE prior to November 24, 2017, the last trading day prior to the Company's announcement on November 27, 2017 that it had received a non-binding "going private" proposal (which announcement was updated on January 2, 2018 to reflect the proposal from an affiliate of MBK Partners Fund IV, L.P. and Mr. Ray Ruiping Zhang ("Mr. Zhang"), the Chairman of the Board and Chief Executive Officer of the Company).  The merger consideration also represents an increase of approximately 1.1% from the original US$6.675 per Share and US$13.35 per ADS offer price in the non-binding "going private" proposal dated January 1, 2018 from an affiliate of MBK Partners Fund IV, L.P. and Mr. Zhang. The consideration to be paid to holders of Shares and ADSs implies an equity value for the Company of approximately US$937.5 million.

Immediately following the consummation of the transactions contemplated under the Merger Agreement, Parent will be beneficially owned by a consortium (the "Consortium") comprising new investors, including certain affiliates of MBK Partners Fund IV, L.P., Baring Private Equity Asia Limited and Redstone Capital Management (Cayman) Limited, and certain existing shareholders of the Company, including L&L Horizon, LLC, an affiliate of Mr. Zhang, The Crawford Group, Inc. ("Crawford") and Dongfeng Asset Management Co. Ltd. (collectively, the "Rollover Shareholders").

As of the date of the Merger Agreement, the members of the Consortium beneficially own in the aggregate 15,528,160 Class A common shares (including Class A common shares represented by ADSs), which includes 5,264,080 ADSs that BPEA Teamsport Limited ("BPEA Teamsport"), an affiliate of Baring Private Equity Asia Limited, has the right to acquire pursuant to the terms of a Securities Purchase Agreement, dated as of February 23, 2018, between Tiger Global Mauritius Fund and BPEA Teamsport, and 25,836,435 Class B common shares, which represent in aggregate approximately 29.6% of the issued and outstanding common shares of the Company and 37.5% of the outstanding voting power of the Company.

Upon the terms and subject to the conditions of the Merger Agreement, at the effective time of the merger (the "Effective Time"), Merger Sub will merge with and into the Company, with the Company surviving the merger as the surviving company (the "Surviving Company") under Cayman Islands law (the "Merger"), and each Share issued and outstanding immediately prior to the Effective Time will be cancelled and cease to exist in exchange for the right to receive cash consideration equal to US$6.75 per Share, and each ADS will be cancelled in exchange for the right to receive cash consideration of US$13.50 per ADS, in each case, without interest and net of any applicable withholding taxes, except for (i) certain Shares (the "Rollover Shares") held by the Rollover Shareholders, (ii) Shares (including Shares represented by ADSs) held immediately prior to the Effective Time by Parent, the Company or any of their subsidiaries or by the Company's ADS depositary and reserved for future issuance under the Company's share incentive plan, which Shares will be cancelled without payment of any consideration, and (iii) Shares held by holders who have validly exercised and not effectively withdrawn or lost their rights to dissent from the Merger in accordance with Section 238 of the Companies Law of the Cayman Islands, which Shares will be cancelled at the Effective Time of the Merger for the right to receive the fair value of such Shares determined in accordance with the provisions of Section 238 of the Companies Law of the Cayman Islands.  The Rollover Shares will not be cancelled at the Effective Time and will continue as ordinary shares of the Surviving Company.

The Consortium intends to fund the Merger through a combination of (i) the proceeds from a committed loan facility of up to US$200 million from Morgan Stanley Senior Funding, Inc. and Deutsche Bank AG, Singapore Branch, pursuant to a debt commitment letter, and (ii) cash contributions from MBK Partners Fund IV, L.P., certain affiliates of Baring Private Equity Asia Limited, Crawford and Redstone Capital Management (Cayman) Limited pursuant to their respective equity commitment letters.

SHANGHAI, April 9, 2018 /PRNewswire/ -- eHi Car Services Limited ("eHi" or the "Company") (EHIC), a leading car rental and car services provider in China, today announced its unaudited financial results for the full year ended December 31, 2017.

Unaudited Full Year 2017 Financial Results

Net revenues for the full year of 2017 were RMB2,739.5 million (US$421.1 million), up 29.9% compared with the full year of 2016, attributable to increases in net revenues from both car rentals and car services.

Revenues from car rentals for the full year of 2017 were RMB2,196.5 million (US$337.6 million), up 32.0% compared with the full year of 2016, primarily driven by the growing average available fleet size for car rentals in response to customer demand.

Revenues from car services for the full year of 2017 were RMB543.1 million (US$83.5 million), up 21.9% compared with the full year of 2016, primarily driven by increased demand from existing and new customers for car services.

Cost of revenues (vehicle operating expenses) for the full year of 2017 were RMB1,880.3 million (US$289.0 million), up 24.1% compared with the full year of 2016, primarily due to increased depreciation and labor costs.

In 2017, 13,870 used vehicles were disposed of, and 936 used vehicles were under sales contracts pending title transfer. The Company recorded a disposal gain of RMB24.2 million (US$3.7 million) in aggregate for these 14,806 vehicles1. The gain was recognized as an adjustment to the vehicle related depreciation expense as part of the cost of revenues.

Gross profit for the full year of 2017 was RMB859.2 million (US$132.1 million), up 44.7% year-over-year. Gross profit margin for the full year of 2017 was 31.4%, compared with 28.1% for the full year of 2016.

Selling and marketing expenses for the full year of 2017 were RMB139.0 million (US$21.4 million), up 43.1% compared with the full year of 2016 primarily due to increased sales and promotion activities in 2017.

General and administrative expenses for the full year of 2017 were RMB270.7 million (US$41.6 million), up 7.4% compared with the full year of 2016, primarily due to increases in employee-related costs such as salaries and welfare expenses as a result of increased headcount.

