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Why Kaixin Auto Holdings (KXIN) stock surged on Friday?

Kaixin Auto Holdings (KXIN) shares jumped 6.75% to trade at $2.53 in after-market on Friday, May 21, 2021. Earlier, KXIN’s stock gained 5.33% to close Friday’s normal session at $2.37 per share. KXIN shares have risen 175.65% over the last 12 months, and they have moved up 9.72% in the past week. Over the past three months, the stock has slid down 43.97%, while over the past six months, it has lost 21.26.

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Let’s see is there any recent news about the Kaixin Auto Holdings


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Recent changes to its Board

Mr. Joseph Chen resigned from Kaixin’s board of directors (the “Board”), with effect from May 9, 2021. The board appointed Mr. Mingjun Lin, Mr. Xiaolei Gu, and Mr. Deqiang Chen as the directors of the company, with effect from May 9, 2021. Mr. Mingjun Lin was appointed as the chairman of the Board.

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Extraordinary shareholders’ meeting

On May 07, 2021, Kaixin Auto Holdings held an extraordinary shareholders’ meeting and the company reported that all agenda items presented at the meeting were approved by the shareholders.

Haitaoche acquisition approved by Nasdaq

On April 15, 2021, Kaixin Auto received approval from Nasdaq Stock Market for the acquisition of 100% of the share capital of Haitaoche Limited. The share purchase agreement was done on December 31, 2020, and the company is expecting that the acquisition process will be completed by May 2021.

Cooperation agreement between Haitaoche and Jingdong

On April 12, 2021, Kaixin Auto Holdings announced that Haitaoche Limited (Haitaoche) signed a cooperation agreement with Jingdong Century Trade Limited (Jingdong), in China to knock into China’s fast-growing e-commerce auto market.

Both parties expecting to achieve a total sale of RMB 2 billion worth of Haitaoche consumer vehicles on the Jingdong platform. The total sales of the cooperation agreement are approximately US$1.4 billion.

Preferred financing transaction with Renren Inc

On April 06, 2021, Kaixin Auto Holdings entered into a definitive securities purchase agreement with Renren Inc to purchase 72% shareholder of the company as of the date of this announcement on March 31, 2021, and completed the closing on the same date.

As per the agreement, the Purchaser invested $6,000,000 in newly designated convertible preferred shares of the Company which are convertible into the company’s ordinary shares at a conversion price of $3.00.

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Conclusion

Well, as of this writing we are unable to find any recent news which could be linked with KXIN Friday performance. KXIN is a strong company and showing continued progress in the recent past and KXIN share price can continue to rise steadily in the coming days.

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