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TuanChe Limited (NASDAQ: TC) is a pioneering integrated automotive marketplace in China. Founded in 2010, TuanChe has established itself as a significant player in the automotive industry, bridging the gap between automotive consumers and industry stakeholders including automakers, dealers, and service providers.
With a focus on both online platforms and offline events, TuanChe provides a unique omnichannel experience. The company is renowned for organizing auto shows and special promotional events, facilitating seamless transactions between consumers and auto dealers. These events create a vibrant environment that transforms individual car purchases into collective buying experiences, offering value and convenience to all participants.
In addition to auto shows, TuanChe's offerings include a robust online marketing service platform. Leveraging proprietary data analytics and advanced digital marketing systems, TuanChe enhances the efficiency of advertising placements for its industry clients. This integrated approach allows TuanChe to serve the complete automotive lifecycle, from new car purchases to second-hand vehicle transactions and automotive services.
TuanChe's core mission is encapsulated in the motto, “making car purchasing more affordable and efficient”. The company’s overarching vision is to become China's largest automotive transaction and service platform, building a comprehensive ecosystem that covers all aspects of car ownership. As of now, TuanChe has helped nearly 300,000 families achieve their dream of car ownership through its transparent, efficient, and cost-effective services.
Despite the challenges posed by the COVID-19 pandemic, TuanChe demonstrated resilience and adaptability. In the first half of 2023, the company recorded a substantial growth in offline marketing services, tripling the number of auto shows year-over-year and significantly increasing its net revenues. However, the company also experienced a decrease in online marketing services, which it plans to address by dedicating resources to rejuvenate its online offerings.
Financially, TuanChe has been proactive in streamlining operations, reducing operating expenses, and narrowing net losses. As of June 30, 2023, TuanChe reported a net loss of RMB 30.7 million ($4.2 million), a 45.3% improvement compared to the previous year. The company maintains a forward-looking approach, focusing on strategic initiatives such as electric vehicles (EVs) while optimizing resource allocation across its operations.
Recently, significant developments have included the company's compliance efforts with NASDAQ's minimum bid price requirements and strategic changes to its ADS ratio. These steps are part of TuanChe's broader strategy to strengthen its financial standing and market position.
For further information, investors and media are encouraged to reach out to TuanChe's Investor Relations team via email at ir@tuanche.com.
TuanChe (NASDAQ: TC), a leading automotive marketplace platform in China, has announced its planned name change to Token Cat . The change will become effective on or around February 28, 2025. The company's American Depositary Shares (ADSs) will maintain their current trading symbol 'TC' on the Nasdaq Capital Market, and the CUSIP number will remain unchanged.
TuanChe (NASDAQ: TC), a leading automotive marketplace platform, has announced plans to implement DeepSeek's R1 model to enhance its intelligent service system. The integration aims to improve the company's technological capabilities in smart marketing and user interaction.
The DeepSeek R1 model features advanced reasoning capabilities through multi-stage loop training, excelling in mathematical operations, code analysis, and natural language reasoning. The model's reinforcement learning allows autonomous learning of complex reasoning strategies through self-play and evolution.
TuanChe will integrate the R1 model into its intelligent marketing and interaction platform to analyze user behavior and market data for more personalized service recommendations. The open-source nature of R1 enables TuanChe to perform secondary development for specific scenarios and diverse customer needs.
TuanChe (NASDAQ: TC), a leading automotive marketplace platform, has announced the adoption of DeepSeek's R1 model for its holographic AI applications. The integration aims to enhance TuanChe's technological capabilities in holographic digital content generation and interaction.
The DeepSeek R1 model features advanced deep reasoning abilities through multi-stage loop training and excels in mathematics, coding, and natural language reasoning. Its reinforcement learning breakthrough enables autonomous learning through self-play and evolution without requiring extensive labeled data.
TuanChe plans to leverage R1's robust inference algorithms to optimize holographic image creation processes, enabling more precise 3D object reconstruction and detailed holographic visuals. The model's open-source nature will allow TuanChe to conduct secondary development and customization for various customer applications.
The press release titled 'TuanChe Announces Adoption of DeepSeek R1 Model in its Holographic Image Creation Processes' has been deleted by the news provider.
TuanChe (NASDAQ: TC), a leading automotive marketplace platform in China, received two non-compliance notifications from Nasdaq on January 16, 2025. The first notification concerns the company's failure to hold an annual shareholders' meeting within twelve months of December 31, 2023, as required by Rules 5620(a) and 5810(c)(2)(G).
The second notification relates to non-compliance with Rule 5550(b)(1), which requires maintaining minimum stockholders' equity of $2,500,000. TuanChe reported a stockholder's deficit of ($787,000) as of June 30, 2024, and does not meet alternative listing standards.
The company has 45 days to submit compliance plans. If accepted, TuanChe will have until June 30, 2025 to address the annual meeting issue and 180 days from January 16, 2025 to resolve the equity deficiency. The company plans to seek a home country practice exemption for the annual meeting requirement and will submit a plan to address the equity shortfall.
TuanChe (NASDAQ: TC) has announced its entry into the cryptocurrency sector through an advisory agreement with Waterside Inc. The agreement focuses on identifying suitable cryptocurrency mining equipment and related resources. This strategic move comes as Bitcoin recently surpassed $90,000 per coin on November 13, 2024. Waterside will provide consulting support in product design, specifications, electricity pricing, and hosting service rates. This initiative represents TuanChe's first step toward business diversification, aiming to create new growth opportunities and enhance shareholder value.
TuanChe (NASDAQ: TC) has announced pricing of a $1.1 million registered direct offering with a single institutional investor. The deal includes the sale of 761,719 American Depositary Shares (ADSs) or pre-funded warrants, plus a concurrent private placement of warrants to purchase an equal number of ADSs. The combined offering price is $1.449 per ADS with accompanying warrant. The private placement warrants will be immediately exercisable, have a five-year expiration, and an exercise price of $1.449 per share. The transaction is expected to close around October 28, 2024. Maxim Group serves as the exclusive Placement Agent.
TuanChe (NASDAQ: TC), a leading integrated automotive marketplace in China, announced unaudited financial results for H1 2024. Net revenues decreased 64.9% to RMB32.3 million (US$4.4 million) due to reduced customer marketing budgets and fewer offline activities. Gross profit fell 61.7% to RMB22.4 million (US$3.1 million), though gross margin improved to 69.2% from 63.4% year-over-year. Loss from operations decreased 14% to RMB47.5 million (US$6.5 million) as operating expenses were reduced by 38.5%. The company facilitated 10,460 auto sale transactions with a gross merchandise volume of RMB1.7 billion. TuanChe's management emphasized continued focus on cost management, operating efficiency, and developing innovative business initiatives to navigate the competitive landscape.
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