Cheche Group Inc. - CCG STOCK NEWS

Cheche Group Inc. (NASDAQ: CCG), China's leading auto insurance technology platform, announced that its Founder, CEO, and Chairman, Lei Zhang, has recently purchased Class A ordinary shares of the company in the open market. Mr. Zhang expressed confidence in Cheche's potential, citing the rapid growth of digital insurance for new energy vehicles and significant economies of scale.

Zhang stated his intention to increase his ownership stake in Cheche through future open market opportunities, subject to the company's insider trading policy and applicable securities regulations. This move reflects his belief in Cheche's continued growth as they expand their network of insurance and manufacturing partners and increase their footprint in China's insurance business.

Cheche Group Inc. (NASDAQ: CCG), China's leading auto insurance technology platform, has announced a partnership with Laoyou Insurance Brokerage, a subsidiary of Great Wall Motor Company (GWM). This collaboration expands Cheche's engagement with major Chinese automotive manufacturers. Cheche's insurance solutions are being implemented in GWM's new direct-sales network, Smart Selection, across over 20 cities nationwide.

Lei Zhang, Cheche's CEO, emphasized that this partnership, along with their recent collaboration with BAIC Group's insurance provider, demonstrates Cheche's evolving business model. The company aims to develop a comprehensive insurance solution for traditional automakers within one to two years, offering services such as contracts management, insurance operations, and product design.

Cheche Group Inc. (NASDAQ: CCG), China's leading auto insurance technology platform, has announced a partnership with Shanghai Jidu Automobile Company (JI YUE), a joint venture between Baidu and Geely focused on autonomous NEVs. Cheche has launched a customized system for JI YUE, integrated into its core platform, enabling online and offline purchasing of auto and non-auto insurance products.

The partnership aims to expand Cheche's presence in the NEV sector and strengthen its leadership among intelligent insurance platforms in China. Cheche plans to collaborate with JI YUE on future autonomous driving insurance projects, capitalizing on JI YUE's innovations in intelligent driving. This collaboration is expected to create efficiencies for JI YUE and enhance its service capabilities for consumers.

Cheche Group Inc. (NASDAQ: CCG), China's leading auto insurance technology platform, reported Q2 2024 financial results. Highlights include:

- Net revenues increased 2.5% YoY to RMB851.8 million (US$117.2 million)
- Net loss decreased 16.4% YoY to RMB23.6 million (US$3.2 million)
- Adjusted net loss decreased 38.8% YoY to RMB12.2 million (US$1.7 million)
- Total policies issued increased 11.1% YoY to 4.0 million
- Partnerships with NEV companies led to 225,000 policies embedded in new NEV deliveries, up 147.3% YoY

The company affirmed its full-year 2024 outlook, expecting net revenues of RMB3.5-3.7 billion and total written premiums of RMB24.5-26.5 billion.

Cheche Group Inc. (NASDAQ: CCG), China's leading auto insurance technology platform, has announced its second quarter 2024 earnings release and conference call scheduled for Thursday, August 29, 2024, at 8:00 a.m. EST. The company will make the earnings release and related investor deck available prior to the event in the "Quarterly Results" section of their investor relations website. A live webcast will be accessible in the "Events" section.

Cheche has provided both toll-free and international dial-in numbers for participants, including specific numbers for Hong Kong and Mainland China. The company advises participants to dial in 10 to 15 minutes before the scheduled start time. Additionally, Cheche intends to make the webcast replay available for one year after the event.

Cheche Group (NASDAQ: CCG), China's leading auto insurance technology platform, has announced progress in its partnership with ARCFOX, a new energy vehicle (NEV) brand of BAIC Group. Cheche has successfully launched a full-service insurance platform for ARCFOX, providing car owners with a comprehensive insurance application system. The company is also working to expand offerings by selling ancillary insurance products like guaranteed auto protection and extended warranty insurance.

This collaboration allows Cheche to introduce high-margin insurance products while growing its NEV insurance presence, diversifying its revenue mix and enhancing its reputation among automotive enterprises. Lei Zhang, Cheche's Founder, CEO, and Chairman, emphasized that leveraging consumer touchpoints through the insurance platform will enable the company to provide a broad spectrum of solutions, improving customer experience and the company's bottom line.

Cheche Group (NASDAQ: CCG), China's leading auto insurance technology platform, has announced a strategic partnership with Wuhan Dongfeng Insurance Broker Co., This collaboration expands Cheche's network in the new energy vehicle (NEV) industry. Dongfeng Insurance handles insurance for all brands under Dongfeng Motor Group, one of China's 'Big Four' state-owned car manufacturers.

The partnership begins with VOYAH, a luxury NEV brand, for which Cheche will provide national licensing and comprehensive insurance services across China, covering over 900 delivery stores. This agreement positions Cheche as an approved provider for Dongfeng Motor Group's NEV brands, opening up significant nationwide opportunities as China's NEV adoption rate remains strong.

Argus Research has initiated Equity Report Coverage on Cheche Group (NasdaqCM: CCG), a key digital connector in China's NEV auto insurance ecosystem. Cheche Group has significantly expanded in 2023, with a five-fold increase in digital embedded policies, totaling 416,000, and written premiums exceeding $204 million. The company forecasts 6%-12% net revenue growth for 2024 and 8.4%-17.3% growth in total written premiums. With favorable government policies, Cheche Group is well-positioned for long-term growth in China's robust NEV market. As of March 31, 2024, Cheche Group holds $32.4 million in cash and investments, and a positive working capital of $37 million. The company also narrowed its adjusted net loss by 35.7% in 2023 and aims for profitability by 2025.

Cheche Group (NASDAQ: CCG), a leading auto insurance technology platform in China, announced a strategic partnership with Beijing Anpeng Insurance Broker, a subsidiary of BAIC Group. This collaboration aims to enhance digital insurance solutions for BAIC Group’s brands, including ARCFOX, Beijing Automotive, Beijing Hyundai, Beijing Benz, and Beijing Off-road. Cheche will serve as the core partner, providing services such as contracts management, insurance operation services, and insurance product design. Cheche's CEO, Lei Zhang, highlighted the significance of this partnership, particularly in the NEV sector, and plans to extend business opportunities with both traditional and NEV manufacturers. The initial phase has seen ARCFOX's service system launched via direct sales channels, with other branded systems expected to cover hundreds of dealerships by year-end.