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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 appointed Mr. Wei Wen as the acting Chief Financial Officer, effective February 17, 2023. This interim role is part of the company's ongoing search for a permanent CFO. TuanChe connects automotive consumers with industry players, offering integrated marketing and transaction services through online and offline platforms. This strategic move aims to maintain operational efficiency during the transition period in leadership.
TuanChe Limited (NASDAQ: TC) announced the immediate resignation of Deputy CFO Chenxi Yu due to personal reasons, with no reported disagreements with the company. The Board is actively seeking a replacement to fill this key financial position. Founded in 2010, TuanChe is a prominent integrated automotive marketplace in China, connecting consumers with automakers and dealers, and enhancing marketing efficiency through data analytics and online platforms.
TuanChe Limited (NASDAQ:TC) announced a $15 million registered direct offering, with Aegis Capital Corp. serving as the exclusive placement agent. Established in 2010, TuanChe is a recognized integrated automotive marketplace in China, connecting consumers with automakers and dealers, enhancing advertising effectiveness through advanced digital marketing. This funding aims to bolster TuanChe's operations and expand its services, ensuring growth in the competitive automotive sector.
TuanChe Limited (NASDAQ: TC), a prominent automotive marketplace in China, has successfully closed a registered direct offering, raising approximately $15 million. The offering involved the sale of 5,454,546 American Depositary Shares (ADSs) and accompanying warrants at a price of $2.75 per ADS. Each warrant, exercisable for five years, allows investors to acquire one ADS at the same price. The offering was executed under an effective shelf registration statement and managed by Aegis Capital Corp.
TuanChe Limited (NASDAQ: TC) has signed a strategic cooperation agreement with IAT Automobile Technology Co., Ltd. to enhance its capabilities in new energy vehicles (NEVs). This partnership aims to leverage IAT's expertise in vehicle R&D and manufacturing, focusing on customized vehicle development and key component R&D. According to TuanChe's CEO, this collaboration will expedite the development of NEV models and solidify TuanChe's position in the growing NEV market in China. IAT, with over 13 years of experience in battery electric vehicle R&D, will support TuanChe's mission to deliver high-quality NEVs.
TuanChe Limited (NASDAQ: TC) has signed a strategic cooperation agreement with Beijing S-TECH Technology to develop and market new energy vehicles (NEVs). This partnership enables TuanChe to leverage S-TECH's advanced technologies in vehicle research, development, and manufacturing. The collaboration aims to enhance TuanChe's market competitiveness and expedite its time to market in the NEV sector. With increasing consumer demand for NEVs and intelligent features, TuanChe is optimistic about expanding its diverse offerings on its retail platform, benefiting from S-TECH's expertise in vehicle innovation.
TuanChe Limited (NASDAQ: TC) held its 2022 Annual General Meeting of Shareholders on November 4, 2022. At the meeting, shareholders approved a resolution ratifying the appointment of Marcum Asia CPAs LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2022. TuanChe is a leading integrated automotive marketplace in China, connecting consumers with automakers, dealers, and service providers through online and offline services.
TuanChe Limited (NASDAQ: TC) has signed a strategic cooperation agreement with YangMing New Energy Technology to enhance its research capabilities in EV battery development and strengthen its supply chain. The partnership aims to advance ultra-safe solid-state batteries and solar power systems, leveraging YangMing's technological expertise and TuanChe's supply chain management. YangMing plans to establish 20 production lines by 2023, with battery samples already passing safety tests. This collaboration positions TuanChe to meet the growing demand in the new energy vehicle market.
TuanChe Limited (TC) announced its 2022 annual general meeting of shareholders will take place on November 4, 2022, at 10:00 a.m. in Beijing. Key agenda includes the proposal to ratify the appointment of Marcum Asia CPAs LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2022. The record date for determining eligible shareholders is set for October 3, 2022. TuanChe is a leading integrated automotive marketplace in China, connecting automotive consumers with industry players.
TuanChe Limited (NASDAQ: TC) reported a significant decline in its financial performance for the first half of 2022, with net revenues decreasing by 58.2% to RMB89.2 million (US$13.3 million) compared to RMB213.3 million in the same period last year. Gross profit also fell by 55.4% to RMB72.3 million (US$10.8 million). The number of auto shows organized decreased by 78.1% to 61, and facilitated automobile transactions dropped by 74.2% to 16,591. Despite challenges, online marketing services saw revenue growth of 87.4%. The company expects revenues for the second half of 2022 to remain lower than the previous year, with estimates between RMB100 million and RMB120 million.
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