Profit from operations for the full year of 2017 was RMB453.2 million (US$69.7 million), up 77.8% compared with the full year of 2016.

Interest expense for the full year of 2017 was RMB280.6 million (US$43.1 million), up 24.7% compared with the full year of 2016, primarily attributable to the interest expense associated with the Company's US$400 million senior unsecured notes that was issued in August 2017.

Net income for the full year of 2017 was RMB122.2 million (US$18.8 million), compared with RMB33.1 million for the full year of 2016. Net income margin for the full year of 2017 was 4.5%, up approximately 290 basis points from 1.6% for the full year of 2016.

Basic and diluted earnings per ADS for the full year of 2017 were RMB1.76 and RMB1.75 (US$0.27 and US$0.27), respectively, compared with basic and diluted earnings per ADS of RMB0.48 each, for the full year of 2016.

Non-GAAP adjusted EBIT for the full year of 2017 was RMB472.7 million (US$72.7 million), up 73.6% compared with the full year of 2016. Non-GAAP adjusted EBIT margin for the full year of 2017 was 17.3%, compared with 12.9% for the full year of 2016.

Non-GAAP adjusted EBITDA for the full year of 2017 was RMB1,227.8 million (US$188.7 million), up 30.6% compared with the full year of 2016. Non-GAAP adjusted EBITDA margin for the full year of 2017 was 44.8%, compared with 44.6% for the full year of 2016.

As of December 31, 2017 and 2016, the Company's cash, cash equivalents and restricted cash balance was RMB1,283.5 million (US$197.3 million) and RMB786.6 million, respectively.

SHANGHAI, April 6, 2018 /PRNewswire/ -- eHi Car Services Limited ("eHi" or the "Company") (NYSE: EHIC), a leading car rental and car services company in China, today announced that it has entered into a definitive Agreement and Plan of Merger (the "Merger Agreement") with Teamsport Parent Limited ("Parent") and Teamsport Bidco Limited ("Merger Sub"), a wholly owned subsidiary of Parent.

Pursuant to the Merger Agreement, Parent will acquire the Company for cash consideration equal to US$6.75 per common share of the Company (each, a "Share") or US$13.50 in cash per American depositary share of the Company (each, an "ADS"), each of which represents two Class A common shares of the Company, other than Rollover Shares (as defined below) and ADSs representing Rollover Shares, as applicable.  This represents a 15.4% premium over the closing price of US$11.70 per ADS as quoted by the NYSE on November 24, 2017, and a premium of 20.8% and 22.8%, respectively, over the Company's 30- and 60- trading day volume-weighted average price as quoted by the NYSE prior to November 24, 2017, the last trading day prior to the Company's announcement on November 27, 2017 that it had received a non-binding "going private" proposal (which announcement was updated on January 2, 2018 to reflect the proposal from an affiliate of MBK Partners Fund IV, L.P. and Mr. Ray Ruiping Zhang ("Mr. Zhang"), the Chairman of the Board and Chief Executive Officer of the Company).  The merger consideration also represents an increase of approximately 1.1% from the original US$6.675 per Share and US$13.35 per ADS offer price in the non-binding "going private" proposal dated January 1, 2018 from an affiliate of MBK Partners Fund IV, L.P. and Mr. Zhang. The consideration to be paid to holders of Shares and ADSs implies an equity value for the Company of approximately US$937.5 million.

Immediately following the consummation of the transactions contemplated under the Merger Agreement, Parent will be beneficially owned by a consortium (the "Consortium") comprising new investors, including certain affiliates of MBK Partners Fund IV, L.P., Baring Private Equity Asia Limited and Redstone Capital Management (Cayman) Limited, and certain existing shareholders of the Company, including L&L Horizon, LLC, an affiliate of Mr. Zhang, The Crawford Group, Inc. ("Crawford") and Dongfeng Asset Management Co. Ltd. (collectively, the "Rollover Shareholders").

As of the date of the Merger Agreement, the members of the Consortium beneficially own in the aggregate 15,528,160 Class A common shares (including Class A common shares represented by ADSs), which includes 5,264,080 ADSs that BPEA Teamsport Limited ("BPEA Teamsport"), an affiliate of Baring Private Equity Asia Limited, has the right to acquire pursuant to the terms of a Securities Purchase Agreement, dated as of February 23, 2018, between Tiger Global Mauritius Fund and BPEA Teamsport, and 25,836,435 Class B common shares, which represent in aggregate approximately 29.6% of the issued and outstanding common shares of the Company and 37.5% of the outstanding voting power of the Company.

Upon the terms and subject to the conditions of the Merger Agreement, at the effective time of the merger (the "Effective Time"), Merger Sub will merge with and into the Company, with the Company surviving the merger as the surviving company (the "Surviving Company") under Cayman Islands law (the "Merger"), and each Share issued and outstanding immediately prior to the Effective Time will be cancelled and cease to exist in exchange for the right to receive cash consideration equal to US$6.75 per Share, and each ADS will be cancelled in exchange for the right to receive cash consideration of US$13.50 per ADS, in each case, without interest and net of any applicable withholding taxes, except for (i) certain Shares (the "Rollover Shares") held by the Rollover Shareholders, (ii) Shares (including Shares represented by ADSs) held immediately prior to the Effective Time by Parent, the Company or any of their subsidiaries or by the Company's ADS depositary and reserved for future issuance under the Company's share incentive plan, which Shares will be cancelled without payment of any consideration, and (iii) Shares held by holders who have validly exercised and not effectively withdrawn or lost their rights to dissent from the Merger in accordance with Section 238 of the Companies Law of the Cayman Islands, which Shares will be cancelled at the Effective Time of the Merger for the right to receive the fair value of such Shares determined in accordance with the provisions of Section 238 of the Companies Law of the Cayman Islands.  The Rollover Shares will not be cancelled at the Effective Time and will continue as ordinary shares of the Surviving Company.

