On Thursday, more than 15.02 million shares of Kaixin Auto Holdings (NASDAQ: KXIN) were traded, and the closing share price was $2.56, an increase of $0.19. On the other hand, Kaixin’s stock has shown a negative weekly performance of -12.03%, however, its price is up approximately 8.02% over the last trading day.
KXIN stock is held by the public in a total number of 59.65 million shares and 10.95 million of those have been traded. The surge in KXIN stock followed approval of the acquisition deal by the NASDQ.
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What was the approval for?
Kaixin is a leading dealer network selling premium used cars in China. KXIN has transformed from a tech-enabled financing platform into a nationwide dealer network by advancing its hybrid business model that distinguishes both its online and offline presence and provides value-added services also.
The Kaixin Group announced today that it has received approval from the NASDAQ for the expected acquisition of 100% of the Haitaoche Limited share capital pursuant to an arrangement entered into on December 31, 2020.
KXIN anticipates the Acquisition to close in May 2021, subject to certain closing conditions, such as shareholder approval for the amendment to its articles of associations.
Kaixin (KXIN) also reported this week that Haitaoche has entered into a partnership agreement with the country’s largest e-commerce retailer, Jingdong Century Trade Limited (www.jd.com). This will help KXIN affiliate to tap into China’s fast-growing e-commerce auto market.