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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 Limited (NASDAQ: TC), a prominent automotive marketplace in China, has filed its annual report on Form 20-F for the fiscal year ending December 31, 2022, with the SEC on March 29, 2023. This report includes the Company's audited consolidated financial statements, available on both the Company’s investor relations website and the SEC's site. TuanChe, founded in 2010, connects automotive consumers with industry players through integrated online and offline services, enhancing the efficiency of automotive marketing and transactions using proprietary data analytics.
TuanChe Limited (NASDAQ: TC) received a deficiency letter from Nasdaq on February 17, 2023, indicating non-compliance with the minimum bid price requirement of $1.00 per American Depositary Share (ADS) for 30 consecutive business days. The Company has until August 16, 2023, to regain compliance. If compliant for at least 10 consecutive business days during this period, Nasdaq will confirm compliance. If not, TuanChe may qualify for an additional 180 days to comply, provided it meets other listing standards. Despite the deficiency, the letter does not affect the Company’s operations or SEC reporting requirements.
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