BEIJING, April 12, 2021 (GLOBE NEWSWIRE) -- Kaixin Auto Holdings (“Kaixin” or the “Company”) (NASDAQ: KXIN) today announced that Haitaoche Limited (“Haitaoche”) has signed into a cooperation agreement (“Cooperation Agreement”) with Jingdong Century Trade Limited (“Jingdong”), a leading online retail platform (www.jd.com) in China to tap into China’s fast-growing e-commerce auto market. Kaixin entered into a definitive share purchase agreement with the shareholders of Haitaoche on December 31, 2020, pursuant to which Kaixin will acquire 100% of the share capital of Haitaoche from the shareholders of Haitaoche.1
According to the terms of the Cooperation Agreement, Haitaoche aims to gain access to China’s fast-growing e-commerce auto sales market and tap into diversified revenue source and growth opportunities by leveraging its rich resources and expertise in consumer vehicle sales and full range of value-added services. Both parties aim to achieve a total sale of RMB 2 billion (approximately US$308 million) worth of Haitaoche consumer vehicles on the Jingdong platform, and the volume of sales will then increase by at least 50 percent annually during a three-year period. The total sales of the Cooperation Agreement is RMB 9.5 billion (approximately US$1.4 billion).
Haitaoche is a China-based online retail platform for imported automobiles. Haitaoche is committed to developing into China's leading innovative automotive retail trading platform. With a track record of good performance and reputation in the field of import car sales, Haitaoche is expanding its sales system into the field of electric vehicles.
Jingdong is China’s largest online retailer and its biggest overall retailer. Its one-stop e-commerce platform serves over 471 million active customers with a vast selection of consumer products.
1. Details of the definitive share purchase agreement were disclosed by Kaixin in its 6-K filing on 1/06/2021.
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