Kaixin Auto Holdings Announces Changes to its Board Members
Kaixin Auto Holdings (NASDAQ: KXIN) announced the resignation of Mr. Joseph Chen from its board of directors effective May 9, 2021, to pursue other business interests. Mr. Mingjun Lin has been appointed as the new chairman, alongside directors Mr. Xiaolei Gu and Mr. Deqiang Chen. Chen served as chairman since the company's inception, and the Board thanked him for his contributions. Kaixin, a key player in China's premium used car market, is transitioning from a financing platform to a comprehensive dealer network, capitalizing on the growing used car market in China.
- Appointment of new chairman Mingjun Lin could enhance governance.
- Expansion into a nationwide dealer network may drive revenue growth.
- Resignation of Joseph Chen raises concerns about continuity in leadership.
- Potential experience gap with new board members may affect strategic direction.
BEIJING, May 12, 2021 (GLOBE NEWSWIRE) -- Kaixin Auto Holdings (“Kaixin” or the “Company”) (NASDAQ: KXIN) today announced that Mr. Joseph Chen has resigned from Kaixin’s board of directors (the “Board”), with effect from May 9, 2021, in order to focus on other business obligations. Mr. Mingjun Lin, Mr. Xiaolei Gu and Mr. Deqiang Chen were appointed by the Board as the directors of the Company, with effect from May 9, 2021. Mr. Mingjun Lin was appointed as the chairman of the Board.
Mr. Joseph Chen has served as a director and the chairman of the Board since Kaixin’s establishment. “On behalf of my fellow directors, the Company's management team, and shareholders, I would like to thank Joseph for the significant contributions that he made during his service on Kaixin's Board. We wish him the best in his future endeavours", said Mr. Mingjun Lin, Kaixin’s newly appointed chairman of the Board.
About Kaixin Auto Holdings
Kaixin Auto Holdings is one of the primary dealership networks in the premium used car segment in China. Supported by the rapid growth of China's used car market and leveraging its own hybrid business model that offers both strong online and offline presence, Kaixin has transformed from a tech-enabled financing platform into a nationwide dealer network that combines its own and affiliated dealers as well as value-added services.
Safe Harbor Statement
This announcement may contain forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook for 2021 and quotations from management in this announcement, as well as Kaixin’s strategic and operational plans, contain forward-looking statements. Kaixin may also make written or oral forward-looking statements in its filings with the U.S. Securities and Exchange Commission ("SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Kaixin’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: our goals and strategies; our future business development, financial condition and results of operations; the expected growth of the social networking site market in China; our expectations regarding demand for and market acceptance of our services; our expectations regarding the retention and strengthening of our relationships with used auto dealerships; our plans to enhance user experience, infrastructure and service offerings; competition in our industry in China; and relevant government policies and regulations relating to our industry. Further information regarding these and other risks is included in our other documents filed with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Kaixin does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For more information, please contact:
Kaixin Auto Holdings
Investor Relations
Email: ir@kaixin.com
SOURCE: Kaixin Auto Holdings
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