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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) announced the receipt of a non-binding proposal from Chairman and CEO Wei Wen to acquire all outstanding shares for $4.25 per American Depositary Share (ADS), representing a 22% premium over the last closing price. The acquisition aims to connect automotive consumers with market players and enhance shareholder value. A special committee will evaluate the proposal with independent advisors. The board warns shareholders that no definitive offer has been made, and no agreement is guaranteed.
TuanChe Limited (NASDAQ: TC) reported Q3 2020 unaudited financials, revealing a 26.2% decline in net revenues to RMB100.0 million (US$14.7 million) year-over-year. The gross profit decreased by 22.6% to RMB72.1 million (US$10.6 million), yet the gross margin improved to 72.1% from 68.7%. The pandemic severely impacted operations, with organized auto shows dropping by 28.3% and total transactions down 36.2%. However, online segments showed growth, with revenues from virtual dealerships rising 160.9% to RMB15.4 million (US$2.3 million). Looking ahead, Q4 revenues are projected between RMB145 million and RMB155 million, marking a 15.2% to 20.7% decline from last year.
TuanChe Limited (NASDAQ: TC), a leading omni-channel automotive marketplace in China, will release its unaudited financial results for Q3 2020 on December 18, 2020, before the U.S. market opens. Management will hold a conference call the same day at 7:30 A.M. Eastern Time to discuss the results. Investors can access the call via toll-free numbers and it will also be available online. TuanChe continues to connect automotive consumers with various industry players, enhancing efficiency through integrated online and offline services.
TuanChe Limited (NASDAQ: TC) announced a change in its American depositary Shares (ADS) ratio from one ADS representing four Class A ordinary shares to one ADS representing sixteen shares. This will effectively act as a 1-for-4 reverse ADS split, taking effect on October 22, 2020. While the ratio change is expected to increase the ADS price proportionally, no assurance is given that it will be equal to or exceed four times the prior ADS price. No action is required from ADS holders for this adjustment.
TuanChe Limited (NASDAQ: TC), an automotive marketplace in China, announced the outcomes of its 2020 Annual General Meeting of Shareholders held on October 19, 2020. Key resolutions were unanimously approved, including the appointment of Mr. Fei Han as an independent Board Director, and the ratification of PricewaterhouseCoopers Zhong Tian LLP as the independent public accounting firm for the fiscal year ending December 31, 2020. The company focuses on connecting automotive consumers with industry players and enhancing marketing efficiencies through innovative digital solutions.
TuanChe Limited (NASDAQ: TC) reported significant declines in its Q2 2020 financial results due to the COVID-19 pandemic. Net revenues dropped by 73.1% to RMB 54.7 million (US$ 7.7 million), while gross profit decreased by 70.1% to RMB 43.0 million (US$ 6.1 million). Despite this, the company's gross margin increased to 78.6%. The ongoing pandemic has impacted offline events, with auto shows and transactions decreasing by 82.3% and 82.2%, respectively. However, revenues from virtual dealerships surged by 180.0% year-over-year, indicating a shift in strategy towards online services.
TuanChe Limited (NASDAQ: TC) plans to release its second-quarter 2020 unaudited financial results on September 18, 2020, before the U.S. market opens. The earnings release will be available on its investor relations website. A conference call is scheduled for the same day at 8:00 A.M. Eastern Time to discuss the results, accessible via a specified dialing system. A playback of the call will be available until September 25, 2020. TuanChe provides services connecting automotive consumers with industry players through innovative digital marketing and transaction-related solutions.
TuanChe Limited (NASDAQ: TC) will hold its 2020 annual general meeting on October 19, 2020, at 10:00 a.m. in Beijing. Two key proposals for shareholder approval include the appointment of Mr. Fei Han as an independent director and the ratification of PricewaterhouseCoopers Zhong Tian LLP as the independent auditor for the fiscal year ending December 31, 2020. The record date for shareholders to attend the meeting is set for September 15, 2020. TuanChe continues to serve as a significant omni-channel automotive marketplace in China.
TuanChe Limited (Nasdaq: TC) released its Q1 2020 earnings report, revealing significant challenges due to the COVID-19 pandemic. The company experienced a 92.1% year-over-year decline in net revenues, totaling RMB9.7 million (US$1.4 million), leading to a loss from continuing operations of US$8.3 million. The quarterly gross margin decreased to 58.6% from 72.4% a year prior, driven by a 95% decline in offline marketing services. TuanChe is implementing cost-cutting measures and focusing on enhancing its online marketing services to navigate current market challenges.
TuanChe Limited (NASDAQ: TC) reported significant financial downturns for Q1 2020, primarily due to the COVID-19 pandemic. Net revenues plummeted by 92.1% to RMB9.7 million (US$1.4 million) from RMB122.9 million. Gross profit fell by 93.6%, leading to a net loss of RMB56.5 million (US$8.0 million). Despite these challenges, TuanChe saw a 12.3% growth in revenues from virtual dealerships and online marketing services. The company aims to strengthen its online strategy and has resumed offline operations cautiously as of May 2020.
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