Reed Launches New China Joint Venture, Strengthens Lead in Auto Aftermarket Sector

Reed Launches New China Joint Venture, Strengthens Lead in Auto Aftermarket Sector PR Newswire ZHENGZHOU, China, June 8, 2012 ZHENGZHOU, China, June 8, 2012 /PRNewswire/ -- Reed Exhibitions China, part of Reed Exhibitions, the world's leading organizer of trade events, recently announced the formation of a new joint venture (JV) in China: Reed Hongda Exhibitions. The new company will extend Reed's lead in the Chinese exhibition market and allow Reed to add China's largest auto aftermarket exhibition to its portfolio of 55 major events. By hosting the China International Automotive Aftermarket Expo & China Auto Accessories Trade Fair (CIAAF), based in Zhengzhou, Reed aims to enhance the event's effectiveness by boosting its content and overall presentation. In the long term, Reed hopes to develop CIAAF into the landmark annual event in Asia's auto aftermarket sector. In recent years, China has seen its automotive industry rapidly expand and become the largest manufacturer and consumer of automobiles. Nonetheless, the soaring volume of automobile inventories and intensifying competition in the auto sector has shrunk profits. Paradoxically, the automotive aftermarket is growing. Statistics show that China's automotive aftermarket was valued at RMB430 billion (USD67.5 billion) in 2011 and is expected to exceed RMB550 billion (USD 86.4 billion) in 2012, as the auto aftermarket enters something of a golden age.