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Tag: Kaixin

  • Kaixin (KXIN) Recovers After-Hour Amid Strategic Shift Towards Cryptocurrency

    Kaixin (KXIN) Recovers After-Hour Amid Strategic Shift Towards Cryptocurrency

    During Thursday’s extended trading session, shares of Kaixin Holdings (NASDAQ: KXIN) recovered significantly, rising 12% to $2.80. This recovery helped to somewhat counteract a steep drop of more than 40% during regular trading hours. The volatility followed the company’s announcement of a significant strategic initiative centered around digital assets.

    Exploring Cryptocurrency Expansion

    Kaixin declared its intention to explore new prospects for expansion by venturing into the cryptocurrency mining sector. The business is in advanced talks to purchase a majority ownership share in a well-known Middle Eastern bitcoin mining company. Kaixin’s desire to exploit developing markets and diversify its holdings is reflected in this possible purchase.

    In order to satisfy the growing need for cryptocurrency mining solutions, the targeted mining firm offers full cloud hosting services in addition to specializing in affordable Bitcoin mining. Access to a reliable and long-term energy source supports its operations, guaranteeing resilience and cost-effectiveness and supporting Kaixin’s objectives for profitable and sustainable growth.

    Strengthening Core Business in Electric Vehicles

    Kaixin Holdings, being a prominent Chinese new energy vehicle manufacturer has a strong foundation in research, development, and production. The company’s facilities are equipped for stamping, welding, painting, and assembly operations, enabling the production of various electric passenger and logistics vehicle models. This expertise in innovative manufacturing complements its foray into the cryptocurrency space, positioning Kaixin as a diversified player in the global market.

    Share Consolidation for Strategic Positioning

    In another strategic move, Kaixin implemented a 1-for-60 share consolidation, effective October 25, 2024. This adjustment consolidated every 60 ordinary shares into one, while warrants and other equity rights were proportionately adjusted. Following the consolidation, its shares started trading under the same Nasdaq ticker symbol, “KXIN,” but with a new CUSIP number, G5223X159.

    The goal of the consolidation is to improve KXIN’s market posture and attract a wider range of investors by lowering the number of outstanding shares. This step reflects Kaixin’s focus on aligning its operational strategy with shareholder interests while pursuing growth in emerging sectors.

  • Kaixin (KXIN) Stock Is Rising Premarket – On What Basis?

    At last check, Kaixin Auto Holdings (KXIN) was trading at $2.30, up 7.48% in the premarket session. Kaixin stock closed Monday at $2.14, down -1.38% from the day before. KXIN stock traded for 0.47 million shares, which is lower than the 1.31 million shares traded in the last three months on average.

    KXIN stock fluctuated between $2.07 and $2.1935 during the trading session. KXIN stock has been rising since KXIN announced that it will partner with a leading RV retailer.

    Who is KXIN collaborating with?

    China’s Kaixin Group is one of the most important dealership networks for new and used cars. KXIN, a leading company in China’s used vehicle market, has transformed from a tech-enabled financing platform into a nationwide dealer network that includes both its own and affiliated dealers, leveraging its hybrid business model.

    As announced today, Kaixin and a leading Chinese RV retailer are in talks about exploring the rapid growth of the RV market in China through collaboration and a joint venture.

    • As the leading RV retailer in China, it operates its own RV dealerships and hosts a website for RV owners as well as RV expositions.
    • The Chinese RV market is in the midst of a fast-growing phase, according to KXIN.
    • Over the past three years, the annual RV sales volume grew by 50%, with more than 69,000 RVs sold in 2020.
    • In addition to working together to sell and rent RVs, KXIN and a large RV retailer plan to develop and produce electric RVs.

    Kaixin also just made changes in its board of directors.

    • KXIN made those changes after Joseph Chen resigned from the company’s board of directors with effect from May 9, 2021.
    • As part of his commitment to other business interests, Mr. Chen resigned.
    • KXIN Board appointed Mingjun Lin, Xiaolei Gu, and Deqiang Chen as directors of the Company, effective May 9, 2021.
    • KXIN has appointed Mr. Mingjun Lin as chairman of the Board.
    • As chairman of the Board and a director since Kaixin’s founding, Mr. Joseph Chen is a well-respected member of the company.

    KXIN’s recent acquisition move:

    Recently, KXIN was also granted approval by the NASDAQ Stock Market to acquire 100% of Haitaoche Limited. This approval was granted pursuant to KXIN’s agreement dated December 31, 2020. Kaixin (KXIN) anticipated the Acquisition would close in May 2021 at the latest, provided certain other closing conditions were met, including shareholder approval of the articles of association amendment.