The Consortium intends to fund the Merger through a combination of (i) the proceeds from a committed loan facility of up to US$200 million from Morgan Stanley Senior Funding, Inc. and Deutsche Bank AG, Singapore Branch, pursuant to a debt commitment letter, and (ii) cash contributions from MBK Partners Fund IV, L.P., certain affiliates of Baring Private Equity Asia Limited, Crawford and Redstone Capital Management (Cayman) Limited pursuant to their respective equity commitment letters.

The Company's board of directors, acting upon the unanimous recommendation of the special committee formed by the board of directors (the "Special Committee"), approved the Merger Agreement and the transactions contemplated by the Merger Agreement (the "Transactions"), including the Merger, and resolved to recommend that the Company's shareholders authorize and approve the Merger Agreement and the Transactions, including the Merger. The Special Committee, which is comprised solely of independent directors of the Company who are unaffiliated with Parent, Merger Sub or any member of the Consortium or management of the Company, exclusively negotiated the terms of the Merger Agreement with the Consortium with the assistance of its independent financial and legal advisors.

The closing of the Merger is currently expected to occur during the second or third quarter of 2018, and is subject to the satisfaction or waiver of the closing conditions set forth in the Merger Agreement, including the requisite approval of the shareholders of the Company and the consent of requisite holders of the senior unsecured notes issued by the Company in 2015 and 2017, if applicable, as well as certain other customary closing conditions. The Merger Agreement and the Merger must be authorized and approved by (i) a shareholders' special resolution passed by the affirmative vote of holders of Shares representing at least two-thirds of the voting power of the Shares present and voting in person or by proxy as a single class at an extraordinary general meeting of the Company's shareholders, (ii) a shareholders' resolution passed by the affirmative vote of holders of Shares representing a majority of the aggregate voting power of the Shares and (iii) a shareholders' resolution passed by the affirmative vote of holders of a majority of the total outstanding Class A common shares of the Company.

Concurrently with the execution of the Merger Agreement, the Rollover Shareholders, Parent, Teamsport Midco Limited ("Midco"), the sole shareholder of Parent, and Teamsport Topco Limited ("Holdco"), the sole shareholder of Midco, entered into a Contribution and Support Agreement, pursuant to which the Rollover Shareholders have agreed (i) to vote all of their respective Shares in favor of the authorization and approval of the Merger Agreement and the Merger and (ii) to contribute their respective Shares in exchange for newly issued shares of Holdco.

SHANGHAI, Dec. 26, 2017 /PRNewswire/ -- eHi Car Services Limited (NYSE: EHIC, "eHi" or the "Company), a leading car rental and car services company in China, today announced that the special committee (the "Special Committee") of the Company's board of directors (the "Board"), formed to consider the previously announced non-binding proposal that the Board received from Goliath Advisors Limited ("GAL") on November 26, 2017 (the "Proposal"), has retained Duff & Phelps, LLC as its independent financial advisor and Fenwick & West LLP as its legal counsel to assist it in this process.

The Board cautions the Company's shareholders and others considering trading in the Company's securities that the Special Committee is continuing its evaluation of the Proposal and that, at this time, no decision has been made with respect to the Company's response to the Proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that the Proposal or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.

SHANGHAI, Nov. 27, 2017 /PRNewswire/ -- eHi Car Services Limited ("eHi" or the "Company") (EHIC), a leading car rental and car services company in China, today announced that its Board of Directors (the "Board") has received a preliminary non-binding proposal letter (the "Proposal Letter"), dated November 26, 2017, from Goliath Advisors Limited ("Goliath"), a third party China-based investment fund. According to the Proposal Letter, Goliath has proposed to acquire all outstanding common shares of the Company for US$13.35 in cash per American depositary share of the Company (each representing two Class A common shares) or US$6.675 in cash per common share of the Company.

The Board ‎plans to evaluate the Proposal Letter. The Board cautions the Company's shareholders and others considering trading in its securities that the Board just received the Proposal Letter and no decisions have been made with respect to the Company's response to the Proposal Letter and the transaction contemplated thereby. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated.  The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.

BEIJING and SHANGHAI, Sept. 29, 2017 /PRNewswire/ -- Volkswagen Group China and eHi Car Services Limited ("eHi" or the "Company") (EHIC), a leading car rentals and car services provider in China, have signed a Memorandum of Understanding to jointly explore luxury mobility-on-demand services in China. Both parties will leverage innovative technologies, rapidly developing mobile Internet and car connectivity to provide luxury mobile services to Chinese consumers. Entirely new on-demand services will satisfy diverse needs, and make luxury mobility more comfortable and more convenient.

Currently, popularization of mobile devices and Internet connectivity enable rapid innovations in China's mobility services market. Consumption upgrading and increasing business travel require more quality and customized luxury mobility solutions.

To address the huge market potential, a strategic partnership will be formed which combines the strengths of Volkswagen – a leading automaker with Audi, Porsche and Bentley luxury brands, a comprehensive range of exciting car models for every mobility need and long-established popularity in China, and the New York Stock Exchange-listed eHi's mobility services leadership in China, where it operates about 60,000 vehicles from more than 4,000 directly managed service locations in more than 250 cities.

Prof. Dr. Jochem Heizmann, Member of the Board of Management of Volkswagen Aktiengesellschaft as well as President and CEO of Volkswagen Group China, said, "Volkswagen Group China understands the various needs for new mobility and sees clearly the trend of the transportation-on-demand business. This is the latest example of our strategy to work with outstanding Chinese companies to develop innovative concepts that can advance new mobility-on-demand services in China and provide well-matched mobility services solutions to customers."

