Kaixin Auto Holdings Announces Negotiation of Cooperation Partnership by Haitaoche Limited
March 05 2021 - 6:00AM
Kaixin Auto Holdings (“Kaixin” or the “Company”) (NASDAQ: KXIN)
today announced that Haitaoche Limited (“Haitaoche”) is engaged in
negotiation of a partnership with a leading online retail platform
in China to tap into China’s fast-growing e-commerce auto market.
Kaixin entered into a definitive share purchase agreement with the
shareholders of Haitaoche on December 31, 2020, pursuant to which
Kaixin will acquire 100% of the share capital of Haitaoche from the
shareholders of Haitaoche.1
Through the cooperative partnership under negotiation, Haitaoche
aims to gain access to China’s fast-growing e-commerce auto sales
market and tap into diversified revenue source and growth
opportunities by leveraging its rich resources and expertise in
consumer vehicle sales and full range of value-added services. The
counterparty in the proposed partnership is one of China’s largest
one-stop e-commerce platforms, serving hundreds of millions of
active customers with a vast selection of consumer products.
Haitaoche is a China-based online retail platform for imported
automobiles. Haitaoche is committed to developing into China's
leading innovative automotive retail trading platform. With a track
record of good performance and reputation in the field of import
car sales, Haitaoche is expanding its sales system into the field
of electric vehicles.
- Details of the definitive share purchase agreement were
disclosed by Kaixin in its 6-K filing on 1/06/2021. Subject to the
approval by Nasdaq and other closing conditions, the Company
anticipates that the acquisition of Haitaoche share capital will
close on or prior to March 31, 2021.
Safe Harbor StatementThis
announcement contains forward-looking statements. These statements
are made under the “safe harbor” provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as “will,”
“expects,” “anticipates,” “future,” “intends,” “plans,” “believes,”
“estimates” and similar statements. Kaixin may also make written or
oral forward-looking statements in its filings with the SEC, in its
annual report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about Kaixin’s beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: our goals and strategies; our future
business development, financial condition and results of
operations; the expected growth of the social networking site
market in China; our expectations regarding demand for and market
acceptance of our services; our expectations regarding the
retention and strengthening of our relationships with used auto
dealerships; our plans to enhance user experience, infrastructure
and service offerings; competition in our industry in China; and
relevant government policies and regulations relating to our
industry. Further information regarding these and other risks is
included in our other documents filed with the SEC. All information
provided in this press release and in the attachments is as of the
date of this press release, and Kaixin does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law.
For more information, please
contact:Investor RelationsKaixin Auto HoldingsEmail:
ir@kaixin.com
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