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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) announced a Letter of Intent with Kunshan Baoneng Auto Sales Co., Ltd, aiming to distribute Baoneng's 'Youbaoli' brand electric cars in Zhejiang Province. This partnership will prioritize supplies across major cities including Hangzhou and Ningbo. Jiuzi's CEO highlighted the company’s experience in NEV retail and its recognition by numerous manufacturers. The collaboration targets budget-conscious consumers in smaller Chinese cities, with expectations to expand operations into other provinces by September 2022.
Jiuzi Holdings, Inc. (NASDAQ: JZXN), a leading new energy vehicle dealership group in China, has entered a purchase agreement with WM Motor Technology Co Ltd to acquire up to 1,000 electric vehicles. Expected delivery is in the latter half of 2022, with plans to purchase 5,000 to 8,000 EVs over the next three years, aiming to become the largest distributor of Weltmeister EV cars in China. The agreement aligns with favorable government policies to stimulate the NEV market.
Jiuzi Holdings, Inc. (NASDAQ: JZXN) announced a strategic cooperation with Zhejiang Shuke Automobile Service Co. Ltd. to enhance its new energy vehicle sales through its subsidiary, Hangzhou Jiuyao New Energy Automobile Technology Co. Ltd. This agreement allows Jiuyao to sell Shuke's electric vehicles and access a credit line of up to 100 million yuan. The collaboration aims to leverage Shuke's distribution network and financial expertise. Jiuzi's CEO expressed optimism about the benefits expected from this partnership, as it aligns with their expansion in the EV market.
Jiuzi Holdings, Inc. (NASDAQ: JZXN) has officially launched its subsidiary, Hangzhou Jiuyao New Energy Automobile Technology Co. Ltd., focusing on a procurement platform for new energy vehicles (NEVs) aimed at business customers. The joint venture with Hubei Yaonin Chuxing integrates resources to aid corporate clients in cost-effective NEV procurement. The platform aims to enhance Jiuzi's 'ToB' strategy and meet the rising demand for EVs in China, aligning with the country's carbon neutrality goal by 2060. Jiuzi operates 31 franchise stores and one company-owned store across China.
Jiuzi Holdings, Inc. (NASDAQ: JZXN) announced a strategic cooperation agreement with Anji Chuangxing New Energy Auto Sales Co. Ltd. on April 30, 2022. This agreement aims to enhance the electric vehicle (EV) industry by promoting innovative travel formats, ensuring reliable EV applications for long-distance transport, and developing an investment system for EV transportation. The collaboration is expected to benefit the tourism market in Huzhou city, which prioritizes low-carbon travel. Anji Chuangxing intends to provide RMB50-100 million to support Jiuzi's purchases of various EV brands.
Jiuzi Holdings, Inc. (NASDAQ: JZXN) announced an acquisition of a 72.05% equity interest in Huizhou Jiwo Automobile Sales Service Co., Ltd. from Guangdong Huarui, a subsidiary of Geely Auto Group, on April 11, 2022. The Target is the sole dealer for Geometry EVs in Huizhou, having sold over 1,000 units in 2021. CEO Shuibo Zhang highlighted the strategic importance of this acquisition for enhancing competitiveness and driving growth in the new energy vehicle market. This move aims to expand JZXN's presence in Southern China and leverage the Geometry brand for future sales.
Jiuzi Holdings, Inc. (NASDAQ: JZXN) has signed a one-year strategic cooperation agreement with Jiangsu Skywell Automobile Co., Ltd. The agreement allows Jiuzi to use the 'Skyworth' trademark and sell the new EV6 SUV series during 2022-2023, with a plan to purchase 500 electric vehicles. The EV6 features a range of up to 600km for the full-electric variant. CEO Shuibo Zhang highlighted the agreement's potential to generate approximately RMB60 million in income, reinforcing Jiuzi's commitment to expanding its presence in China’s new energy vehicle market.
Jiuzi Holdings, Inc. (NASDAQ: JZXN) reported a 16.15% increase in net revenues for fiscal year 2021, totaling $9.54 million, up from $8.21 million in 2020. Gross profit from new energy vehicle sales rose to $0.04 million, a 36.20% increase. However, net income fell by 77.27% to $0.78 million, with earnings per share declining to $0.04. Despite COVID-19 challenges, the company expanded its franchise network and cash reserves to $7.37 million. Future growth is supported by new strategic partnerships and plans for a customer management platform.
Jiuzi Holdings, Inc. (NASDAQ: JZXN), a new energy vehicle retailer in China, announced a one-year strategic cooperation agreement with Jiangsu Jemmell New Energy Vehicle Industry Co., Ltd. Under this agreement, Jiuzi will sell Jemmell's LINGBOX series electric vehicles during 2022-2023, purchasing up to 5,000 units. Jemmell will provide favorable sales policies, and both companies will collaborate on business initiatives. The partnership is projected to generate RMB60 million in sales, enhancing Jiuzi's growth potential in the electric vehicle market.
Jiuzi Holdings, Inc. (NASDAQ:JZXN) announced a two-year strategic cooperation agreement with Zhejiang Farizon Zhitong Technology Co. Ltd. on December 25, 2021. The collaboration aims to explore the use of new energy delivery vehicles within China's express delivery network, partnering with leading companies like ZTO Express. Jiuzi will leverage its existing relationships to promote Farizon's vehicles, benefiting from preferential purchase policies. CEO Shuibo Zhang expressed optimism about this partnership, emphasizing its potential financial contributions and industry recognition for Jiuzi in the new energy vehicle market.
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