Cheche Group Announces Partnership with Great Wall Motor's Insurance Brokerage

Rhea-AI Summary

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.

Positive

• Partnership with Great Wall Motor's insurance subsidiary expands market reach
• Implementation of insurance solutions in GWM's direct-sales network across 20+ cities
• Demonstrates successful engagement with both new energy and traditional automakers
• Plans to develop comprehensive insurance solutions for traditional automakers

Negative

• None.

News Market Reaction

+5.09%

1 alert

+5.09% News Effect

On the day this news was published, CCG gained 5.09%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

BEIJING, Sept. 12, 2024 /PRNewswire/ -- Cheche Group Inc. (NASDAQ: CCG) ("Cheche" or the "Company"), China's leading auto insurance technology platform, today announced that it has entered into a partnership with Laoyou Insurance Brokerage Co., Ltd. ("Laoyou Insurance"), as Cheche continues to increase its collaborations with auto manufacturers in China.

Laoyou Insurance is a wholly controlled subsidiary of Great Wall Motor Company Limited ("GWM"), a top ten Chinese auto manufacturer that largely produces sport-utility vehicles and pick-up trucks with brands such as Haval, Wey, Tank, Poer, and Ora.

Cheche's insurance solutions and mature transaction system have been gradually rolled out in conjunction with GWM's newly established direct-sales network, operated by Great Wall Smart Selection Information Technology (Baoding) Co., LTD ("Smart Selection"), in more than 20 cities nationwide.

"Our new partnership with Laoyou Insurance, like our recently announced collaboration with BAIC Group's insurance provider, Beijing Anpeng, demonstrates Cheche's commitment to an evolving business model that readily engages major domestic automotive manufacturing groups," said Lei Zhang, Founder, CEO, and Chairman of Cheche. "This agreement highlights the success of our efforts to establish successful business partnerships with both new energy vehicle manufacturers and traditional automakers."

As GWM's Smart Selection direct-sales network continues to expand, Cheche's comprehensive insurance service offerings, such as contracts management services, insurance operation services and insurance products design, are growing accordingly. Cheche plans to develop a comprehensive insurance solution tailored for traditional automakers within one to two years.

Safe Harbor Statements

This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements also include, but are not limited to, statements regarding existing and new partnerships and customer relationships, projections, estimation, and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, the Company's ability to scale and grow its business, the Company's advantages and expected growth, and its ability to source and retain talent, as applicable. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company's management and are not predictions of actual performance. These statements involve risks, uncertainties, and other factors that may cause the Company's actual results, levels of activity, performance, or achievements to materially differ from those expressed or implied by these forward-looking statements. Further information regarding these and other risks, uncertainties, or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. Although the Company believes that it has a reasonable basis for each forward-looking statement contained in this press release, the Company cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. The forward-looking statements in this press release represent the views of the Company as of the date of this press release. Subsequent events and developments may cause those views to change. Except as may be required by law, the Company does not undertake any duty to update these forward-looking statements.

About Cheche Group Inc.

Established in 2014 and headquartered in Beijing, China, Cheche is a leading auto insurance technology platform with a nationwide network of around 108 branches licensed to distribute insurance policies across 25 provinces, autonomous regions, and municipalities in China. Capitalizing on its leading position in auto insurance transaction services, Cheche has evolved into a comprehensive, data-driven technology platform that offers a full suite of services and products for digital insurance transactions and insurance SaaS solutions in China. Learn more at https://www.chechegroup.com/en.

Cheche Group Inc.:
IR@chechegroup.com

Crocker Coulson
crocker.coulson@aummedia.org
(646) 652-7185

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SOURCE Cheche Group Inc.

FAQ

What is the new partnership announced by Cheche Group (CCG)?

Cheche Group (NASDAQ: CCG) has announced a partnership with Laoyou Insurance Brokerage, a subsidiary of Great Wall Motor Company (GWM), to provide insurance solutions for GWM's direct-sales network.

How many cities is Cheche Group (CCG) operating in with Great Wall Motor?

Cheche Group's insurance solutions are being implemented in Great Wall Motor's direct-sales network across more than 20 cities nationwide in China.

What is Cheche Group's (CCG) plan for traditional automakers?

Cheche Group plans to develop a comprehensive insurance solution tailored for traditional automakers within one to two years, offering services such as contracts management, insurance operations, and product design.

How does the Laoyou Insurance partnership align with Cheche Group's (CCG) business strategy?

The partnership aligns with Cheche Group's evolving business model to engage with major domestic automotive manufacturing groups, including both new energy vehicle manufacturers and traditional automakers.