Kaixin Holdings Stock Price, News & Analysis

Kaixin Auto Holdings (NASDAQ: KXIN) has announced a cooperation agreement between its subsidiary Haitaoche Limited and Jingdong Century Trade Limited, aiming to penetrate China's burgeoning e-commerce auto market. The agreement targets total sales of RMB 9.5 billion (approx. US$1.4 billion) over three years, with an initial sales goal of RMB 2 billion (approx. US$308 million) and an annual growth of 50%. Haitaoche is focused on developing an innovative automotive retail platform, expanding its offerings to include electric vehicles.

Kaixin Auto Holdings (NASDAQ: KXIN) announced a definitive securities purchase agreement with Renren Inc., a 72% shareholder, on March 31, 2021. Renren invested $6,000,000 in newly designated convertible preferred shares, convertible into ordinary shares at a price of $3.00. This investment is aimed at bolstering the company's financial position. Forward-looking statements regarding the company's future growth strategies and market conditions are included, acknowledging inherent risks and uncertainties that could affect actual results.

Kaixin Auto Holdings (NASDAQ: KXIN) announced a partnership negotiation with a leading online retail platform in China, targeting the growing e-commerce auto market. The partnership aims to enhance Haitaoche Limited's market position and diversify its revenue through innovative automotive retail. Kaixin previously entered into a share purchase agreement on December 31, 2020, to acquire 100% of Haitaoche's shares, pending Nasdaq approval. The acquisition is expected to finalize by March 31, 2021.

Kaixin Auto Holdings (NASDAQ: KXIN) announced on March 2, 2021, that Haitaoche Limited will supply RMB 7.5 billion (approx. US$1.2 billion) in vehicle sales contracts, with commitments totaling RMB 500 million (approx. US$75 million) for 2021, increasing by 20% annually over five years. Kaixin is acquiring 100% of Haitaoche's share capital through a definitive agreement signed on December 31, 2020. The acquisition is pending Nasdaq approval and is expected to close by March 31, 2021.

Kaixin Auto Holdings (NASDAQ: KXIN) announced a five-year vehicle supply contract with China National Vehicles Imp & Exp Co., Ltd. (CVC) through its subsidiary Haitaoche Limited on January 11, 2021. The contract, valued at RMB 14.9 billion (approximately US$2.3 billion), will start with RMB 2 billion (around US$300 million) in vehicle supply and increase by at least 20% annually. This partnership marks a strategic initiative to enhance Haitaoche's auto supply and includes plans for further partnerships to expand sales networks, particularly in electric vehicles.

Kaixin Auto Holdings (NASDAQ: KXIN) has entered a definitive Share Purchase Agreement to acquire 100% of Haitaoche Limited, an online platform for imported automobiles, as of December 31, 2020. In exchange for Haitaoche shares, Kaixin will issue approximately 74 million ordinary shares. This acquisition requires Nasdaq approval due to a change of control and is expected to close by March 31, 2021. Haitaoche aims to lead in innovative automotive retail, focusing on electric vehicles and potential collaborations with major manufacturers.

Kaixin Auto Holdings (NASDAQ: KXIN) reported its unaudited financial results for the six months ending June 30, 2020, revealing a significant decline due to the COVID-19 pandemic. Total net revenues fell 83.7% to US$33.3 million, with a gross profit of only US$0.9 million, down 89.3% year-over-year. The number of cars sold dropped to 673 units from 3,657 units. The company experienced a net loss of US$5.8 million, compared to a net income of US$57.3 million in the same period last year. Management anticipates minimal revenue for the second half of 2020.

Kaixin Auto Holdings (NASDAQ: KXIN) announced the appointment of Marcum Bernstein & Pinchuk LLP as its independent registered public accounting firm, effective December 9, 2020. This change follows a comprehensive evaluation process and has received approval from the company's board and audit committee. The new auditor replaces KPMG Huazhen LLP. Importantly, this decision was not due to any disagreements on accounting principles or auditing practices between Kaixin and its previous auditor.

Kaixin Auto Holdings (NASDAQ: KXIN) announced a merger with Haitaoche Limited on November 3, 2020, allowing Haitaoche to become a wholly-owned subsidiary of Kaixin. As part of the agreement, Haitaoche shareholders will own 51% of Kaixin post-merger. Haitaoche is an e-commerce platform for imported automobiles, aiming to enhance its retail presence in China. In a significant leadership change, Mr. Mingjun Lin, the founder of Haitaoche, has been appointed acting CEO, succeeding Mr. Chen Ji and Mr. Jinfeng Xie. The merger's completion is subject to regulatory approvals and minimum asset requirements.