Jiuzi Holdings, Inc. reports corporate developments tied to its new energy and electric vehicle business, Southeast Asian commercial vehicle activity, and Digital Asset Treasury framework. Company news has included electric heavy-duty truck initiatives for Vietnam, digital asset investment activity involving the Distributed Capital Intelligence Protocol, crypto-related treasury governance, private placements, and share repurchase authorization.
Recurring updates also cover capital allocation, ordinary-share financing, risk controls for digital asset custody and on-chain processes, and governance changes affecting the Nasdaq-listed foreign private issuer.
Jiuzi Holdings, Inc. (NASDAQ: JZXN) announced it received a Notification Letter from Nasdaq on July 26, 2022, regarding a minimum bid price deficiency. The company's shares closed below the US$1.00 requirement for 30 consecutive days, leading to non-compliance with Nasdaq Listing Rule 5550(a)(2). Jiuzi has until January 23, 2023, to regain compliance by achieving a bid price of at least US$1.00 for 10 consecutive days. The Notification does not currently affect its Nasdaq listing, and the company is considering options such as a reverse share split to address the issue.
Jiuzi Holdings, Inc. (NASDAQ: JZXN) has expanded its operations with the addition of five new franchisees in Guangxi, China, following a recent agreement with Aiways Yiwei. Zhitongche, the operating entity, plans to establish 12 Aiways experience centers in major cities within the region over the next year. By capitalizing on the strong brand recognition of both Jiuzi and Aiways, the company aims to open a total of 25 franchise stores in Guangxi by year-end 2022. This growth reflects Jiuzi's strategy to enhance its market presence in the new energy vehicle sector.
On July 26, 2022, Jiuzi Holdings, Inc. (NASDAQ: JZXN) hosted a business conference in Hangzhou, China, aimed at expanding its geographical presence by partnering with leading EV brands. The Company signed a Letter of Intent with Kunshan Baoneng Auto Sales Co., Ltd. to distribute Baoneng's "Youbaoli" brand electric cars in Zhejiang Province. The conference resulted in eight prospective franchisees signing Letters of Intent, with six making immediate deposits. CEO Shuibo Zhang emphasized the strategic collaboration with NEV start-ups to enhance retail distribution efficiency.
Jiuzi Holdings, Inc. (NASDAQ: JZXN) has announced a regional exclusive agency agreement with Shanghai Aiways Yiwei Automobiles Sales Co., Ltd. to enhance distribution channels in Guangxi, China. The partnership aims to establish one flagship store and 11 experience centers within the first two months of their agreement effective July 1, 2022. Jiuzi currently operates 51 stores and plans to become a regional sole distributor for Baoneng Auto in Zhejiang Province. The expansion is expected to significantly boost revenue as Guangxi is already a strong market for Jiuzi.
Jiuzi Holdings, Inc. (NASDAQ: JZXN) announced a Letter of Intent with Kunshan Baoneng Auto Sales Co., Ltd, aiming to distribute Baoneng's 'Youbaoli' brand electric cars in Zhejiang Province. This partnership will prioritize supplies across major cities including Hangzhou and Ningbo. Jiuzi's CEO highlighted the company’s experience in NEV retail and its recognition by numerous manufacturers. The collaboration targets budget-conscious consumers in smaller Chinese cities, with expectations to expand operations into other provinces by September 2022.
Jiuzi Holdings, Inc. (NASDAQ: JZXN), a leading new energy vehicle dealership group in China, has entered a purchase agreement with WM Motor Technology Co Ltd to acquire up to 1,000 electric vehicles. Expected delivery is in the latter half of 2022, with plans to purchase 5,000 to 8,000 EVs over the next three years, aiming to become the largest distributor of Weltmeister EV cars in China. The agreement aligns with favorable government policies to stimulate the NEV market.
Jiuzi Holdings, Inc. (NASDAQ: JZXN) announced a strategic cooperation with Zhejiang Shuke Automobile Service Co. Ltd. to enhance its new energy vehicle sales through its subsidiary, Hangzhou Jiuyao New Energy Automobile Technology Co. Ltd. This agreement allows Jiuyao to sell Shuke's electric vehicles and access a credit line of up to 100 million yuan. The collaboration aims to leverage Shuke's distribution network and financial expertise. Jiuzi's CEO expressed optimism about the benefits expected from this partnership, as it aligns with their expansion in the EV market.
Jiuzi Holdings, Inc. (NASDAQ: JZXN) has officially launched its subsidiary, Hangzhou Jiuyao New Energy Automobile Technology Co. Ltd., focusing on a procurement platform for new energy vehicles (NEVs) aimed at business customers. The joint venture with Hubei Yaonin Chuxing integrates resources to aid corporate clients in cost-effective NEV procurement. The platform aims to enhance Jiuzi's 'ToB' strategy and meet the rising demand for EVs in China, aligning with the country's carbon neutrality goal by 2060. Jiuzi operates 31 franchise stores and one company-owned store across China.
Jiuzi Holdings, Inc. (NASDAQ: JZXN) announced a strategic cooperation agreement with Anji Chuangxing New Energy Auto Sales Co. Ltd. on April 30, 2022. This agreement aims to enhance the electric vehicle (EV) industry by promoting innovative travel formats, ensuring reliable EV applications for long-distance transport, and developing an investment system for EV transportation. The collaboration is expected to benefit the tourism market in Huzhou city, which prioritizes low-carbon travel. Anji Chuangxing intends to provide RMB50-100 million to support Jiuzi's purchases of various EV brands.
Jiuzi Holdings, Inc. (NASDAQ: JZXN) announced an acquisition of a 72.05% equity interest in Huizhou Jiwo Automobile Sales Service Co., Ltd. from Guangdong Huarui, a subsidiary of Geely Auto Group, on April 11, 2022. The Target is the sole dealer for Geometry EVs in Huizhou, having sold over 1,000 units in 2021. CEO Shuibo Zhang highlighted the strategic importance of this acquisition for enhancing competitiveness and driving growth in the new energy vehicle market. This move aims to expand JZXN's presence in Southern China and leverage the Geometry brand for future sales.