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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) plans to release its third quarter 2021 unaudited financial results on January 13, 2022, before U.S. market opening. The earnings announcement will be available on the Company’s investor relations website. Following the release, management will host a conference call at 8:00 A.M. ET to discuss the results, accessible via various dialing numbers. An archived webcast will also be available. TuanChe, established in 2010, is a prominent automotive marketplace in China, connecting buyers with dealers through integrated online and offline services.
TuanChe Limited (NASDAQ: TC) has announced plans to enter the electric vehicle (EV) manufacturing sector. The company aims to establish a dedicated design, R&D, and manufacturing team to meet the rising consumer demand for EVs, fueled by supportive policies and advancing technologies. The strategy involves leveraging TuanChe's existing customer base and sales capabilities while engaging potential strategic partners to enhance synergies in this new business line. TuanChe will update stakeholders on any significant developments in this expansion.
TuanChe Limited (NASDAQ: TC) announced the results of its 2021 Annual General Meeting of Shareholders held on November 17, 2021, in Beijing. Shareholders approved all submitted proposals, including the ratification of Marcum Bernstein & Pinchuk LLP as the independent public accounting firm for the fiscal year ending December 31, 2021. Additionally, an amendment was made to the Articles to specify voting rights of shareholders, with Class A Ordinary Shares having one vote and Class B Ordinary Shares having 15 votes each. This marks a significant step for TuanChe's corporate governance.
TuanChe Limited (NASDAQ: TC), a top automotive marketplace in China, has announced the withdrawal of its non-binding going private proposal initially made on January 21, 2021. Chairman and CEO Wei Wen stated this decision aims to expand future opportunities for the company. TuanChe connects automotive consumers with industry players, enhancing transaction efficiency through integrated marketing solutions.
TuanChe Limited (NASDAQ: TC) announced its 2021 annual general meeting of shareholders, scheduled for November 17, 2021, in Beijing. Key proposals include ratifying Marcum Bernstein & Pinchuk LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2021, and amending Article 78 of its Articles of Association. The record date for shareholders to receive notice is set for October 8, 2021. TuanChe operates as an omni-channel automotive marketplace in China, connecting consumers with automakers and dealers through integrated marketing solutions.
TuanChe Limited (NASDAQ: TC) reported impressive financial results for Q2 2021, with net revenues surging 141.9% to RMB132.4 million (US$20.5 million), up from RMB54.7 million in Q2 2020. Gross profit also exhibited strong growth, increasing 126.6% to RMB97.5 million (US$15.1 million). The number of auto shows organized rose 188.5% to 176 across 110 cities. However, for Q3 2021, the company anticipates revenues to decline by approximately 35-40% due to reduced offline events caused by the COVID-19 pandemic.
TuanChe Limited (NASDAQ: TC) announced the dismissal of PricewaterhouseCoopers Zhong Tian LLP as its independent auditor, effective September 13, 2021. The company reported no significant disagreements with PwC regarding accounting principles, and PwC's reports for 2019 and 2020 were unqualified. The Board appointed Marcum Bernstein & Pinchuk LLP as the new auditor. Notably, TuanChe acknowledged material weaknesses in financial reporting and control, specifically a shortage of qualified personnel and insufficient financial closing policies. The transition aims to bolster transparency and improve financial oversight.
TuanChe Limited (NASDAQ: TC) reported impressive financial results for Q1 2021, with net revenues soaring by 734.7% to RMB80.9 million (US$12.3 million) compared to RMB9.7 million last year. Gross profit skyrocketed 1,034.5% to RMB64.4 million (US$9.8 million), elevating gross margin to 79.6%. The number of organized auto shows surged 1,600%, while automobile sales transactions climbed 933.5% year-over-year. The company expects Q2 revenues between RMB120 million to RMB130 million, marking a 119.2% to 137.5% year-over-year increase.
TuanChe Limited (NASDAQ: TC) filed its annual report on Form 20-F for the fiscal year ending December 31, 2020, with the SEC on May 14, 2021. The report includes the Company's audited consolidated financial statements, which can be accessed via the Company's investor relations website or the SEC's site. Shareholders can request a free hard copy of the report. Founded in 2010, TuanChe is a leading omni-channel automotive marketplace in China, offering services that connect automotive consumers with industry players, enhancing sales efficiency through integrated marketing solutions.
TuanChe Limited (NASDAQ: TC) announced its unaudited financial results for Q4 and the full year 2020. Q4 net revenues fell by 9.3% to RMB165.8 million ($25.4 million), while full year revenues decreased by 48.8% to RMB330.2 million ($50.6 million). Gross profit for Q4 was RMB120.6 million ($18.5 million), down 8.7%. Although the number of auto shows and sales transactions dropped significantly, online marketing services experienced a 579.2% revenue increase. The company expects Q1 2021 revenues to climb by 684.2% to 725.5% year-over-year, driven by improved market conditions.
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