Bitauto Hldg Ltd (ADR) (NYSE:BITA) announced the appointment of Mr. Lei Zhu as its chief technology officer, effective on December 1, 2016.
Before joining Bitauto, Mr. Zhu served for two years as Vice President of Didi Chuxing where he was also General Manager of its Commercial Business Division, responsible for commercialization strategy and product development related to automobiles, advertising, big data analytics as well as strategic alliances. Before joining Didi Chuxing, Mr. Zhu worked at Baidu from 2007 to 2012, in charge of various business functions including vertical search technology, cloud computing, and big data analytics. Mr. Zhu holds an MBA from Tsinghua University and a bachelor’s degree in Science from Shanghai Jiao Tong University.
Mr. William Li, chief executive officer and chairman of Bitauto, said, “We are delighted that Lei is joining Bitauto as we scale up our media and transaction services platforms. With his extensive industry experience covering big data analytics, automobiles and advertising, we are confident that Lei will be an enormously positive addition to our management team.”
Mr. Andy Zhang, president of Bitauto, said, “Building on our significantly enhanced big data analytics from our collaboration with our strategic investors Tencent, Baidu and JD.com, Lei will further enable Bitauto to utilize these resources more effectively and help drive the application of big data in our media and transaction services businesses for better user experience, as well as stronger monetization capabilities.” (Original Source)
Shares of Bitauto closed yesterday at $22.55, down $0.65 or -2.80%. BITA has a 1-year high of $33.16 and a 1-year low of $16.09. The stock’s 50-day moving average is $27.01 and its 200-day moving average is $26.10.
On the ratings front, Bitauto has been the subject of a number of recent research reports. In a report issued on August 31, J.P. Morgan analyst Alex Yao upgraded BITA to Buy, with a price target of $35, which implies an upside of 55% from current levels. Separately, on August 10, Merrill Lynch’s Eddie Leung reiterated a Buy rating on the stock and has a price target of $36.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Alex Yao and Eddie Leung have a yearly average return of 6.6% and 18.7% respectively. Yao has a success rate of 43% and is ranked #971 out of 4243 analysts, while Leung has a success rate of 59% and is ranked #368.
Bitauto Holdings Ltd. is engaged in the provision of internet content and marketing services for China’s automotive industry. It operates through the following segments: Bitauto.com, Toache.com and Digital marketing solutions. The Bitauto.com segment provides advertising services to dealers and automakers on the bitauto.com website. The Toache.com segment engages in the provision of listing services to used automobile dealers that enable them to display used automobile inventory information on the toache.com website and partner websites. It also provides advertising services to used automobile dealers and automakers with certified pre-owned automobile programs in toache.com. The Digital marketing segment provides automakers with one-stop digital marketing solutions, including website creation and maintenance, online public relations, online marketing campaigns and advertising agent services.