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Kaixin Holdings (KXIN) is a prominent auto retail platform specializing in luxury used cars and imported new cars. The company is renowned for its comprehensive involvement in the research and development, design, manufacturing, and sales of electric vehicles. Kaixin places a significant emphasis on the innovation of next-generation autonomous driving and artificial intelligence technologies.
Kaixin primarily generates revenues from the sales of used cars, along with fees from its role as a channel partner for third-party auto financing and other value-added services. The company's diversification into new energy vehicles marks a strategic transformation aimed at aligning with future industry trends. Kaixin produces a variety of electric passenger and logistics vehicle models and is equipped with professional teams experienced in R&D, production, marketing, and operations.
Recent achievements include the inclusion of Mr. Lei Gu, a seasoned expert in automobile R&D, into its high-caliber team. Under the leadership of Mr. Mingjun Lin, Chairman and CEO, Kaixin is steering towards becoming a new energy vehicle manufacturer. The company has also forged partnerships and expanded its operations internationally, notably with Myanmar's New Power Auto. This strategic move aims to stimulate China's automobile export growth and foster Kaixin's competitive international market position.
Kaixin's commitment to sustainability is evident in its efforts to contribute to the goals of peak carbon emissions and carbon neutrality. By leveraging its expertise and innovative drive, Kaixin is at the forefront of integrating online and offline presence and diversified business operations, setting a strong foundation for future growth and market expansion.
Kaixin Auto Holdings (NASDAQ: KXIN) announced plans to enter the smaller electric vehicle (EV) market in China, focusing on subcompact and minicompact models. The company is exploring mergers and acquisitions with various electric car manufacturers to accelerate development. With EV technology advancing and production costs decreasing, sales of smaller EVs in China are projected to reach 5 million units by 2025, highlighting a shift in consumer preference towards light and compact vehicles.
Kaixin Auto Holdings (NASDAQ: KXIN) has announced the establishment of a new energy vehicle (EV) business unit to enhance its capabilities in EV research, development, production, and marketing. This strategic decision aligns with the Chinese government’s support for EV growth and the increasing consumer acceptance of electric vehicles. Kaixin is also exploring mergers and acquisitions with various EV manufacturers and aims to position itself alongside established players like Li Auto, Nio, and Xpeng in the EV sector.
Kaixin Auto Holdings (NASDAQ: KXIN) announced plans for a potential joint venture with a leading Chinese RV retailer to tap into the rapidly growing RV market in China. Annual RV sales surged by 50% over the past three years, with 69,000 vehicles sold in 2020 alone. The collaboration will focus on sales and rental of RVs and the development of electric RVs. This strategic move aligns with the company's transition from a financing platform to a comprehensive dealership network.
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.
Kaixin Auto Holdings (NASDAQ: KXIN) held an extraordinary shareholders' meeting on May 7, 2021, where shareholders approved all agenda items. These included a share subdivision, converting each existing share into two shares of a reduced par value, resulting in an authorized share capital of US$50,000 with 1,000,000,000 shares. Additionally, shareholders approved amendments to the company's Memorandum and Articles of Association, replacing the current documents with revised ones.
Kaixin Auto Holdings (NASDAQ: KXIN) has received NASDAQ approval for the acquisition of 100% share capital of Haitaoche Limited, following a share purchase agreement signed on December 31, 2020. The acquisition is subject to closing conditions, including shareholder approval of an amendment to the company's articles of association. The company anticipates the deal will finalize in May 2021, aiming to strengthen its position in China's premium used car market, leveraging both online and offline presence.
Kaixin Auto Holdings (NASDAQ: KXIN) has announced a cooperation agreement between its subsidiary Haitaoche Limited and Jingdong Century Trade Limited, aiming to penetrate China's burgeoning e-commerce auto market. The agreement targets total sales of RMB 9.5 billion (approx. US$1.4 billion) over three years, with an initial sales goal of RMB 2 billion (approx. US$308 million) and an annual growth of 50%. Haitaoche is focused on developing an innovative automotive retail platform, expanding its offerings to include electric vehicles.
Kaixin Auto Holdings (NASDAQ: KXIN) announced a definitive securities purchase agreement with Renren Inc., a 72% shareholder, on March 31, 2021. Renren invested $6,000,000 in newly designated convertible preferred shares, convertible into ordinary shares at a price of $3.00. This investment is aimed at bolstering the company's financial position. Forward-looking statements regarding the company's future growth strategies and market conditions are included, acknowledging inherent risks and uncertainties that could affect actual results.
Kaixin Auto Holdings (NASDAQ: KXIN) announced a partnership negotiation with a leading online retail platform in China, targeting the growing e-commerce auto market. The partnership aims to enhance Haitaoche Limited's market position and diversify its revenue through innovative automotive retail. Kaixin previously entered into a share purchase agreement on December 31, 2020, to acquire 100% of Haitaoche's shares, pending Nasdaq approval. The acquisition is expected to finalize by March 31, 2021.
Kaixin Auto Holdings (NASDAQ: KXIN) announced on March 2, 2021, that Haitaoche Limited will supply RMB 7.5 billion (approx. US$1.2 billion) in vehicle sales contracts, with commitments totaling RMB 500 million (approx. US$75 million) for 2021, increasing by 20% annually over five years. Kaixin is acquiring 100% of Haitaoche's share capital through a definitive agreement signed on December 31, 2020. The acquisition is pending Nasdaq approval and is expected to close by March 31, 2021.
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