Benzinga | Oct 14, 2021 08:01AM EDT

Jiuzi Holdings Sets Up Southern China Operation Center, Signs Strategic Cooperation With Local New Energy Vehicle Distributor

Jiuzi Holdings, Inc. (NASDAQ:JZXN, the &quot, , Company&quot, , ))))), a new energy vehicles franchisor and retailer under the brand name "Jiuzi" in China, today announced that Jiuzi Southern China Operation Center ("Jiuzi SC"), also known as Nanning Jiuzi New Energy Operation Management Center ("Nanning Jiuzi"), has officially commenced its operation on September 29, 2021, in an effort to expand the Company's market share in the Southern China.

Setting up Jiuzi SC carries great significance to Jiuzi's strategic layout and is indicative of the Company's determination to further expand its domestic market share. Leveraging JZXN's current market coverage, distribution network, and brand image, Jiuzi SC is expected to not only effectively expand the Company's geographical horizon, but also to make more operational and financial contributions to JZXN. Jiuzi SC will start in Nanning, the capital city of Guangxi Province, and gradually increase coverage within the region.

As part of Jiuzi SC's expansion effort, JZXN also entered into a strategic cooperation agreement with Nanning Huangyang Automobile Sales Limited ("Nanning Huangyang"), which is a leading new energy vehicle distributor in Guangxi Province and authorized by the Company so sell JZXN's new energy vehicles within Southern China. Both parties will utilize their respective market resources and advantages to jointly boost the sales volume of the new energy vehicles and improve the brand recognition in the Southern China market.

Mr. Shuibo Zhang, CEO, Director and Chairman of Jiuzi Holdings, Inc., commented: "We are very excited about the establishment of Jiuzi Southern China, which is one of the most important strategic moves in Jiuzi's business blueprint. Since our debut on Nasdaq market in May 2021, we have been steadily operating our legacy business and effectively growing our geographic and market footprint. We have seen greater acceptance to the new energy vehicles in China market in recent years. JZXN will continually expand our strategic layout within China to meet the growing demands in this area and obtain long term return for our investors."