Kaixin Auto Holdings (KXIN)

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Kaixin Auto Holdings Announces Entry into Vehicles Sales Contracts by Subsidiaries of Haitaoche Limited
6:00 am ET March 2, 2021 (Globe Newswire) Print
Kaixin Auto Holdings ("Kaixin" or the "Company") (NASDAQ: KXIN) today announced that Haitaoche Limited ("Haitaoche") has entered, through its subsidiaries, into two vehicles sales framework contracts (the "Vehicles Sales Contracts") with third party customers on November 30, 2020 and December 8, 2020, respectively. 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.

According to the terms of the Vehicles Sales Contracts, each of the customers agrees to purchase a total of RMB500 million (approximately US$75 million) worth of consumer vehicles from the subsidiaries of Haitaoche in 2021, and the volume of sales will then increase by at least 20 percent annually during a five-year period. The total contract amount of the two Vehicles Sales Contracts is RMB 7.5 billion (approximately US$1.2 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