Welcome to our dedicated page for Bitauto Holdings news (Ticker: BITA), a resource for investors and traders seeking the latest updates and insights on Bitauto Holdings stock.
Important Notice: Bitauto Holdings Ltd. is no longer a publicly traded company. The company was taken private in November 2020, and the BITA ticker symbol ceased trading on the New York Stock Exchange.
Bitauto Holdings Ltd. operated as a provider of internet content and marketing services for China's automotive industry. The company's business model centered on connecting automotive consumers with information and connecting automotive businesses with marketing and transaction tools.
Through the bitauto.com website and mobile applications, the company provided Chinese consumers with automotive pricing information, vehicle specifications, expert reviews, and consumer feedback. The platform served as a comprehensive information resource for individuals researching vehicle purchases.
The company operated three primary business segments. The advertising and subscription business delivered automotive content and advertising through bitauto.com and a network of partner websites. The transaction services business, conducted primarily through subsidiary Yixin Group Limited, provided automobile financing platforms and services. The digital marketing solutions business offered comprehensive marketing services to automobile manufacturers.
Bitauto developed proprietary platforms including Easypass for new car dealer subscriptions and Transtar for used car listings on taoche.com. These platforms enabled dealers to manage online marketing efforts and publish listings across multiple websites simultaneously.
The company maintained an extensive operational presence across China with a nationwide sales and service representative network. This infrastructure supported dealer customers and facilitated the company's distribution model, which leveraged partnerships with major Chinese internet portals.
In November 2020, a buyer consortium led by Tencent Holdings Limited and Hammer Capital Opportunities Fund completed a going-private transaction for Bitauto. Following this merger, the company became a wholly owned subsidiary of Yiche Holding Limited and ceased public trading.
On August 18th, Yiche, a leading automobile information company in China, hosted the "Super August 18th Car Carnival Night," launching a month-long car promotion. The event attracted over 221 million online viewers and generated 43,900 car sales orders worth 6.42 billion yuan. Featuring performances from renowned artists like Jay Chou, the carnival aimed to boost auto consumption amid the traditional summer off-season. Yiche, established in 2000 and listed on NYSE in 2010, continues to enhance its digital marketing solutions for car manufacturers.
Bitauto Holdings Limited (NYSE: BITA) announced the completion of its merger with Yiche Mergersub Limited, a subsidiary of Yiche Holding Limited, on November 5, 2020. Following shareholder approval on October 23, 2020, each share of Bitauto will be converted to US$16 in cash. As a result, Bitauto will become a wholly-owned subsidiary and will no longer be publicly traded. Trading of its American depositary shares on the NYSE has been suspended, and the company will file Form 15 to suspend reporting obligations under the Securities Exchange Act.
Bitauto Holdings Limited (NYSE: BITA) announced that its shareholders approved the merger agreement with Yiche Holding Limited and Yiche Mergersub Limited at an extraordinary general meeting on October 23, 2020. Approximately 88.9% of shares voted, with 99.9% in favor of the merger, which will make Bitauto a wholly owned subsidiary of Yiche. The completion of the merger is subject to certain closing conditions. Post-merger, Bitauto will become a private entity, and its American depositary shares will no longer be traded on stock exchanges.
Bitauto Holdings Limited (NYSE: BITA) announced an extraordinary general meeting (EGM) for shareholders on October 23, 2020, to vote on a merger agreement with Yiche Holding Limited. If approved, the merger will make Bitauto a privately held company, terminating its listing on the New York Stock Exchange. ADS and Class A ordinary shares will cease to be registered under the Securities Exchange Act. Shareholders as of October 9, 2020, and ADS holders as of September 21, 2020, are eligible to vote. Additional details are available on the SEC's website.
Bitauto Holdings Limited (NYSE: BITA) announced its unaudited financial results for Q2 2020, reporting revenue of RMB1.96 billion (US$276.9 million), a decline from RMB2.79 billion in Q2 2019. Gross profit dropped to RMB1.30 billion (US$184.4 million), with a net loss of RMB536.4 million (US$75.9 million), compared to a loss of RMB136.2 million the previous year. Despite a slight increase in the subscriber base, the transaction services saw a significant drop of 49.9% in financed transactions. The company appointed Chenkai Ling as a new board member from JD.com.
Bitauto Holdings Limited (NYSE: BITA), a major provider of internet content and marketing services in China's automotive sector, will release its unaudited financial results for Q2 2020 on August 24, 2020. The earnings call is scheduled for 8:15 AM U.S. Eastern Time the same day. Investors can pre-register for the call through the provided link. Bitauto's services include advertising, subscription, and transaction services, with a focus on enhancing digital marketing solutions for automakers and car dealers in China.
