Jiuzi Holdings Inc. Recruits Five New Franchisees in Guangxi

Rhea-AI Summary

Jiuzi Holdings, Inc. (NASDAQ: JZXN) has expanded its operations with the addition of five new franchisees in Guangxi, China, following a recent agreement with Aiways Yiwei. Zhitongche, the operating entity, plans to establish 12 Aiways experience centers in major cities within the region over the next year. By capitalizing on the strong brand recognition of both Jiuzi and Aiways, the company aims to open a total of 25 franchise stores in Guangxi by year-end 2022. This growth reflects Jiuzi's strategy to enhance its market presence in the new energy vehicle sector.

Positive

• Added five new franchisees in Guangxi, increasing market penetration.
• Plans to open 25 franchise stores by the end of 2022, enhancing revenue potential.
• Collaboration with Aiways expected to accelerate business expansion.

Negative

• None.

HANGZHOU, China, July 27, 2022 /PRNewswire/ -- Jiuzi Holdings, Inc. (NASDAQ: JZXN; the "Company"), a leading new energy vehicle (NEV) dealership group under the brand name "Jiuzi" in China, today announced that its operating entity, Hangzhou Zhitongche Technology Limited ("Zhitongche"), has added five new franchisees in Guangxi Zhuang Autonomous Region ("Guangxi"), China since the execution of the regional exclusive agency agreement (the "Agreement" with Shanghai Aiways Yiwei Automobiles Sales Co., Ltd. ("Aiways Yiwei"), the subsidiary of Aiways Automobiles Company Ltd. ("Aiways Auto").

Pursuant to the Agreement, in the first two months of the one-year term, or starting on July 1^st, 2022, Zhitongche will establish 12 Aiways experience centers in major cities in Guangxi. Since the signing of the agreement, Zhitongche has made fruitful progress by recruiting five franchisees in Nanning, Liuzhou, Beihai, Guilin, and Yulin, among which three franchisees have paid the franchise fees in full. In the meantime, Zhitongche is also negotiating with 12 potential franchisees who have expressed interest in joining.

"I'm extremely proud of the great achievement that our brilliant Guangxi team has made in such a short period. Our success in gaining new franchisees is due to the synergy effect created by the brand awareness of Jiuzi and Aiways", said Mr. Shuibo Zhang, CEO of Jiuzi Holdings, Inc., "Our Jiuzi brand is well recognized in Guangxi through our existing 13 franchise stores. By leveraging the additional prestige of Aiways brand, we believe the collaboration with Aiways would accelerate our business expansion in Guangxi. Due to our fast expansion as a result of the collaboration Aiways, we expect to add 13 new franchise stores in Guangxi by the end of this year in addition to the 12 existing ones, adding to a total of 25 new franchise stores in Guangxi in 2022."

About Jiuzi Holdings, Inc.

Jiuzi Holdings, Inc., headquartered in Hangzhou, China, and established in 2017, franchises and operates retail stores under the brand name "Jiuzi" to sell New Energy Vehicles ("NEVs") in third and fourth-tier cities in China. The Company mainly sells battery-operated electric vehicles and sources NEVs through more than twenty NEV manufacturers. It has 51 operating franchise stores and one company-owned store. For more information, visit the Company's website at http://www.zjjzxny.cn/.

Forward-Looking Statements

All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. They are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs, including the expectation that the Offering will be completed. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent events, circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct. The Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and its other filings with the SEC.

For more information, please contact:

Stephen Tong
Email: jiuzi@mana-ir.com

View original content:https://www.prnewswire.com/news-releases/jiuzi-holdings-inc-recruits-five-new-franchisees-in-guangxi-301592935.html

SOURCE Jiuzi Holdings, Inc.

FAQ

What recent achievement did Jiuzi Holdings, Inc. report on July 27, 2022?

Jiuzi Holdings, Inc. reported the addition of five new franchisees in Guangxi, China, as part of its expansion strategy.

How many franchise stores does Jiuzi Holdings plan to open in Guangxi by the end of 2022?

Jiuzi Holdings plans to open a total of 25 franchise stores in Guangxi by the end of 2022.

What partnership is Jiuzi Holdings leveraging for its expansion in Guangxi?

Jiuzi Holdings is leveraging its partnership with Aiways Yiwei to enhance business growth in Guangxi.

What is the significance of the franchise agreement with Aiways Yiwei for Jiuzi Holdings?

The franchise agreement with Aiways Yiwei is significant as it allows Jiuzi Holdings to establish new experience centers and expand its franchise network in Guangxi.