Mr. Ray Zhang, eHi's Chairman and Chief Executive Officer, said, "China is facing a historic opportunity from consumption upgrade and economic transformation. At the same time, new mobility services are an essential part of the sharing economy, which is becoming more popular for hundreds of millions of Chinese consumers. We believe this cooperation with Volkswagen Group China will add an important new level to mobility services and support the ongoing development of China's mobility services sector."

Second Quarter 2017 Financial Results

• Net revenues increased by 27.6% year-over-year to RMB639.7 million (US$94.4 million1) for the second quarter of 2017, from RMB501.3 million for the second quarter of 2016, driven by increased net revenues from both car rentals and car services.
• Basic and diluted earnings per ADS for the second quarter of 2017 were RMB0.44 (US$0.06) each, compared with basic and diluted earnings per ADS of RMB0.01 each for the second quarter of 2016.

Mr. Ray Zhang, eHi's Chairman and Chief Executive Officer, said, "Our robust second quarter results reflect our leadership in China's car rental and car services industry where we continue to execute effective marketing strategies, and introduce innovative services to further improve the customer experience. Both of our business lines delivered strong financial performance, resulting in a year-over-year increase of total net revenues by 27.6% with total RevPAC of RMB154. Notably, our car services line picked up in the quarter with RevPAC reaching RMB517, a 14.4% increase from the prior quarter, while our car rental line continued to grow year-over-year by 28.7% with average available fleet size growth of by 21.7% year-over-year and maintained an industry-leading fleet utilization rate of 72.7%. These results further demonstrate that we remain as a top choice for our growing user community who count on the high-quality and unrivalled services provided by eHi.

"To further our quest for service excellence, we introduced 'flash car rental' this summer. This is a new service built on our mature and comprehensive fleet management system, providing a more convenient and efficient rental experience for our customers. In addition, we have received remarkable feedback for "Hi Car", the car sharing service that we introduced in April, which is now expanded into ten top-tier cities in China with a total number of registered users reaching 60,000 at the end of the second quarter. Looking ahead, we will continue our efforts to drive industry innovation by leveraging our best-in-class platforms, advanced technology capabilities and leading network scale, while maintaining our current pricing strategy and leadership in fleet management to capture the significant demand and growth opportunity in the car rental market," Mr. Zhang concluded.

Mr. Colin Sung, eHi's Chief Financial Officer, said, "Our financial achievements in the second quarter of 2017 clearly demonstrate that we have the right strategy to continue the exceptional growth in both of our business lines, as revenue from car rentals grew by 28.7% while revenue from car services increased by 23.9% year-over-year. Benefiting from our disciplined financial management and economies of scale, non-GAAP adjusted EBIT margin and non-GAAP adjusted EBITDA margin reached 15.0% and 44.7%, respectively, for the second quarter of 2017. In addition, the successful offering of US$400 million of senior unsecured notes with a favorable interest rate provides us substantial capital with longer maturity and will help lower financing costs and optimize our debt structure. This is a further testament to our ability to access diversified funding resources, as well as the trust that our bondholders have in our future."

Outlook

The Company estimates that net revenues for the third quarter of 2017 will range from RMB780 million to RMB800 million, and for full year of 2017 will be RMB2.9 billion. This outlook reflects the Company's current and preliminary view, which is subject to change.

SHANGHAI, Aug. 14, 2017 /PRNewswire/ -- eHi Car Services Limited ("eHi" or the "Company") (EHIC), a leading car rentals and car services provider in China, today announced the completion of the offering of US$400 million aggregate principal amount of its senior unsecured notes due August 2022 (the "Notes"). The Notes will bear a fixed interest rate of 5.875% per annum, with interest payable semi-annually in arrears. The Notes were issued with a yield of 5.875%, and will mature on August 14, 2022.

The Company intends to use the net proceeds of this offering to repay all outstanding borrowings under, and terminate, the US$150 million syndicated bank facility it entered into in August 2016, and for general corporate purposes, including capital expenditures, refinancing outstanding indebtedness and enhancing its capital structure.

Approval in-principle has been received for the listing and quotation of the Notes on the Singapore Exchange Securities Trading Limited.

The Notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Accordingly, the Notes were offered and sold only outside the United States in compliance with Regulation S under the Securities Act.

This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any of the Notes, and shall not constitute an offer, solicitation or sale of the Notes in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

• Net revenues increased by 34.1% year-over-year to RMB565.0 million (US$81.4 million^[1]) for the fourth quarter of 2016, from RMB421.5 million for the fourth quarter of 2015.
• Basic and diluted earnings per ADS for the fourth quarter of 2016 were RMB0.20 (US$0.03) each, compared with basic and diluted loss per ADS of RMB0.18 each for the fourth quarter of 2015.

Mr. Ray Zhang, eHi's Chairman and Chief Executive Officer, said, "2016 was a successful year for eHi both operationally and financially, as we increased our fleet size significantly and achieved robust topline growth, profitability and margin improvement. We also enhanced our partnerships with leading companies in the automobile industry, aimed at establishing an ecosystem from vehicle procurement to car services and used car sales. Looking ahead, we will continue to explore strategic cooperation and investment opportunities to enhance our operating synergies, and to capture the technology-driven demand in the car rental and sharing economy, while maintaining growth and profitability in our car rental and car services business. We are also looking forward to the close cooperation with our marketing partner NBA China and our renowned brand ambassador NBA All-Star Stephen Curry. Recently we were recognized by the China-NPS (China Net Promoter Score) as the most recommended car rental brand by Chinese customers, and we will continue our efforts to bring the best-in-class services as well as freer and healthier life styles to our Chinese customers."    

