Pang Da, the Chinese car distributor that has stepped in as a white knight for Saab, recently gained a dubious distinction: when its shares were floated last month on the Shanghai stock exchange, they turned in the worst first day performance ever recorded on the exchange, falling more than 23 per cent, according to Dealogic.

With 926 dealers throughout China by the end of 2010, Pang Da is China’s largest auto distributor – a handy distinction in the world’s largest auto market. Its revenues totalled Rmb53.78bn ($8.26bn) last year, with profits of Rmb1.24bn.

As a well established player in the auto distribution market – where it operates so-called “mega-dealerships” that sell a wide range of auto brands, from mainstream to luxury – Pang Da may stand a good chance of persuading the regulators in Beijing to approve the proposed distribution joint venture with Saab. Pang Da distributes 83 international and Chinese auto brands in China, with passenger car and truck sales the main revenue producers.