Zhongsheng, an automobile distribution group in China, agreed to acquire Zung Fu China, the exclusive retailer of Mercedes-Benz automobiles in Hong Kong, from Jardine Matheson, a multinational conglomerate, for $962m. Zung Fu is expanding its presence in the markets across Southern and Western Mainland China where it now has 32 Mercedes-Benz outlets, including 21 4S full-service dealers, seven showrooms, three service workshops and one convenient service satellite.