Mr. Colin Sung, eHi's Chief Financial Officer, said, "We are pleased to finish a strong 2016 by delivering year-over-year net revenues growth of 34.1% and 45.4% in the fourth quarter and full year, respectively, while achieving net income of RMB13.7 million in the fourth quarter and RMB33.1 million in the full year of 2016. Benefiting from stringent cost control measures, we have also realized broad-based margin expansion, resulting in record-high full year gross profit margin of 28.1%, non-GAAP adjusted EBIT margin of 12.9% and non-GAAP adjusted EBITDA margin of 44.6%. With a healthy balance sheet, we also added additional vehicles in the fourth quarter to capture the growing travel demand during the 2017 Chinese New Year holidays. In 2017, our goal remains to improve profitability with an emphasis on margin expansion through increased operating efficiencies."

SHANGHAI, Dec. 13, 2016 /PRNewswire/ -- NBA China and eHi Car Services Limited ("eHi") (EHIC), today announced a multiyear marketing partnership that will make eHi the Official Marketing Partner and Car Rental Services Partner of the NBA in China.

The new partnership marks NBA China's first relationship in the car rental and chauffeured car services category and eHi's first association with a professional sports league.

Throughout the years, eHi will have the opportunity to promote its car rental services to NBA fans across the country along with being integrated into NBA China's marquee events.

"The NBA is a global and forward-thinking brand, and many of our valued customers are enthusiastic fans of the NBA," said eHi's Chairman and CEO Ray Zhang. "This partnership will help spread passion for basketball and enhance customers' interests and confidence in eHi. Reaching out to sports fans is a significant formula to introduce our brand and to connect with more automotive users through our online and offline channels."

"We are pleased to welcome eHi to the NBA family, as this partnership will help the NBA reach more fans in China through eHi's broad geographic reach," said NBA China CEO David Shoemaker. "We look forward to working with such a dynamic young company that will help us continue to grow the game of basketball in China."

Today's announcement builds on eHi's existing endorsement deal with Golden State Warriors point guard and reigning back-to-back NBA Most Valuable Player Stephen Curry to showcase eHi's products and services to fans across China.

SHANGHAI, Sept. 1, 2016 /PRNewswire/ -- eHi Car Services Limited ("eHi" or the "Company") (EHIC), a leading car rentals and car services provider in China, today announced that the Company has entered into an up to US$150 million syndicated loan facility agreement.

This loan facility agreement provides an up to US$150 million credit line to the Company, including an initial facility of US$110 million and a greenshoe facility of up to US$40 million, which has received written commitments for a full subscription. The loan facilities have a three-year term and will be repaid in installments. The interest margin is priced at 350 basis points per annum over LIBOR. Deutsche Bank AG, Singapore Branch is acting as the original mandated lead arranger of the loan facilities. The proceeds of the loan facilities will be used for repaying certain existing indebtedness with high interest rates, funding capital expenditures and other general corporate purposes of the Company.

Second Quarter 2016 Financial Results

• Net revenues increased by 47.5% year-over-year to RMB501.3 million (US$75.4 million1) for the second quarter of 2016, from RMB339.9 million for the second quarter of 2015.
• Net income for the second quarter of 2016 was RMB0.8 million (US$0.1 million), compared with RMB669.1 million for the second quarter of 2015. Net income for the second quarter of 2015 included a net gain of RMB720.0 million related to sales of investment assets.

Mr. Ray Zhang, eHi's Chairman and Chief Executive Officer, said, "Our second quarter results were fueled by the strong execution of our growth strategy. Additionally, we are excited to launch in cooperation with Enterprise our new international car rental services targeting Chinese tourists traveling abroad. We believe we will build a solid foundation to capitalize on the significant travel demand from Chinese consumers, both domestically and internationally. We remain committed to our expansion strategy and growth initiatives and strengthening our leadership position in China's car rentals and car services industry."

Mr. Colin Sung, eHi's Chief Financial Officer, said, "Our focus on improving operating efficiency and expanding margins continues to bear fruit. During the second quarter, we achieved a strong gross profit margin of 28.2% and a non-GAAP adjusted EBITDA margin of 43.5%, compared with 19.1% and 37.1%, respectively, in the second quarter of 2015. Commencing with this quarter, we are reporting non-GAAP adjusted EBIT, which increased to 12.0% from 4.1% in the prior year period. Since we diversified our funding channels with both equity and debt financings, we believe non-GAAP adjusted EBIT is a good measure of our operating results and margin improvement, and better reflects our commitment to ensuring long-term financial health. For the second half of 2016, we will continue to expand prudently while balancing growth and profitability through disciplined cost control measures."

Outlook

The Company reiterates its full-year 2016 outlook previously announced on March 29, 2016. The Company estimates that net revenues for the full year of 2016 will increase approximately 50% from 2015, and total period-end fleet size will reach approximately 57,000 vehicles as of December 31, 2016. This outlook reflects the Company's current and preliminary view, which is subject to change.

First Quarter 2016 Financial Results

• Net revenues increased by 55.8% year-over-year to RMB460.5 million (US$71.4 million[1]) for the first quarter of 2016, from RMB295.5 million for the first quarter of 2015.
• Non-GAAP adjusted EBITDA for the first quarter of 2016 was RMB201.9 million (US$31.3 million), up 74.5% year-over-year. Non-GAAP adjusted EBITDA margin for the first quarter of 2016 was 43.8%, compared to 39.2% for the first quarter of 2015.

