Benzinga | Mar 5, 2021 06:04AM EST

Kaixin Auto Reports Talks Of Cooperation Partnership With Haitaoche Limited, No Terms Disclosed

Kaixin Auto Holdings ("Kaixin" or the "Company") (NASDAQ:KXIN) today announced that Haitaoche Limited ("Haitaoche") is engaged in negotiation of a partnership with a leading online retail platform 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

Through the cooperative partnership under negotiation, 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. The counterparty in the proposed partnership is one of China's largest one-stop e-commerce platforms, serving hundreds of millions of active customers with a vast selection of consumer products.

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.

2 Details of the definitive share purchase agreement were disclosed by Kaixin in its 6-K filing on 1/06/2021. Subject to the approval by Nasdaq and other closing conditions, the Company anticipates that the acquisition of Haitaoche share capital will close on or prior to March 31, 2021.