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Jiuzi Holdings, Inc. (NASDAQ: JZXN), headquartered in Hangzhou, China, and established in 2017, is a prominent player in the new energy vehicle (NEV) market. Operating under the brand name 'Jiuzi', the company focuses on selling battery-operated electric vehicles primarily in third and fourth-tier Chinese cities. Jiuzi Holdings franchises and operates retail stores, offering a comprehensive range of NEVs sourced from over twenty manufacturers. With 51 franchise stores and one company-owned store, Jiuzi is dedicated to expanding its footprint in the rapidly growing NEV market.
The company generates most of its revenue from the NEV segment, which includes the sale of plug-in electric vehicles directly to consumers. Jiuzi Holdings also provides franchise services, supporting its franchisee network with training, marketing, and operational assistance.
In recent developments, Jiuzi Holdings announced a non-binding letter of intent (LOI) for the acquisition of Shenzhen Maigesong Electric Technology Co., Ltd. This strategic move aims to bolster Jiuzi's capabilities in the NEV sector by investing RMB 30 million to build a rechargeable lithium battery production line. The acquisition will be executed in stages, with the investment split into two equal parts by the end of April 2024 and November 2024, respectively.
However, the company faces challenges as it received a notification from Nasdaq for not meeting the minimum bid price requirement, with its Class A ordinary shares trading below $1.00 for 30 consecutive business days. This development underscores the financial hurdles Jiuzi Holdings must navigate as it pursues growth and market expansion.
Despite these challenges, Jiuzi Holdings is committed to achieving significant revenue targets, as highlighted in the LOI with Shenzhen Maigesong. The agreement includes an earnout provision, targeting revenues of RMB 119.81 million by the end of December 2025 and RMB 504.22 million by December 2026. This provision motivates both parties to work collaboratively toward sustained growth and development.
For more information, visit the Company's website at http://www.zjjzxny.cn/.
Jiuzi Holdings, Inc. (NASDAQ: JZXN) announces the establishment of two regional operation centers in Jiangxi and Zhejiang Provinces through joint ventures with local partners. These partnerships aim to leverage Jiuzi Haoche's resources in new energy vehicles and credit facilities, while the local partners will handle daily operations and business development. This initiative is part of Jiuzi's 'asset-light' strategy to expand its presence in the new energy vehicle market in China. The company operates 51 franchise stores and one company-owned store, providing a solid foundation for this expansion.
On February 28, 2023, Jiuzi Holdings, Inc. (NASDAQ: JZXN) announced an extension agreement with Chongqing Dongfeng Fengon Automobiles Sales Co., Ltd. for the purchase of 5,000 micro electric passenger cars. The original deadline was extended from December 28, 2022, to June 30, 2023, due to COVID-19-related delays. The agreement also includes trading Jiuyao's newly launched MPV, designed for increased efficiency with an extended-range battery promising up to 351 km. This collaboration is seen as a significant recognition of Jiuzi's market position, reinforcing its strategy to connect automakers with traditional dealerships.
Jiuzi Holdings, Inc. (NASDAQ: JZXN) has announced the launch of its first electric Multi-Purpose Vehicle (MPV), the Jiuyao MPV, customized from Dongfeng Fengon's Fengon 380. Designed for both household and business needs, the Jiuyao MPV offers enhanced space flexibility with foldable seats. In 2023, upgrades will include BYD's advanced swappable blade battery, promising improved safety and longevity. The initial price range is between RMB 100,000 and RMB 200,000, with a potential purchase agreement with DFSK Motor expected by November 2022, contingent on pre-orders.
Jiuzi Holdings, Inc. (NASDAQ: JZXN) announced a significant strategic agreement with DFSK Motor to deliver 5,000 customized micro electric vehicles, named Jiuyao Mini EV, by the end of 2022. This model, based on the popular Dongfeng Mini EV Candy, features enhancements like a stylish logo, luxurious interiors, and an extended battery range of up to 220 kilometers. The agreement aims to bolster Jiuzi's car rental and ride-hailing business, with preorders received from seven Capital Partners clients. The company plans to expand its customized electric vehicle offerings in collaboration with more manufacturers.
Jiuzi Holdings, Inc. (NASDAQ: JZXN) announced it received a Notification Letter from Nasdaq on July 26, 2022, regarding a minimum bid price deficiency. The company's shares closed below the US$1.00 requirement for 30 consecutive days, leading to non-compliance with Nasdaq Listing Rule 5550(a)(2). Jiuzi has until January 23, 2023, to regain compliance by achieving a bid price of at least US$1.00 for 10 consecutive days. The Notification does not currently affect its Nasdaq listing, and the company is considering options such as a reverse share split to address the issue.
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.
On July 26, 2022, Jiuzi Holdings, Inc. (NASDAQ: JZXN) hosted a business conference in Hangzhou, China, aimed at expanding its geographical presence by partnering with leading EV brands. The Company signed a Letter of Intent with Kunshan Baoneng Auto Sales Co., Ltd. to distribute Baoneng's "Youbaoli" brand electric cars in Zhejiang Province. The conference resulted in eight prospective franchisees signing Letters of Intent, with six making immediate deposits. CEO Shuibo Zhang emphasized the strategic collaboration with NEV start-ups to enhance retail distribution efficiency.
Jiuzi Holdings, Inc. (NASDAQ: JZXN) has announced a regional exclusive agency agreement with Shanghai Aiways Yiwei Automobiles Sales Co., Ltd. to enhance distribution channels in Guangxi, China. The partnership aims to establish one flagship store and 11 experience centers within the first two months of their agreement effective July 1, 2022. Jiuzi currently operates 51 stores and plans to become a regional sole distributor for Baoneng Auto in Zhejiang Province. The expansion is expected to significantly boost revenue as Guangxi is already a strong market for Jiuzi.
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