Mr. Ray Zhang, eHi's Chairman and Chief Executive Officer, said, "We are pleased with our strong operating and financial performance in the first quarter of 2016, which was driven by continued fleet expansion, our renowned reputation for service quality and strong consumer demand during the Chinese New Year holiday period. Additionally, the demand for our rental cars from the car hailing industry is increasing. To better serve the needs of our customers and further enhance our competitive position, in April we established a strategic cooperation relationship with SAIC Motor Corporation Limited to collaborate in key areas including vehicle procurement and financing, used car sales and brand promotion. Furthermore, we recently joined with the Chinese Football Association Super League ("CSL") in a marketing campaign to showcase eHi ad placements in all CSL game sites, live TV broadcasts and replays for the remainder of the 2016 season, with a goal to further grow our brand awareness."

Mr. Colin Sung, eHi's Chief Financial Officer, said, "In the first quarter, we continued to benefit from expanding economies of scale as demonstrated by significantly improving gross margin to 28.2% from 18.9% in the year-ago period, while also increasing non-GAAP adjusted EBITDA margin to 43.8% from 39.2% in the year-ago period. We achieved rental fleet utilization rate of 75.3% for the first quarter of 2016, which was the highest quarterly utilization rate recorded in the past three years. With a healthy balance sheet and diversified funding sources, we will continue to emphasize operating efficiency and margin improvement during the remainder of the year. "

Outlook

The Company reiterates its full-year 2016 outlook previously announced on March 29, 2016. The Company estimates that net revenues for the full year of 2016 will increase approximately 50% from 2015, and total period-end fleet size will reach approximately 57,000 vehicles as of December 31, 2016. This outlook reflects the Company's current and preliminary view, which is subject to change.

SHANGHAI, April 11, 2016 /PRNewswire/ -- eHi Car Services Limited ("eHi" or the "Company") (EHIC), a leading car rentals and car services provider in China, today announced that the Company has signed a Memorandum of Understanding ("MoU") to establish a strategic cooperation with SAIC Motor Corporation Limited ("SAIC"), the largest automotive manufacturer on China's A-share market.

The strategic cooperation will enable eHi and SAIC to establish in-depth collaboration in several areas, including vehicle procurement and financing, used car sales and brand promotion. In particular, SAIC will provide comprehensive support and preferential policies for eHi related to vehicle procurement, post-sale services and vehicle maintenance, while eHi will cooperate with SAIC to explore growth opportunities in China's automotive market through a wide range of initiatives, including test drives, financial leasing and alternative vehicles.

"We have maintained a very good relationship with SAIC, and believe a deeper and more comprehensive cooperation will allow us to better serve the needs of our valued customers and support the healthy development of China's auto market," said Mr. Ray Zhang, eHi's Chairman and Chief Executive Officer. "By combining SAIC's leading technologies, excellent product quality and post-sale services with our strength in car rentals and car services market, we look forward to further enhancing our operating synergies and competitive positions."

Fourth Quarter 2015 Financial Results

• Net revenues increased by 71.0% year-over-year to RMB421.5 million (US$65.1 million[1]) for the fourth quarter of 2015, from RMB246.5 million for the fourth quarter of 2014.
• Earnings/(loss_ per ADS* basic and diluted was $(0.03) vs. last years loss of $(0.50)

Mr. Ray Zhang, eHi's Chairman and Chief Executive Officer, said, "2015 was another year of significant growth for eHi, driven by considerable advancements in both car rentals and car services businesses. We expanded our total fleet size by over 92% year-over-year, while maintaining the rental fleet utilization rate above 71% for the full year of 2015. We also continued strategic expansion of services network, deep penetration in existing market, and further diversification of our services offerings. Looking ahead to 2016, while our strategy focuses on delivering strong and organic growth, we will also explore potential strategic cooperation and investment opportunities to enhance our operating synergies and competitive positions."

Mr. Colin Sung, eHi's Chief Financial Officer, said, "We are pleased with our solid financial results, in particular achieving over 70% year-over-year net revenue growth in fourth quarter and full year of 2015, while continually improving our gross profit margin and non-GAAP adjusted EBITDA margin. With a goal to extend our rapid growth trend in 2016, we look forward to leveraging the economies of scale and further improving operating efficiency."

Outlook

The Company estimates that net revenues for the full year of 2016 will increase approximately 50% from 2015, and total period-end fleet size will reach approximately 57,000 vehicles as of December 31, 2016. This forecast reflects the Company's current and preliminary view, which is subject to change.

SHANGHAI, Dec. 8, 2015 /PRNewswire/ -- eHi Car Services Limited ("eHi" or the "Company") (EHIC), a leading car rentals and car services provider in China, today announced the completion of the offering of its three-year US$200 million senior unsecured notes (the "Notes"). The Notes will bear a fixed interest rate of 7.50% per annum, with interest payable semi-annually in arrears. The Notes were issued with a yield of 7.75%, and will mature on December 8, 2018.

The Company intends to use the net proceeds of this offering for capital expenditures and other general corporate purposes, including refinancing outstanding indebtedness and enhancing its capital structure.

The Notes were offered to qualified institutional buyers pursuant to Rule 144A under the United States Securities Act of 1933, as amended (the "Securities Act"), and certain non-U.S. persons in compliance with Regulation S under the Securities Act.

The Notes will be listed on the Hong Kong Stock Exchange. A confirmation of the eligibility of the listing of the Notes has been received from the Hong Kong Stock Exchange.

The Notes have not been registered under the Securities Act, or any state securities laws. They may not be offered or sold within the United States or to U.S. persons, except to qualified institutional buyers in reliance on the exemption from registration provided by Rule 144A under the Securities Act, and to certain persons in offshore transactions in reliance on Regulation S under the Securities Act.

