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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) 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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