SHANGHAI, Dec. 1, 2015 /PRNewswire/ -- eHi Car Services Limited ("eHi" or the "Company") (EHIC), a leading car rentals and car services provider in China, today announced the pricing of its three-year US$200 million senior unsecured notes (the "Notes"). The Notes will bear a fixed interest rate of 7.5% per annum, with interest payable semi-annually in arrears. The Notes were issued with yield of 7.75%, and will mature on December 8, 2018.

The Company intends to use the net proceeds of this offering for capital expenditures and other general corporate purposes, including refinancing outstanding indebtedness and enhancing its capital structure.

The Notes were offered to qualified institutional buyers pursuant to Rule 144A under the United States Securities Act of 1933, as amended (the "Securities Act"), and certain non-U.S. persons in compliance with Regulation S under the Securities Act.

The Notes will be listed on the Hong Kong Stock Exchange. A confirmation of the eligibility of the listing of the Notes has been received from the Hong Kong Stock Exchange.

The Company expects to close the Notes offering on or about December 8, 2015, subject to the satisfaction of customary closing conditions.

The Notes have not been registered under the Securities Act, or any state securities laws. They may not be offered or sold within the United States or to U.S. persons, except to qualified institutional buyers in reliance on the exemption from registration provided by Rule 144A under the Securities Act, and to certain persons in offshore transactions in reliance on Regulation S under the Securities Act.

• Net revenues for the third quarter of 2015 were RMB393.8 million (US$62.0 million), up 78.9% year-over-year, 
• Basic and diluted earnings per ADS for the third quarter of 2015 were RMB0.09 (US$0.01) each, compared with basic and diluted loss per ADS of RMB33.15 each for the third quarter of 2014.

Mr. Ray Zhang, eHi's Chairman and Chief Executive Officer, said, "Our third quarter results were driven by the solid advancement in our car rentals and car services businesses, our established reputation for quality and service, and economies of scale. During the third quarter, we continued to expand our national footprint and fleet size per store, strengthen partnerships with corporations and government agencies, while managing our operations more efficiently. Looking ahead, our strategy will remain focused on fleet expansion, operating efficiency improvement, technology innovation and customer experience enhancement to achieve sustainable long-term growth."

"Today is the one-year anniversary of our listing as a public company on the New York Stock Exchange. We have made significant progress and achieved multiple milestones in the past year. I would like to thank our customers for their loyalty and support, our employees for their dedication and contributions, and our shareholders and partners for their understanding and patience. We look forward to maximizing shareholder value and embracing a bright future by continued successful execution of our growth plan for the years to come," Mr. Zhang concluded.

Mr. Colin Sung, eHi's Chief Financial Officer, said, "We maintained healthy growth momentum across the board in the third quarter with top line increasing by 78.9% year-over-year and achieving bottom line profitability. While we continued to advance the core areas of our business through our growth initiatives, we are also taking prudent steps to improve our cost structure, resulting in the improvement in non-GAAP adjusted EBITDA margin in the third quarter. With our sound balance sheet, sufficient capital and access to additional financing opportunities, we remain confident in our long-term growth prospects."

• Net revenues increased by 69.4% year-over-year to RMB339.9 million (US$54.8 million^[1]) for the second quarter of 2015 from RMB200.6 million for the second quarter of 2014.
• Net income/(loss) per share attributable to
      common shareholders diluted was RMB5.84 vs last years same quarterly loss of RMB(12.22)

Mr. Ray Zhang, eHi's Chairman and Chief Executive Officer, said, "Our car rentals and car services businesses continued to thrive during the second quarter as we executed on our strategic initiatives to further penetrate the market and expand our fleet size, while maintaining industry-benchmark operating efficiency. We will continue to build on our strong foundation as there are many exciting growth opportunities ahead of us. With the support from our equity financing, sales of investments and credit facility from China Development Bank in the second quarter of 2015, we have the resources to further expand our network and fleet size, and fulfill our future business development needs. "

Mr. Colin Sung, eHi's Chief Financial Officer, said, "During the second quarter, we continued to drive significant revenue growth by expanding fleet size both in car rentals and car services, while leveraging our services network. Second quarter revenues increased by 69.4% year-over-year with growth from each of our business segments. We are also exploring investment opportunities in our related industries."

Outlook

The Company estimates that its fiscal year 2015 net revenues will be in the range of RMB1.5 billion to RMB1.6 billion, which would represent an increase of approximately 76% to 88% from RMB851.2 million in 2014. The Company estimates that its total period-end fleet size as of December 31, 2015 will be in the range of 37,000 to 40,000 vehicles, which would represent an increase of approximately 87% to 103% from 19,746 vehicles as of December 31, 2014. This forecast reflects the Company's current and preliminary view, which is subject to change.

SHANGHAI, July 20, 2015 /PRNewswire/ -- eHi Car Services Limited ("eHi" or the "Company") (EHIC), a leading car rentals and car services provider in China, today announced that it entered into a five-year framework agreement (the "Agreement") with China Development Bank Shanghai Branch that will include various financing products for an aggregate amount of RMB1.5 billion.

The Agreement also allows eHi and China Development Bank Shanghai Branch to establish an innovative strategic cooperation in various areas, including vehicle fixed-asset investment.

"We are delighted to have the support of China Development Bank Shanghai Branch," said Ray Zhang, eHi's chairman and chief executive officer. "This Agreement will create further economies of scale by enabling the expansion of our network and fleet, while also fulfilling our future business development needs."

SHANGHAI, June 24, 2015 /PRNewswire/ -- eHi Car Services Limited ("eHi" or the "Company") (EHIC), a leading car rentals and car services provider in China, today announced that it entered into a definitive agreement on June 2, 2015, pursuant to which the Company transferred 100% equity interest in its wholly owned subsidiary Elite Plus Developments Limited ("Elite Plus") to Eagle Legend Global Limited, an independent third party, for gross proceeds of US$160.9 million. This transaction was closed on June 24, 2015. Elite Plus currently holds a stake in Xiaoju Kuaizhi Inc., which the Company invested in April 2014 at a consideration of approximately US$25 million. The net proceeds received from this transaction will be used to further expand eHi's car rental and car services fleets and to fund eHi's operations across China.

First Quarter 2015 Financial Results

• Net revenues increased 60.7% year over year, from RMB183.9 million for the first quarter of 2014 to RMB295.5 million (US$47.7 million[1]) for the first quarter of 2015
• Net loss was RMB17.8 million for the first quarter of 2014, compared to net profit of RMB3.6 million (US$0.6 million) for the first quarter of 2015

Mr. Ray Zhang, eHi's Chairman and Chief Executive Officer, said, "Our operating and financial results for the first quarter of 2015 reflect continued progress in our business growth strategy. We are rapidly expanding our fleet while maintaining industry-benchmark utilization rates by leveraging our integrated technology platform and wide geographic scale. We believe that the prominence and reputation of our brand, the quality of our services, our nationwide service network and our advanced, proprietary technology platform differentiate us in the market and make us well-positioned to capture and address the evolving demands for car rental and car service customers."

Mr. Colin Sung, eHi's Chief Financial Officer, said, "We continued to capture greater economies of scale in the first quarter of 2015. Our margin improvement on top of the rapid expansion of our fleet reflects additional gains in operating leverage as we work toward sustained profitability."

Outlook

The Company estimates that its fiscal year 2015 net revenues will be in the range of RMB1.5 billion to RMB1.6 billion, which would represent an increase of approximately 76% to 88% from RMB851.2 million in 2014. The Company estimates that its total period-end fleet size as of December 31, 2015 will be in the range of 37,000 to 40,000 vehicles, which would represent an increase of approximately 87% to 103% from 19,746 vehicles as of December 31, 2014.

SHANGHAI, May 22, 2015 /PRNewswire/ -- eHi Car Services Limited ("eHi" or the "Company") (NYSE: EHIC), a leading car rentals and car services provider in China, today announced that it has signed definitive agreements (the "Agreements") for the issuance and sale in two tranches of up to a total of 22,337,924 Class A common shares of the Company par value US$0.001 per share (the "Common Shares") at a price per Common Share of US$6.00 (equivalent to US$12.00 per American depositary share of the Company ("ADS")), which is expected to raise gross proceeds of approximately US$134 million. Also on May 22, 2015, two major shareholders of the Company, Ctrip Investment Holding Ltd ("Ctrip") and the Crawford Group, Inc. ("Crawford"), signed definitive agreements ("Shareholder Sale Agreement") for the sale of an aggregate of 2,666,666 Common Shares (including certain shares in the form of ADSs) (the "Shareholder Sale"). 

Under the terms of the Agreements, the Company will issue new Common Shares to Tiger Global Mauritius Fund ("Tiger"), SRS Partners I Mauritius Limited and SRS Partners II Mauritius Limited (collectively "SRS", and together with Tiger, the "Buyers") in two tranches:

a) the first issuance of 11,437,924 Common Shares to the Buyers, at a price per Common Share of US$6.00(equivalent to US$12.00 per ADS) (the "Initial Issuance"), and

b) subject to the Company's shareholder approval within 60 days after the Initial Issuance, an additional issuance of 10,900,000 Common Shares to the Buyers, at a price per Common Share of US$6.00 (equivalent to US$12.00 per ADS) (the "Additional Issuance").

Under the terms of the Shareholder Sale Agreement, Ctrip will sell 1,666,666 Common Shares to the Buyers, at a price per Common Share of US$6.00 (equivalent to US$12.00 per ADS), and Crawford will sell 500,000 ADSs to the Buyers, at a price per ADS of US$12.00. After the completion of the Shareholder Sale, Ctrip and Crawford will remain as the two largest shareholders of the Company.

Each of the Buyers has agreed not to, directly or indirectly, sell, transfer or dispose of any Common Shares acquired in the above transactions for a period of 180 days after the completion of the Initial Issuance, subject to certain exceptions.

The Initial Issuance is expected to close no later than May 26, 2015, subject to satisfying customary closing conditions.

The securities offered in the private placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and may not be offered or sold in the United Statesabsent registration or an applicable exemption from registration requirements of the Securities Act and applicable state laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state.

Fourth Quarter 2015 Financial Results

• Net revenues increased 56.6% year over year, from RMB157.4 million for the fourth quarter of 2013 to RMB246.5 million (US$39.7 million[1]) for the fourth quarter of 2014
• Net loss per share attributable to common was $(0.24) vs. last years quarter of loss of $(2.88)

Mr. Ray Zhang, eHi's Chairman and Chief Executive Officer, said, "Our fourth quarter and full year 2014 results reflect the continued and rapid overall expansion of our business, including our total fleet size increase and geographic expansion, while at the same time we maintained an industry leadership position in operating efficiency and fleet utilization. Our listing on the New York Stock Exchange in November 2014 served as an important milestone in our aggressive growth strategy and we continued to work closely with Enterprise, Ctrip and other strategic and business partners. We believe our complementary business model, proprietary technology platform and mobile and internet infrastructure provide us the operational flexibility to capture exciting opportunities and to remain at the forefront of this dynamic industry."

Mr. Colin Sung, eHi's Chief Financial Officer, said, "We exceeded our net revenue guidance for 2014 and made continued progress in increasing our operating leverage and improving our margins. Our efforts allowed us to continue to narrow our net loss on a year-over-year basis as we captured greater economies of scale from our business platform and growing car rentals and car services fleets."